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In defence of judicial review: the established UK appeal standard is the best approach for a dynamic digital economy 为司法审查辩护:英国现有的上诉标准是动态数字经济的最佳途径
Q4 Social Sciences Pub Date : 2023-10-27 DOI: 10.4337/clj.2023.02.03
Tom Smith, David Gallagher
The Digital Markets, Competition and Consumers Bill seeks to create a new regulatory framework for firms with ‘strategic market status’ (SMS). The Digital Markets Unit (DMU), which will be part of the Competition and Markets Authority (CMA), will have the power to designate tech firms such as Google and Apple as having SMS for certain activities. It will be able to impose wide-ranging conduct requirements on those firms and will also have the power to make pro-competitive interventions. These are powerful tools. The DMU will be able to make significant changes to the SMS firms’ business models with the objective of opening up their ecosystems and levelling the playing field for challenger firms. This article considers the standard of review that should apply in determining challenges to decisions of the DMU under this regime. In particular, we consider arguments that have been made against the use of the proposed ‘judicial review’ standard and in favour of an ‘on the merits’ appeal. As part of our analysis we consider consistency with analogous CMA regimes, forward looking assessments and the need for speed, expert opinions and consistency across different jurisdictions.
《数字市场、竞争和消费者法案》旨在为具有“战略市场地位”(SMS)的公司创建一个新的监管框架。作为竞争与市场管理局(CMA)的一部分,数字市场部门(DMU)将有权指定b谷歌和苹果等科技公司为某些活动提供短信服务。它将能够对这些公司施加广泛的行为要求,并将有权进行有利于竞争的干预。这些都是强大的工具。DMU将能够对SMS公司的商业模式做出重大改变,目标是开放它们的生态系统,为挑战者公司创造公平的竞争环境。本文考虑了在这一制度下,在确定对常设管理委员会决定的质疑时应适用的审查标准。特别是,我们考虑反对使用拟议的“司法审查”标准而赞成“根据案情”上诉的论点。作为我们分析的一部分,我们考虑了与类似的CMA制度的一致性、前瞻性评估和对速度的需求、专家意见和不同司法管辖区的一致性。
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引用次数: 0
Merger review of creeping private equity consolidation: a new use for Article 22 EUMR and beyond? 对悄悄进行的私募股权合并的合并审查:《欧盟反垄断法》第22条及其后的新用途?
Q4 Social Sciences Pub Date : 2023-06-30 DOI: 10.4337/clj.2023.01.02
Vassilena Karadakova, K. Fountoukakos, André Pretorius
Gone are the days when merger control risk assessments were only rarely a feature of private equity deal planning. Competition authorities around the world have recently turned their attention to creeping consolidation in particular sectors, including across private equity portfolios, and are finding new ways of using their existing toolkits to review so-called ‘roll-up’ strategies pursuant to which a private equity investor acquires multiple small companies in the same sector. This article considers the mechanisms through which private equity ‘roll-up’ transactions may be subject to merger review in the EU and the UK and the potentially far-reaching implications for PE firms and those advising them.
合并控制风险评估很少成为私募股权交易规划的一个特色的日子已经一去不复返了。世界各地的竞争主管部门最近将注意力转向了特定行业的缓慢整合,包括私募股权投资组合,并正在寻找新的方法,使用现有的工具包来审查所谓的“汇总”战略,根据该战略,私募股权投资者收购同一行业的多家小公司。本文考虑了欧盟和英国对私募股权“汇总”交易进行合并审查的机制,以及对私募股权公司及其顾问的潜在深远影响。
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引用次数: 0
Disentangling completed transactions in the UK: experiences and challenges 英国已完成交易的拆解:经验与挑战
Q4 Social Sciences Pub Date : 2023-06-30 DOI: 10.4337/clj.2023.01.05
A. Knight, Carolina Ricciardi, Matteo Alchini, Steven Pantling
The UK has a voluntary, non-suspensory merger control regime, such that mergers, acquisitions and other transactions can be, and routinely are, completed before they are investigated by the CMA. However, the CMA can, and often does, investigate mergers, acquisitions and other transactions that have not been notified to it. It has powers to prevent further integration between the merging parties’ businesses, and to require existing integration to be unwound, pending the conclusion of its investigation. Where the CMA identifies competition concerns, whether at Phase 1 or Phase 2, the fact that a merger, acquisition or other transaction has been completed can give rise to difficulties in identifying, implementing and ensuring the effectiveness of a remedy. This article discusses the CMA’s powers to impose interim measures and its approach to remedies in completed transactions. It also discusses the lessons that the CMA has learned from implementing remedies in merger investigations into completed transactions.
