UK Becomes Fourth Jurisdiction to Introduce Dedicated Digital Platform Regulation, with More Jurisdictions Likely to Follow On 23 May, the UK Parliament passed the Digital Markets, Competition and Consumers (DMCC) Bill.  The new DMCC Act will bring about some of the most significant reforms to competition and consumer protection law in the UK in decades. Among other major reforms, it introduces a dedicated regime that provides for specific conduct rules for large digital platforms. The UK therefore becomes the fourth jurisdiction—after the EU with its Digital Market Act (DMA), German ..read more

In the latest instalment of Cleary Gottlieb’s Antitrust Review podcast, host Nick Levy is joined by Damien Gerard, Prosecutor General of the Belgian Competition Authority.  Their conversation covers an array of topics, including the agency’s enforcement priorities, enhanced capabilities, and new powers, merger control, sustainability, Big Tech, and much more. Listen below, or select from the following links: Amazon Music Apple Podcasts Spotify ..read more

On 21 May 2024, the UK Government published updated guidance on the application of the National Security and Investment Act (NSIA).  This includes: An expanded version of the policy statement in which the Government sets out the factors it will take into account in deciding whether a transaction might give rise to national security concerns. A new paragraph, in  guidance on the application of the NSIA to acquisitions outside the UK, indicating that in certain circumstances the NSIA would capture “outward direct investment” from the UK.  This clarifies the existing position rath ..read more

On April 17, 2024, the former Italian Prime Minister, Enrico Letta, published a report outlining the future of the EU’s single market (the “Report”).[1]  Letta proposed significant reforms, including the addition of a fifth freedom to spur innovation, consolidation in key sectors to enhance global competitiveness, and a new framework for State aid governance. Background The Presidencies of the Council and the Commission asked Letta, for the 30th anniversary of the Single Market, to prepare a report detailing recommendations to increase the competitiveness of the Single Market.  The R ..read more

In the latest installment of Cleary Gottlieb’s Antitrust Review podcast, host Nick Levy welcomes Bill Kovacic, a legend in the world of antitrust. Their conversation covers an array of topics, including Bill’s 50-year career, the consumer welfare standard, the progressive leadership of the U.S. antitrust agencies, regulation of Big Tech, the global antitrust landscape, and much more. Listen below, or select from the following links: Amazon Music Apple Podcasts Spotify ..read more

On April 3, 2024, the European Commission (“Commission”) launched two in-depth investigations into tenders by Chinese solar photovoltaic suppliers under the EU Foreign Subsidies Regulation (“FSR”).[1]  The investigations relate to a public procurement procedure launched on September 27, 2023 by a Romanian contracting authority (Societatea Parc Fotovoltaic Rovinari Est S.A.) for the design, construction, and operation of a photovoltaic park with an installed capacity of 454.97 MW.[2] Overview of the FSR: filing conditions and criteria for assessment The FSR, designed to tackle distortive s ..read more

On April 18, 2024, the Court of Justice delivered its judgement on the questions referred to it by the Prague Municipal Court in the Heureka v. Google case.[1]  Heureka Group (“Heureka”), a Czech comparison shopping service company (“CSS”) brought an action before the Municipal Court of Prague in the Czech Republic, seeking compensation from Google for the harm it allegedly suffered as a result of Google’s abusive behavior as part of the Google Shopping decision.  The referring court sought clarification about whether Article 10 of Directive 2014/104 (the “Damages Directive”) [2] and ..read more

The Competition and Markets Authority (CMA) declared victory as the High Court confirmed the standard of evidence needed to secure warrants to search domestic premises.  The Competition Appeal Tribunal (CAT) had refused to grant a domestic search warrant to the CMA in connection with a cartel investigation.  It held in a judgment of October 2023 (the CAT Judgment) that a “higher order of scrutiny” [1] was required for domestic warrants than for business premises warrants, in order to protect individuals’ rights to a private and family life under Art. 8 of the European Convention on H ..read more

On 11 April 2024, the CMA published an update paper (the Update Paper) in relation to its initial review of AI Foundation Models (FMs).  An accompanying technical update report (the Technical Update Report) was published on 16 April 2024, providing further detail on market developments and feedback from stakeholder engagement.  These updates follow the CMA’s September 2023 initial report into the same topic (the Initial Report). Summary Although the CMA recognizes that large technology firms have been “drivers of innovation in this space,”[1] it is “concerned that the FM sector is de ..read more

On 22 April 2024, the Financial Conduct Authority (FCA) published a Feedback Statement on the potential competition impacts from data asymmetry between Big Tech firms and firms in financial services. On the same day, Nikhil Rathi, the FCA’s Chief Executive, delivered a speech at the Digital Regulation Cooperation Forum on ‘Navigating the UK’s Digital Regulation Landscape’. The Feedback Statement marks a significant milestone in the FCA’s regulatory consideration of this topic, which previously included: (i) the FCA’s October 2022 Discussion Paper on the potential competition impacts of Big Tec ..read more