The transaction notification regime under the EU Foreign Subsidies Regulation (FSR) is now over a year old. To date, intervention levels are low. But assessing whether a filing is required, and gathering the extensive...more
Speeding up review periods remained a priority for antitrust authorities outside the U.S. They did this through formal rule changes or adjustments in practice. But the increasing complexity of the issues raised by some deals,...more
Foreign investment (FDI) screening regimes continued to present challenges for dealmakers. We saw tough intervention in key jurisdictions. New and expanding rules added to regulatory burden. Overall, most deals are cleared...more
2/28/2025
/ Acquisitions ,
Compliance ,
EU ,
Foreign Direct Investment ,
Global Market ,
Investment ,
Mergers ,
National Security ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
UK
Antitrust authorities continue to make use of powers to scrutinize deals falling below merger control filing thresholds. Many that don’t have that ability, want it. The European Commission (EC) remains the frontrunner in...more
The number of deals cleared with conditions fell sharply in 2024. Many antitrust authorities remained skeptical of whether merger remedies can effectively address antitrust concerns, choosing instead to challenge and...more
Merger control and foreign investment hurdles contributed to a challenging 2024 for M&A. 2025 looks more promising, with pro-business agendas and regulatory easing in key jurisdictions expected to fuel a surge in dealmaking...more
On January 15, 2025, the European Commission (EC) issued a Recommendation (the Recommendation) urging European Union (EU) Member States to scrutinize their companies' investments in non-EU countries (also referred to as...more
In the context of a dawn raid under the EU Foreign Subsidy Regulation (FSR), the EU General Court (GC) has refused to suspend the European Commission (EC)’s request to access employees’ mailboxes located in China....more
This newsletter is a summary of the antitrust developments we think are most interesting to your business. David Higbee (Global Head of Antitrust) and Dominic Long (Global Deputy Head of Antitrust) are our editors this month....more
6/6/2024
/ Acquisitions ,
Antitrust Division ,
Antitrust Litigation ,
Antitrust Provisions ,
Australia ,
Competition Act ,
Compliance ,
Cross-Border Transactions ,
Digital Markets Strategy ,
EU ,
European Commission ,
French Competition Authority ,
Guidance Update ,
Healthcare ,
Investment ,
Mergers ,
No-Poaching ,
UK ,
UK Competition and Markets Authority (CMA)
The Digital Markets, Competition and Consumers Act 2024 will introduce groundbreaking new rules to regulate digital markets in the U.K. It aims to boost competition by controlling the conduct of the largest digital firms,...more
6/3/2024
/ Antitrust Provisions ,
Competition ,
Consumer Protection Laws ,
Digital Marketplace ,
Digital Markets Strategy ,
EU ,
Merger Controls ,
Pending Legislation ,
Regulatory Agenda ,
Technology Sector ,
UK ,
UK Competition and Markets Authority (CMA)
The Digital Markets, Competition and Consumers Act 2024 will result in a landmark overhaul of the U.K. consumer protection regime. It will dramatically increase the Competition and Markets Authority (CMA's) enforcement powers...more
6/3/2024
/ Competition ,
Consumer Protection Laws ,
Digital Marketplace ,
Digital Markets Strategy ,
Enforcement Actions ,
EU ,
Penalties ,
Regulatory Agenda ,
Regulatory Requirements ,
Technology Sector ,
UK ,
UK Competition and Markets Authority (CMA)
The Digital Markets, Competition and Consumers Act 2024 will in the main start to take effect in stages later in 2024 and will bolster the powers of the Competition and Markets Authority (CMA) to enforce U.K. antitrust rules....more
6/3/2024
/ Antitrust Litigation ,
Antitrust Provisions ,
Competition ,
Compliance ,
Digital Marketplace ,
Digital Markets Strategy ,
EU ,
Investigations ,
Non-Compete Agreements ,
Remedies ,
Technology Sector ,
UK ,
UK Competition and Markets Authority (CMA)
The Digital Markets, Competition and Consumers Act 2024 has finally been enacted. It introduces significant changes to U.K. merger control and antitrust rules, establishes a new consumer protection regime and introduces a...more
6/3/2024
/ Antitrust Division ,
Competition Act ,
Consumer Protection Laws ,
Digital Markets Strategy ,
EU ,
Investigations ,
Merger Controls ,
Mergers ,
New Rules ,
Online Platforms ,
Regulatory Agenda ,
Regulatory Reform ,
Technology Sector ,
UK ,
UK Competition and Markets Authority (CMA)