英国有一个自愿的、非暂停性的并购控制制度,因此并购和其他交易可以(而且通常是)在接受CMA调查之前完成。然而,CMA可以(而且经常)调查未被通知的合并、收购和其他交易。在调查结束之前,它有权阻止合并双方的业务进一步整合,并要求解除现有的整合。当CMA确定竞争问题时,无论是在第一阶段还是第二阶段,合并、收购或其他交易已经完成的事实可能会给确定、实施和确保补救措施的有效性带来困难。本文讨论了CMA在已完成交易中实施临时措施的权力及其补救方法。它还讨论了CMA在对已完成的交易进行合并调查时实施补救措施的经验教训。
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引用次数: 0
MFNs: the latest turn in the policy debate – key lessons from the CAT’s judgment on CompareTheMarket’s use of wide MFNs in home insurance MFN:政策辩论的最新转折——CAT对CompareTheMarket在家庭保险中使用广泛MFN的判断的关键教训
Q4 Social Sciences Pub Date : 2023-06-30 DOI: 10.4337/clj.2023.01.06
Helen Ralston-Smith, Tamrat Shone
For the last ten years, most-favoured-nation clauses (MFNs), also known as price parity clauses, have remained a hotly debated topic in competition policy. The direction of travel has generally been one-way, culminating with the UK and EU vertical block exemption regimes designating wide MFNs as ‘hardcore’ or excluded restrictions respectively. However, the UK Competition Appeal Tribunal’s judgment in BGL (Holdings) Limited v. Competition and Markets Authority injects nuance into the debate. The CAT found that, not only had the Competition and Markets Authority not proved its case on anti-competitive effects, but that it was unlikely that, in this case, wide MFNs had any effect on the key market outcomes of retail prices (i.e. insurance premiums), commissions paid by insurers to CompareTheMarket or increased barriers to entry.The CAT’s judgment and the economic evidence presented throughout the case provide valuable insights into how the competitive effects of wide MFNs should be assessed, why harmful effects may not arise and the role that econometric evidence can play. As explained in this article, at most, MFNs (whether wide or narrow) only directly restrict intra-brand competition and, if coverage and adherence to the MFNs are limited, competitive effects (whether pro-competitive or anti-competitive) may not arise. In this case, there was an opportunity to test empirically for any competitive effects, as CompareTheMarket removed its wide MFNs shortly after the CMA’s investigation opened (and no other price comparison website had them in place). As described by the CAT, ‘such a “before and after” consideration at least prima facie lends itself to econometric analysis’, which can provide a robust comparison to the situation that prevailed when wide MFNs were applied. In contrast, the CAT raised concerns with the qualitative evidence relied on by the CMA and its absence of any quantitative analysis of the competitive effects, if any, of the wide MFNs.
在过去的十年里,最惠国条款(MFN),也称为价格平价条款,一直是竞争政策中备受争议的话题。旅行方向通常是单向的,最终英国和欧盟的垂直封锁豁免制度将广泛的最惠国待遇分别指定为“核心”或排除限制。然而,英国竞争上诉法庭在BGL(Holdings)Limited诉竞争与市场管理局一案中的判决为这场辩论注入了细微差别。禁止酷刑委员会发现,竞争与市场管理局不仅没有证明其反竞争影响的理由,而且在这种情况下,广泛的MFN不太可能对零售价格(即保险费)、保险公司向CompareTheMarket支付的佣金或增加的进入壁垒等关键市场结果产生任何影响。禁止酷刑委员会的判决和整个案件中提供的经济证据为如何评估广泛的最惠国待遇的竞争影响、为什么可能不会产生有害影响以及计量经济学证据可以发挥的作用提供了宝贵的见解。正如本文所解释的,MFN(无论是宽的还是窄的)最多只能直接限制品牌内部竞争,如果MFN的覆盖范围和遵守程度有限,则可能不会产生竞争效应(无论是支持竞争还是反竞争)。在这种情况下,有机会对任何竞争效应进行实证测试,因为CompareTheMarket在CMA的调查开始后不久就删除了其广泛的MFN(而且没有其他价格比较网站有这些MFN)。正如《禁止酷刑公约》所述,“这种“前后”的考虑至少在表面上有助于计量经济学分析”,这可以与适用广泛最惠国待遇时的情况进行有力的比较。相比之下,禁止酷刑委员会对CMA所依赖的定性证据表示担忧,并且对广泛的MFN的竞争效应(如果有的话)缺乏任何定量分析。
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引用次数: 0
2022 in review: a look at key developments in opt-out collective redress in the UK 回顾2022年:英国选择退出集体救济的关键发展
Q4 Social Sciences Pub Date : 2023-06-30 DOI: 10.4337/clj.2023.01.01
L. Rigby, Sofie Edwards, Anna Stellardi, Hannah McEwen
2022 was a record year for opt-out collective redress in the UK. The highest number of new collective proceedings claims were filed to date, and a record six claims were granted certification.While some actions were certified by the Competition Appeal Tribunal without challenge from the defendants, other proceedings were appealed to the Court of Appeal. All of this scrutiny saw both the judiciary – and the parties before it – test the boundaries of the certification stage; ultimately providing important guidance for the young regime.This article tracks the key developments in 2022 and analyses their impact on the collective proceedings regime under section 47B of the Competition Act 1998, before looking ahead to potential trends in 2023 and beyond.
