On 8 March, the Competition Appeal Tribunal (the “CAT”) handed down a third judgment in two years in the hydrocortisone litigation (the“Judgment”),[1] overturning its own Hydrocortisone (Cartel Infringements) judgment of 29 September 2023. The CAT found that the provisional findings of the Hydrocortisone (Cartel Infringements) judgment were “unsafe in the most fundamental way” as
Antitrust & Trade Regulation
CMA to scrutinise competition in the veterinary sector
On 12 March 2024, the UK Competition and Markets Authority (CMA) provisionally decided to refer the veterinary sector for a formal market investigation. The CMA has identified a range of competition concerns, including the effects of recent consolidation in the sector.
The CMA’s concerns
The CMA began an initial review of the veterinary sector in…
New export controls extend reach of U.S. sanctions
To expand the reach of U.S. sanctions, the Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR) on March 21 to require a license for the export, reexport, or transfer (in-country) of all items “subject to the EAR” when a party to the transaction is blocked under one of 14 U.S. sanctions…
New export controls extend reach of U.S. sanctions
To expand the reach of U.S. sanctions, the Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR) on March 21 to require a license for the export, reexport, or transfer (in-country) of all items “subject to the EAR” when a party to the transaction is blocked under one of 14 U.S. sanctions…
Antitrust Issues in Canadian Private Equity
What antitrust scrutiny can U.S. private equity expect in Canada?
Numerous recent proceedings by the U.S. Federal Trade Commission and Department of Justice have made antitrust issues top of mind for U.S. private equity (PE).
Given the frequent investment by U.S. sponsors into Canada, it is prudent to query whether a similar increase in regulatory…
DOJ Announces New Whistleblower Incentive Pilot Program—Here’s Hoping the Antitrust Division Gets In On The Action
Deputy Assistant Attorney General Lisa O. Monaco gave the keynote speech at the recent ABA Annual White Collar Institute, and announced a new DOJ Program to incentivize individuals with knowledge of corporate financial crimes to come forward. Video here; Print copy here. Currently, the DOJ is authorized to pay awards for information or assistance…
Canada to Subject Interactive Digital Media Investments to Enhanced Scrutiny
On March 1, 2024, the Government of Canada unveiled two new foreign investment policies relating to the interactive digital media sector: one relating to national security reviews and the other to cultural investment reviews.
The policies define “interactive digital media” (“IDM”) as, without limitation, “digital content and/or an environment in which users can actively participate…
Antitrust Review Episode 23: In Conversation With Saverio Valentino
In the latest instalment of the Cleary Gottlieb Antitrust Review podcast, host Nick Levy is joined by Saverio Valentino, Board member of the Italian Antitrust Authority. The conversation covers Saverio’s first year in the role, the agency’s current priorities, merger control and FDI regulation, cartel enforcement, rights of defence, judicial review, and much more.…
Merger Transaction-Size Threshold Remains Frozen at C$93M; Investment Canada Act Review Thresholds Increased
Competition Act Merger Notification Thresholds
The Canadian government has announced that the transaction-size threshold for pre-notification under the Competition Act will remain at C$93M for 2024. This is the third year that the transaction-size threshold has been fixed at this level, despite inflationary pressures throughout this period.
Mergers are subject to pre-closing notification in Canada…
EU Clarifies Article 3q for Tanker S&P Market
After various delays, on 19 February 2024 the EU Commission issued its FAQ guidance on Article 3q of Council Regulation (EU) No. 833/2014 (as amended). The FAQ document provides some key clarifications sought by the market. However, some uncertainties remain…