Generated by All in One SEO v5.0.0.1, this is an llms.txt file, used by LLMs to index the site. # Euclid Law Your Competition Law and FDI expert boutique ## Sitemaps - [XML Sitemap](https://euclid-law.eu/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [News & Publications](https://euclid-law.eu/publications/) - test test test - [Euclid Law welcomes CMA’s U-turn on Copart/Hills Motors merger](https://euclid-law.eu/euclid-law-welcomes-cmas-u-turn-on-copart-hills-motors-merger/) - Euclid Law welcomes the announcement by the Competition and Markets Authority (CMA) on 23 June 2023 that new evidence gathered by the CMA following its provisional findings has now led it to provisionally conclude that the deal would not lead to competition concerns. Euclid Law represented Copart Inc. and Hills Motors throughout the CMA process. - [Re-Levelling the playing field - the treatment of online retail under the new EU and UK competition law regimes for vertical agreements](https://euclid-law.eu/re-levelling-the-playing-field-the-treatment-of-online-retail-under-the-new-eu-and-uk-competition-law-regimes-for-vertical-agreements/) - The new EU block exemption regulation for vertical agreements (VBER) entered into force on 1 June 2022. Simultaneously, a new UK verticals regime was created. - [Long-awaited UK Bill to Regulate Technology Platforms Introduced to Parliament](https://euclid-law.eu/new-uk-bill-regulation-technology-platforms/) - by Becket McGrath, Partner On 25 April, the UK Government finally introduced its long-awaited Digital Markets, Competition and Consumers Bill (the ‘Bill’) into the House of Commons. Although the Bill’s introduction of a brand new regulatory regime for large technology companies has attracted the most media attention, it will also implement a radical re-shaping of - [Phoney and misleading discount claims: PM launches “everyday fixes” ](https://euclid-law.eu/misleading-discount-claims-pm-launches-everyday-fixes/) - The Competition and Markets Authority (CMA) is on a steadfast mission to clamp down on unfair or misleading practices that disadvantage UK consumers. And it’s fair to say that the CMA has been exceptionally busy in its pursuit of this mission. Even since our last briefing in June, the CMA has opened five further investigations, - [Rumour has it that competition lawyers aren't usually fans of market rankings...](https://euclid-law.eu/rumour-has-it-that-competition-lawyers-arent-usually-fans-of-market-rankings/) - Fortunately, Lexology Index had other ideas. Five lawyers. Two jurisdictions. One specialist focus. The latest Lexology Index Competition Guide has been published, and we're delighted to see five Euclid Law partners recognised for their work across UK and EU competition law, foreign direct investment and consumer protection law. Thought Leaders• Oliver Bretz• Sarah Long Recommended• Gavin Robert• - [Euclid Law responds to the European Commission’s public consultation on the Draft Merger Guidelines](https://euclid-law.eu/euclid-law-responds-to-the-european-commissions-public-consultation-on-the-draft-merger-guidelines/) - Euclid Law is pleased to have submitted its response to the European Commission’s public consultation on the Draft Merger Guidelines. Building on recent posts by Andrea Zulli and Iman Ahmed on resilience and sustainability, our response welcomes the Commission’s efforts to modernise its merger assessment framework to reflect today’s market realities. In particular, we highlight the importance - [The Brightest “P”: A Pacy Start to the CMA’s New Consumer Enforcement Regime](https://euclid-law.eu/the-brightest-p-a-pacy-start-to-the-cmas-new-consumer-enforcement-regime/) - Introduced just over a year ago, the Competition and Markets Authority’s (CMA) 4P framework has quickly become something of a North Star: a fixed reference point guiding how the CMA deploys its powers. Designed to build confidence in the CMA’s internal decision-making and to underscore its continued commitment to champion economic growth, the principles of - [Successful Belgian FDI clearance for the Euclid Law team](https://euclid-law.eu/successful-belgian-fdi-clearance-for-the-euclid-law-team/) - Euclid Law are pleased to have assisted EXFIS SH.P.K. in obtaining Belgian foreign direct investment (FDI) clearance for its strategic acquisition of a 50% stake in M-Wildri NV, a Belgian manufacturer of industrial storage tanks and related metal constructions.The transaction brings together Ex Fis' international expertise in fuel logistics and infrastructure with M-Wildri's long-standing engineering - [Euclid Law’s Response to the UK Government Consultation “Refining our Competition Regime](https://euclid-law.eu/euclid-laws-response-to-the-uk-government-consultation-refining-our-competition-regime/) - The UK government consultation “Refining our Competition Regime” closed on 31 March 2026. The UK Government is proposing significant changes to how it regulates mergers and investigates markets, including the controversial proposed abolition of Inquiry Panels. While some reforms are intended to offer faster, more cost-effective resolutions for simpler deals, others risk reducing predictability and independent - [What lies ahead for the FSR in 2026?](https://euclid-law.eu/what-lies-ahead-for-the-fsr-in-2026/) - by Natalie Greenwood & Andrea Zulli The Foreign Subsidies Regulation (FSR) started to apply on 12 July 2023 and has introduced a paradigm shift in the EU’s approach