Competition and Markets Authority’s Post

Out of market efficiencies? Can they – should they be taken into account? This is an important question that tarnishes competition authorities as they struggle to take sustainability and other non-economic aims into account. Well, there are some hidden paragraphs in a few recent judgments of the Court of Justice of the European Union that pour cold water on this idea. First example: 𝑆𝑒𝑟𝑣𝑖𝑒𝑟 judgment of last week (https://lnkd.in/dgdXYpsR), look for para. 289 – this is about taking countervailing pro-competitive effects into account already in Article 101(1) TFEU: “289. In any event, as noted in paragraph 175 of the present judgment, the Krka licence agreement concerns markets which do not fall within the geographic scope of the infringement of Article 101 TFEU. In those circumstances, any pro-competitive effects that that agreement might have on those markets, even if they exist, would be irrelevant, from a logical standpoint, for the purpose of determining the existence of the infringement found in the present case on Servier’s core markets.” In other words, a restriction in one geographic market cannot be counterbalanced by something good in another geographic market. Second example: 𝐸𝑢𝑟𝑜𝑝𝑒𝑎𝑛 𝑆𝑢𝑝𝑒𝑟𝑙𝑒𝑎𝑔𝑢𝑒 judgment (Grand Chamber) of last December (https://lnkd.in/drUiFUsm), look for paras 193 and 194 – this is about the conditions of Article 101(3) TFEU: “193. As regards the second condition referred to in paragraph 190 of the present judgment, it involves establishing that the efficiency gains made possible by the agreement, decision by an association of undertakings or concerted practice in question have a positive impact 𝑜𝑛 𝑎𝑙𝑙 𝑢𝑠𝑒𝑟𝑠, 𝑏𝑒 𝑡ℎ𝑒𝑦 𝑡𝑟𝑎𝑑𝑒𝑟𝑠, 𝑖𝑛𝑡𝑒𝑟𝑚𝑒𝑑𝑖𝑎𝑡𝑒 𝑐𝑜𝑛𝑠𝑢𝑚𝑒𝑟𝑠 𝑜𝑟 𝑒𝑛𝑑 𝑐𝑜𝑛𝑠𝑢𝑚𝑒𝑟𝑠, 𝑖𝑛 𝑡ℎ𝑒 𝑑𝑖𝑓𝑓𝑒𝑟𝑒𝑛𝑡 𝑠𝑒𝑐𝑡𝑜𝑟𝑠 𝑜𝑟 𝑚𝑎𝑟𝑘𝑒𝑡𝑠 𝑐𝑜𝑛𝑐𝑒𝑟𝑛𝑒𝑑 (see, to that effect, judgments of 23 November 2006, Asnef-Equifax and Administración del Estado, C-238/05, EU:C:2006:734, paragraph 70, and of 11 September 2014, MasterCard and Others v Commission, C-382/12 P, EU:C:2014:2201, paragraphs 236 and 242). 194. It follows that, in a situation such as that at issue in the main proceedings, where the conduct infringing Article 101(1) TFEU is anticompetitive by object, that is to say, it presents a sufficient degree of harm to competition and is such as to affect 𝑑𝑖𝑓𝑓𝑒𝑟𝑒𝑛𝑡 𝑐𝑎𝑡𝑒𝑔𝑜𝑟𝑖𝑒𝑠 𝑜𝑓 𝑢𝑠𝑒𝑟𝑠 𝑜𝑟 𝑐𝑜𝑛𝑠𝑢𝑚𝑒𝑟𝑠, it must be determined whether and, if so, to what extent, that conduct, notwithstanding its harmfulness, has 𝑎 𝑓𝑎𝑣𝑜𝑢𝑟𝑎𝑏𝑙𝑒 𝑖𝑚𝑝𝑎𝑐𝑡 𝑜𝑛 𝑒𝑎𝑐ℎ 𝑜𝑓 𝑡ℎ𝑒𝑚.” In other words, all of the consumers harmed in the affected market must be the recipients of the benefit….