The EU Foreign Subsidies Regulation (FSR) took effect in July 2023. It aims to regulate subsidies granted by non-EU countries to ensure that they do not distort competition in the EU internal market. For dealmakers, it is...more
2/29/2024
/ Acquisitions ,
Antitrust Division ,
EU ,
Filing Requirements ,
Foreign Subsidiaries ,
Foreign Subsidies ,
Hart-Scott-Rodino Act ,
International Trade ,
Investment ,
Investors ,
Mergers ,
Regulatory Agenda ,
Regulatory Requirements
Antitrust authorities continue to use powers to review deals that fall below merger control filing thresholds. For merging parties this means uncertainty. It is crucial that the possibility of review – including a...more
2/28/2024
/ Acquisitions ,
Anti-Competitive ,
Competition Authorities ,
EU ,
European Commission ,
European Court of Justice (ECJ) ,
Foreign Subsidiaries ,
Investment ,
Member State ,
Mergers ,
Private Equity Funds ,
Threshold Requirements
Traditionally, private equity firms were seen as benign investors from an antitrust perspective. This is changing. In the past 12 months, PE-funded acquisitions have faced progressively more rigorous scrutiny by antitrust...more
2/28/2024
/ Antitrust Division ,
Department of Justice (DOJ) ,
EU ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Investment ,
Investors ,
Merger Controls ,
Private Equity ,
Private Equity Firms ,
UK ,
UK Competition and Markets Authority (CMA)
Global deal value and volume fell again in 2023, down 33% and 18% respectively compared to 2022. This is unsurprising, given persistently tough macroeconomic conditions and geopolitical tensions. Dealmakers are also facing an...more
2/28/2024
/ Antitrust Division ,
Antitrust Provisions ,
Antitrust Violations ,
Australia ,
Competition Authorities ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
Merger Controls ,
UK ,
UK Competition and Markets Authority (CMA)
On 24 January 2024, the European Commission (EC) published its proposed reform of foreign investment screening in the EU. The proposal introduces more comprehensive rules for the review of foreign investments and strengthens...more
1/26/2024
/ Biden Administration ,
Critical Infrastructure Sectors ,
Dual Use Goods ,
EU ,
EU Screening Regulation ,
European Commission ,
European Court of Justice (ECJ) ,
Executive Orders ,
Export Controls ,
Foreign Direct Investment ,
Foreign Investment ,
Greenfield Projects ,
Indirect Investors ,
International Harmonization ,
Investors ,
Member State ,
New Regulations ,
Research and Development ,
Risk Assessment ,
Semiconductors ,
Sensitive Personal Information ,
Technology Sector ,
Treaty on the Functioning of the European Union (TFEU)
The European Commission (EC)’s third annual report on EU foreign direct investment (FDI) screening covers the operation of the screening mechanism in 2022. Together with a Commission Staff Working Document, it details...more
The UK Competition and Markets Authority (CMA) has published its final Green Agreements Guidance on how UK antitrust rules apply to green cooperation agreements between competitors (UK Green Guidance).
The UK Green Guidance...more
10/19/2023
/ Antitrust Division ,
Antitrust Provisions ,
Climate Change ,
Competition ,
Environmental Social & Governance (ESG) ,
EU ,
New Guidance ,
Popular ,
Sustainability ,
UK ,
UK Competition and Markets Authority (CMA)
The EU is concerned about subsidies granted by non-EU countries to businesses active in the EU that could distort competition in EU markets.
The Foreign Subsidies Regulation (FSR) establishes a new suspensory notification...more
The EU is concerned about subsidies granted by non-EU countries to businesses active in the EU, that could distort competition in EU markets.
The Foreign Subsidies Regulation (FSR) establishes a new regime, enforced by the...more
The European Commission (EC) and the UK Competition and Markets Authority (CMA) have published new guidance on the assessment of cooperation between competitors. For the EU, this is contained in revised Guidelines on...more
9/13/2023
/ Acquisitions ,
Antitrust Provisions ,
Competition ,
EU ,
Horizontal Agreements ,
Information Sharing ,
Mergers ,
New Guidance ,
Regulatory Agenda ,
UK ,
UK Competition and Markets Authority (CMA)
On 13 July 2023, the European Court of Justice (ECJ) gave judgment on the long-running litigation between CK Hutchison and the European Commission (EC), arising out of the EC’s 2016 decision to prohibit CK Hutchison (owner of...more
Most of the provisions of the EU Foreign Subsidies Regulation (FSR) take effect on 12 July 2023. The European Commission (EC) has also now adopted its long-awaited Implementing Regulation (IR), which contains the notification...more