to addressing market distortions caused by foreign subsidies. The Regulation empowers the European Commission to maintain fair competition within the EU while upholding an open market for - [Euclid Law continues its growth with the arrival of Amy McMeekin](https://euclid-law.eu/euclid-law-continues-its-growth-with-the-arrival-of-amy-mcmeekin/) - Euclid Law, the award-winning competition law and FDI law firm, is pleased to welcome Amy McMeekin as a new partner. Amy brings deep and wide-ranging experience across competition, consumer and regulatory law, having worked in both private practice and senior in-house roles. She has advised on several complex and strategically significant merger, antitrust and consumer - [Early assessment is no longer optional, Belgian FDI screening has become a recurring feature for UK companies and investors](https://euclid-law.eu/early-assessment-is-no-longer-optional-belgian-fdi-screening-has-become-a-recurring-feature-for-uk-companies-and-investors/) - Belgian FDI notifications increase. Reflection of growing awareness among companies and their advisers. Belgian regime needs alignment with revised EU FDI Regulation - [Government proposes ‘refinements’ of UK competition regime](https://euclid-law.eu/government-proposes-refinements-of-uk-competition-regime/) - By Becket McGrath On 20 January, the Department for Business and Trade published the Government’s long-awaited consultation on a range of changes it proposes to make to the UK competition regime. Ostensibly, the legislative changes are designed to complement the measures already implemented by the Competition and Markets Authority (‘CMA’) to support the Government’s growth - [Euclid Law inaugurating the new 2026 GCR 100: FDI among prestigious peers](https://euclid-law.eu/euclid-law-inaugurating-the-new-2026-gcr-100-fdi-among-prestigious-peers/) - Euclid Law has been recognised in the inaugural edition of the GCR 100: Foreign Investment Control — the first-ever global guide showcasing the leading firms and consultancies advising clients on foreign investment matters. This recognition is based on independent research by GCR. We’re proud to see our work in this growing and important field acknowledged not only by our - [Euclid Law is advising the Laumann Group on UK competition law matters in its public takeover of Epwin plc](https://euclid-law.eu/euclid-law-is-advising-the-laumann-group-on-uk-competition-law-matters-in-its-public-takeover-of-epwin-plc/) - London, 7 August 2025 – Euclid Law is advising the Laumann Group on UK competition law matters in its public takeover of Epwin plc, which was announced earlier today. The proposed deal, valued at £167 million, will bring together Germany-based Laumann Group, a global provider of building solutions, with annual revenues of €1.6 billion, and Epwin Group, a listed UK manufacturer - [A stick and carrot approach to cartels](https://euclid-law.eu/a-stick-and-carrot-approach-to-cartels/) - Recycling in the European Union By Cécile Manenti and Oliver Bretz The European Commission (Commission) recently issued two press releases related to EU recycling: the first summarising a cartel fine decision1 (the “stick”) and the second announcing a public consultation to foster industrial cooperation (the “carrot”).2 The timing was not a coincidence, as the press - [Euclid Law Response to CMA Consultation on Draft Revised Guidance on the CMA’s Jurisdiction and Procedure and Draft Revised Merger Notice](https://euclid-law.eu/euclid-law-response-to-cma-consultation-on-draft-revised-guidance-on-the-cmas-jurisdiction-and-procedure-and-draft-revised-merger-notice/) - A. Introduction and summary Euclid Law welcomes this opportunity to comment on the CMA’s consultation and to engage further once the CMA’s thinking develops. Euclid Law is a specialist competition law firm, with offices in London and Brussels. We advise on all aspects of UK and EU competition law, including many high-profile merger control mandates. - [Changes to the UK National Security and Investment Regime](https://euclid-law.eu/changes-to-the-uk-national-security-and-investment-regime/) - The UK Government has announced likely legislative change to exclude certain types of low risk acquisitions from the national security and investment regime, as well as a consultation on the sensitive sectors of the UK economy which can trigger mandatory notifications. It has also issued its annual report. Here we outline the proposals and offer - [EU-UK Competition Cooperation Agreement Finalised](https://euclid-law.eu/eu-uk-competition-cooperation-agreement-finalised/) - The Proposed Agreement On 20 May, the European Commission announced that it had adopted the proposed text for an EU-UK Competition Cooperation Agreement (the Agreement), by publishing a proposal for a Council Decision approving signature by the Commission on behalf of the EU. This appears to be one of the first tangible outcomes from the - [ECJ Confirms Advocate General's Opinion in INTERZERO Case (C-254/23): A Milestone for Services of General Economic Interest and Environmental Policy](https://euclid-law.eu/a-milestone-for-services-of-general-economic-interest-and-environmental-policy/) - Introduction In a landmark ruling for environmental law and the interpretation of EU internal market rules, the European Court of Justice (ECJ) upheld the Opinion of Advocate General Collins in the INTERZERO case (C-254/23), where EUCLID LAW advised EXPRA on