2022年是英国选择退出集体诉讼的创纪录的一年。迄今为止,新的集体诉讼索赔数量最高,有创纪录的六项索赔获得了认证。虽然一些诉讼在没有被告质疑的情况下由竞争上诉法庭证明,但其他诉讼则向上诉法院提出上诉。所有这些审查都见证了司法部门——以及之前的各方——对认证阶段的界限进行测试;最终为年轻的政权提供了重要的指导。本文跟踪了2022年的关键发展,并分析了它们对1998年《竞争法》第47B条规定的集体诉讼制度的影响,然后展望了2023年及以后的潜在趋势。
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引用次数: 0
Self-preferencing in the EU: a legal and policy analysis of the Google Shopping case and the Digital Markets Act 欧盟的自我偏好:谷歌购物案和《数字市场法案》的法律和政策分析
Q4 Social Sciences Pub Date : 2023-06-30 DOI: 10.4337/clj.2023.01.03
C. Petrucci
This article discusses the EU General Court’s Google Shopping judgment (Case T-612/17), which deals with online self-preferencing. Self-preferencing is a novel abuse of dominant position (Article 102 TFEU), which consists of the prominent display and positioning of the dominant undertaking’s own service (comparison shopping service in this case), and demotion of the competitors’ services, on webpages generated by the dominant undertaking’s general search services. The key-principles in the legal reasoning of the General Court’s ruling were the prohibition of discrimination and coterminous concepts such as ‘equal opportunities to compete’ and ‘competition on the merits’. The differential treatment between Google’s own service and those of its competitors derived from Google’s subjection of its adjustment algorithms only to its competitors and not to its own service. While an approach based on non-discrimination is contentious, on the other hand Google’s conduct was neither efficient nor did it benefit consumers. The article also examines the EU Digital Markets Act’s prohibition of self-preferencing and its relationship with the Google Shopping ruling.
本文讨论了欧盟普通法院的谷歌购物判决(案例T-612/17),该判决涉及在线自我偏好。自我偏好是一种新的滥用支配地位的行为(TFEU第102条),它包括在支配性企业的一般搜索服务生成的网页上突出展示和定位自己的服务(在这种情况下是比较购物服务),并降低竞争对手的服务。普通法院裁决的法律推理的关键原则是禁止歧视和相关概念,如“平等竞争机会”和“根据案情进行竞争”。谷歌的调整算法只服从于竞争对手,而不服从于自己的服务,因此谷歌的服务与竞争对手的服务之间存在差别待遇。虽然基于非歧视的方法是有争议的,但另一方面b谷歌的行为既没有效率,也没有使消费者受益。本文还考察了欧盟数字市场法案对自我偏好的禁止及其与谷歌购物裁决的关系。
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引用次数: 0
Group proceedings in Scotland: competition between the Court of Session and the Competition Appeal Tribunal? 苏格兰的集体诉讼:普通法院与竞争上诉法庭之间的竞争?
Q4 Social Sciences Pub Date : 2023-06-30 DOI: 10.4337/clj.2023.01.04
J. Dunné, C. Livingstone, Craig Watt, Lauren Smith
This article reviews the impact of the recent Civil Litigation (Expenses and Group Proceedings) (Scotland) Act 2018, which introduced a new procedure for bringing collective proceedings in Scotland, on future competition litigation in Scotland.
本文回顾了最近的《2018年民事诉讼(费用和集体诉讼)(苏格兰)法》对苏格兰未来竞争诉讼的影响,该法引入了在苏格兰提起集体诉讼的新程序。
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引用次数: 0
Pleading competition damages claims and defences: recent guidance from the Court of Appeal and the Competition Appeal Tribunal 为竞争损害索赔和辩护辩护:上诉法院和竞争上诉法庭最近的指导意见
Q4 Social Sciences Pub Date : 2023-04-28 DOI: 10.4337/clj.2022.04.03
Matt Hughes, Elaine A. Whiteford
The Court of Appeal and the Competition Appeal Tribunal have recently handed down guidance in NTN v. Stellantis and O’Higgins and Evans, as to the requirements that must be satisfied to plead a competition law claim or defence, whether the claim is an individual claim or a collective action. This article considers the economic and legal issues that need to be addressed in pleadings, in the light of that guidance. Both judgments make clear that economists must be consulted at the very earliest stage to ensure that the pleadings, whether a claim or defence, or in an individual claim or a collective action, reflect clearly the economic theories relied upon and do so by reference to underlying facts. If a pleading does not comply with this guidance, it risks being struck out.