The European Commission has published its revised market definition notice - the first update since 1997! Think how much markets and the way we analyse them have moved on in the interim... The new notice reflects the Commission's practice and the EU Courts' case law to date, and leaves lots of flexibility to take account of whatever innovations there may be in future (as well as picking up lots of buzzwords like innovation and ecosystems 😉 ). Our blog post summarising the new notice is linked below, and I also spoke to Bethan John at Global Competition Review for her article on the notice here: https://lnkd.in/eViwGj3F. Thanks to my colleagues Kyriakos Fountoukakos and Kristien Geeurickx for co-authoring the post with me. I hope you find it useful! #eulaw #competitionlaw #antitrust

Compliance with #Standards has a range of benefits for organisations, consumers, governments and the community at large. Discover 8 benefits of Standards in our blog here, https://lnkd.in/gGsCHKwb

NeoXam featured in A-Team Insight, from A-Team Group: 📈 Despite nearly 50% growth in EU capital markets relative to GDP since 2014, the Council of the EU identifies a notable gap in their development, prompting calls for increased efforts in CMU and wider market regulations. 🔄 The CMU aims to harmonize market rules, enhance transparency, and streamline processes, with ongoing evaluations, including the Packaged Retail and Insurance-based Investment Products (PRIIPS) in 2024. 🤝 Policymakers and market watchdogs are urged to strive for greater alignment to ease the burden on industry participants, fostering a harmonized regulatory environment that prioritizes investor protection without imposing unnecessary burdens. 🌐 The success of these efforts will shape the industry's ability to thrive in a post-Brexit world of evolving regulatory complexities. Read more here: https://lnkd.in/eEzkbUuA #EURegulations #CapitalMarketsUnion #PRIIPS #FinancialIndustry #RegulatoryAlignment #FinancialSoftware 🌍

The UK Government today, 16 May, published a white paper on regulation. Secretary of State Kemi Badenoch MP wants the UK to be 'the best regulated economy in the world with a well-functioning landscape of regulators'. This is a great aspiration, and the white paper is welcome. Well-designed, smart regulation can enable innovation and foster improvement, provide stability to businesses and public services, and protect users and consumers. It's particularly good to see the Government’s desire to establish regulation as a profession and to explore improved training in regulatory theory and practice for those working in regulators. The Institute of Regulation will work with the Government and the regulatory community to take this forward. There are issues in the white paper for all UK regulators to discuss and implement, and not just the business regulators listed in the white paper. Five of these issues, including how the 10 principles in the white paper will help achieve world-class regulatory service, and how the proposed Regulatory Council and one-stop shop for regulation should work in practice, are available on the Institute's website for regulators to consider as they continue to improve their own regulatory approach. I look forward to future discussions. https://lnkd.in/eir-Xw45

⬇️ Read the Institute of Regulation’s response to the government’s white paper on regulation here.

#MarketsWithMC | #SEBI Chairperson Madhabi Puri Buch said that the market regulator will try a method of asking the industry to decide the standards for the implementation of the regulations. Read more ⬇️ https://lnkd.in/dev9k_EX #Markets

https://lnkd.in/dgnQTBkr: As competition and consumer bodies in developing states consider how to engage with existing issues and prepare for emerging ones, the UK CMA consultation on the new digital markets regime has been launched. In the CSME, we need to ask ourselves how do we get ready for the new when we are still struggling with our incubatory establishment obligations? Food for thought.

🌐 **Insights from the UK Competition and Consumer Protection Authority (CMA): Trends Shaping Digital Markets** 📈 In an era where digitalization continually reshapes global economies, staying ahead is pivotal. The CMA, as the UK's principal authority for competition and consumer protection, remains proactive in understanding evolving markets and their implications. The Data, Technology, and Analytics unit alongside the Digital Markets Unit is focused on scanning the digital and technological landscape. 🔍 Our inaugural 'Trends in Digital Markets' report dissects ten pivotal trends set to influence and shape digital markets over the next five years and beyond. These trends were curated through a meticulous horizon scanning process, amalgamating insights from surveys, expert consultations, and extensive scanning of news and reports. Each chapter delves into a trend, combining desk research, expert insights, and evidence gathered during our analysis. 🔮 Some trends may vary in their level of surprise based on expertise, but our aim is to provide intriguing explorations into future scenarios. Many highlighted trends share common themes and challenges, presenting intersecting benefits and implications. For instance, technology convergence intertwines with platform integration and the expansion of tech firms into new markets. 📑 This report doesn't aim to comprehensively cover all digital market trends, given the uncertainties of future developments. It serves as an exploratory insight into potential future scenarios rather than expressing any legal or policy stance. The CMA will further explore these issues and leverage these trends to fortify our understanding of markets and their potential evolution. 🌐 The CMA will actively engage on these trends through various platforms, including the Digital Regulation Cooperation Forum, CMA DaTA Conference, and domestic and international forums. Our horizon scanning efforts will also contribute to shaping the future digital markets regime upon legislative passage. 🔍 Each chapter of the report outlines signals and evidence for the trend, potential future developments, and its projected impact on competition and consumers. #DigitalMarkets #Competition #ConsumerProtection #TrendsAnalysis #FutureOutlook #CMAInsights #DataTechnologyAnalytics #PolicyDevelopment