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
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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…
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.…
A ban on fake reviews and unavoidable hidden fees to be added to the Digital Markets, Competition and Consumers Bill
On 24 January 2024, the Department for Business and Trade announced that fake reviews and unavoidable hidden or “dripped” charges will be added to the list of banned practices under consumer law in the UK. The amendments are intended “to ensure customers can compare purchases with ease, aren’t duped by fake reviews, and have the…
European Supervisory Authorities Publish Report on BigTech firms in EU Financial Services
On 1 February 2024, the European Supervisory Authorities (ESAs) published a report on a 2023 stocktaking of direct financial services offered by BigTechs[1] in the EU (the Report).
The Report highlights certain characteristics of BigTech firms, in particular various types of inter-dependencies between BigTechs’ non-financial and financial services offerings, and identifies opportunities and…
Antitrust Review Episode 22: In Conversation With Sarah Cardell
In the latest instalment of the Cleary Gottlieb Antitrust Review podcast, host Nick Levy is joined by Sarah Cardell, Chief Executive of the Competition & Markets Authority. Their conversation covers a range of topics, including her first year in the role, merger control, Microsoft/Activision, cartel enforcement, judicial review, international coordination, sustainability, and her plans for…
CMA Publishes Provisional Approach to Implementing the UK’s Forthcoming Digital Markets Regulatory Regime
On 11 January 2024, the CMA published an overview of its “provisional approach to implement the new Digital Markets competition regime” (Overview), the new regulatory powers the CMA is set to take on once the Digital Markets, Competition, and Consumers Bill (DMCC) passes through Parliament (see earlier posts here and here). The CMA published…
China Introduces Revisions to Merger Notification Thresholds
2024 Antitrust Update: Agencies Sharpen Their Teeth, But Is It All Bark and No Bite?
The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”.
Antitrust in 2023 was marked by a series of policy developments—some still nascent, some ripe for enforcement for the first time. In the U.S., the FTC and DOJ finalized their drastically transformed…
Court of Appeal upholds extraterritorial information-gathering powers
In a unanimous judgment, the Court of Appeal of England and Wales (CoA) reaffirmed the Competition and Market Authority’s (CMA) power to require overseas companies with no branches in the UK to produce documents and information when investigating suspected anticompetitive conduct. The CoA considered that not allowing the CMA to obtain information from overseas…