上诉法院和竞争上诉审裁处最近在NTN v. Stellantis和O 'Higgins and Evans案中就竞争法索赔或抗辩必须满足的要求(无论索赔是个人索赔还是集体诉讼)发布了指导意见。本文根据该指导意见,考虑在诉状中需要处理的经济和法律问题。这两项判决都清楚地表明,必须在最早的阶段咨询经济学家,以确保诉状,无论是索赔还是辩护,无论是个人索赔还是集体诉讼,都能清楚地反映所依赖的经济理论,并通过参考基本事实来做到这一点。如果一项辩护不符合这一指导原则,就有可能被驳回。
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引用次数: 0
When government sets prices: what can history teach us? 当政府制定价格时:历史能教会我们什么?
Q4 Social Sciences Pub Date : 2023-04-28 DOI: 10.4337/clj.2022.04.01
The Rt Hon Lady Rose of Colmworth
Agreements on prices by undertakings selling competing products are regarded as one of the most serious competition law infringements. This article considers what happens when government sets the prices at which those competing firms can sell their products. This article firstly examines the extensive use of government price controls in World War II. It then reviews early cases in the Restrictive Practices Court that considered the public interest (if any) in price stability. This article then touches on EU case law on when government involvement in price setting is acceptable or may provide some defence for undertakings and more recent EU legislation imposing price controls. Finally, the article draws the arguments for and against price fixing together to show what we can learn from the history of price controls. Current economic conditions and the range of solutions available to government make such a historical review both valuable and timely.
销售竞争产品的经营者的价格协议被视为最严重的违反竞争法行为之一。这篇文章考虑了当政府制定竞争企业销售产品的价格时会发生什么。本文首先考察了第二次世界大战中政府价格管制的广泛使用。然后,它审查了限制性惯例法院的早期案件,这些案件考虑了价格稳定的公共利益(如果有的话)。然后,本文涉及欧盟判例法,即政府参与价格制定何时是可以接受的,或者可以为企业和最近实施价格控制的欧盟立法提供一些辩护。最后,文章将支持和反对价格操纵的论点结合在一起,以展示我们可以从价格控制的历史中学到什么。当前的经济状况和政府可获得的一系列解决方案使这种历史回顾既有价值又及时。
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引用次数: 0
The interplay between leniency programmes and private enforcement: the economist perspective on recent policy proposals 宽大处理方案与私人执法之间的相互作用:经济学家对近期政策建议的看法
Q4 Social Sciences Pub Date : 2023-04-28 DOI: 10.4337/clj.2022.04.04
Roberto Alimonti, Sophie Kümmel, Thomas Nau
Leniency policies grant substantial fine reductions to firms that disclose their former participation in a cartel. Such policies may, thereby, destabilize existing cartels and disincentivize the formation of new ones. Alternatively, some argue that they might have the opposite effect of incentivizing collusion by reducing the punishment for former cartel participants, thereby raising the collusive payoff. The overall decline in leniency applications in the European Union since 2014 calls for an analysis of the interplay between the 2006 Leniency Policy and other competition policies, most notably the 2014 Damages Directive. This article discusses the interaction between these two competition policy tools, arguing that the liability of immunity recipients in follow-on damage claims tends to stabilize cartels, and assesses several proposals that aim to ensure that public and private cartel enforcement tools are more in sync.
宽大处理政策对披露其以前参与卡特尔的公司大幅减少罚款。因此,这种政策可能会破坏现有卡特尔的稳定,抑制新卡特尔的形成。或者,一些人认为,它们可能会产生相反的效果,通过减少对前卡特尔参与者的惩罚来激励共谋,从而提高共谋回报。自2014年以来,欧盟宽大处理申请的总体下降要求分析2006年宽大处理政策与其他竞争政策之间的相互作用,尤其是2014年损害赔偿指令。本文讨论了这两种竞争政策工具之间的相互作用,认为豁免接受者在后续损害索赔中的责任倾向于稳定卡特尔,并评估了旨在确保公共和私人卡特尔执法工具更加同步的几项建议。
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引用次数: 0
期刊
Competition Law Journal
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