Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Australia | Publication | February 2022
Competition and antitrust regulators around the world have joined forces to combat anticompetitive conduct in supply chains, in the face of rising costs of distribution and increased costs to consumers.
The Australian Competition and Consumer Commission (ACCC), US Department of Justice and Federal Bureau of Investigation (FBI), Canadian Competition Bureau, NZ Commerce Commission, and UK Competition and Markets Authority have built on their existing formal (most recently the Multilateral Mutual Assistance and Cooperation Framework for Competition Authorities1) and informal cooperation agreements with the announcement on 18 February 2021 of the ‘Five Eyes’ working group.2 The group will share intelligence to identify, target and prevent anti-competitive conduct in global supply chains.
Agreements between competitors on bids, prices, market allocation and output are deemed anticompetitive and are prohibited outright (cartel conduct). The actions of a single supplier with a substantial share of all supply (market power) can distort competitive tension that would otherwise exist in a competitive market. Reaching an agreement or understanding that is anticompetitive in purpose or effect can also be prohibited.
Collusive or anticompetitive conduct indicators can include:
These indicators warrant further investigation and is conduct of the kind that will be considered closely by global authorities as to whether it is collusive or anticompetitive, adversely affecting consumer markets.
Although competition and antitrust laws around the world may differ slightly, each of the ‘Five Eyes’ jurisdictions competition and antitrust laws are underpinned by the same prohibited conduct – cartels, misuse of market power/abuse of dominance and anticompetitive arrangements. The investigative tools available to regulators is vast, including the FBI’s covert intelligence gathering capabilities, including phone tapping. Where this intelligence will be shared across global authorities, the detection risk increases dramatically. Where the conduct affects multiple global markets, concurrent global investigation and enforcement is likely with global regulators building on their successful prosecutions to date.3
In reference to the FVEY intelligence alliance between the same nations.
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Publication
In recent years, rapid developments in AI systems and technologies have transformed AI from a futuristic concept into an integral part of business strategy.
Publication
The European Commission (EC) is contemplating a revision of the procedural framework for antitrust investigations that is laid down in Regulation 1/2003 and Regulation 773/2004 (together, the “Regulations”).
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