the case in support of the Slovenian State. Although the full judgment text is not - [The Hellenic Era – a review of the new Greek FDI regime](https://euclid-law.eu/the-hellenic-era-a-review-of-the-new-greek-fdi-regime/) - On 23 May 2025 the Greek Parliament in line with the EU FDI Regulation[1] enacted its long-awaited Law 5202/2025[2]. This establishes Greece’s first FDI screening regime framework and allows the review of foreign investments that exceed the defined thresholds on grounds of public order or security. Foreign investments in designated “sensitive” or “highly sensitive” sectors - [Euclid Law continues its growth with the arrival of Keith Jones](https://euclid-law.eu/euclid-law-continues-its-growth-with-the-arrival-of-keith-jones/) - Euclid Law, the award-winning competition law and FDI boutique, is pleased to welcome renowned competition partner, Keith Jones, to its team. A distinguished antitrust lawyer at the Competition Bar, Keith brings over 30 years of extensive experience in UK and international competition and regulatory law to the Euclid Law team. Keith will add to our - [Commission Staff Working Document - 26.07.24](https://euclid-law.eu/commission-staff-working-document-26-07-24/) - On 26 July 2024, the European Commission published a Staff Working Document (SWD, available here) discussing some of the key concepts under the Foreign Subsidies Regulation (FSR), including situations where the foreign subsidy will be considered distortive to the internal market and the EC’s approach to the balancing test. The Document confirms that while there must - [UK Competition Appeal Tribunal Issues Rare Judgment on Online Sales Restrictions](https://euclid-law.eu/uk-competition-appeal-tribunal-issues-rare-judgment-on-online-sales-restrictions/) - by Becket McGrath Despite the importance of competition law for companies looking to implement selective distribution or other forms of distribution arrangement in a compliant manner, court judgments that examine the legality of specific vertical restraints are relatively rare. (The Ping case, which culminated in a Court of Appeal judgment at the beginning of 2020 - [Advocate General’s Opinion a potential turning point for sustainability initiatives across the EU](https://euclid-law.eu/advocate-generals-opinion-a-potential-turning-point-for-sustainability-initiatives-across-the-eu/) - On 26 September 2024, Advocate General Collins delivered his Opinion to the European Court of Justice in the Interzero case (Case C‑254/23). If followed by the Court of Justice, the Opinion not only heralds an important development for the future of Extended Producer Responsibility (EPR) obligations in Slovenia, but also has the potential to revolutionise the way - [Euclid Law files an EU complaint for unlawful and incompatible advertising State aid in the Hungarian Media Sector. ](https://euclid-law.eu/euclid-law-files-an-eu-complaint-for-unlawful-and-incompatible-advertising-state-aid-in-the-hungarian-media-sector/) - Euclid Law has today lodged a State aid complaint with the European Commission, to challenge Hungarian advertising State aid in the Hungarian media sector. The Complainants are Alhambra Press, the publisher of the weekly Magyar Hang (Hungarian Voice) and one other Hungarian media group. The economic and data analysis underpinning the complaint has been conducted - [New UK Consumer Protection Regime to Enter into Force in April](https://euclid-law.eu/new-uk-consumer-protection-regime-to-enter-into-force-in-april/) - Despite being over 400 pages long, the Digital Markets, Competition and Consumers Act 2024 (the ‘DMCC Act’) completed its passage through the UK Parliament in a matter of days last summer, as part of the ‘wash up’ process before Parliament was dissolved in before the General Election campaign kicked off. While the impending election certainly - [A success story: EUFDI Association first annual conference](https://euclid-law.eu/a-success-story-eufdi-association-first-annual-conference/) - Reflecting on our fantastic first EUFDI Association conference in Brussels!Undoubtedly one of many more to come. Bringing together 100+ lawyers globally was no easy task. Yet, the success of our 31st January event lay not only in the quality of attendees but in the thought-provoking and enlightening conversations.We were thrilled to host the EUFDI Conference alongside Christine Graham, - [High Court Confirms Broad Government Discretion in UK National Security Reviews](https://euclid-law.eu/high-court-confirms-broad-government-discretion-in-uk-national-security-reviews/) - by Becket McGrath On 11 November 2024, the High Court issued the first ever judgment concerning a challenge to an unwinding order imposed by the UK Government under the National Security and Investment Act 2021 (the ‘NSI Act’), in L1T FM Holdings and another v. Chancellor of the Duchy of Lancaster. In a clear victory - [And now ? The new Horizontal Guidelines and Joint Ventures](https://euclid-law.eu/what-now-the-new-horizontal-guidelines-and-joint-ventures/) - By Oliver Bretz, Founding Partner At the beginning of June the European Commission adopted the revised Research & Development Block Exemption Regulation, Specialization Block Exemption Regulation and the revised Guidelines on the applicability of Article 101 of the Treaty on the Functioning of the European Union to cooperation agreements between competitors (Horizontal Guidelines) In addition, it published - [Has CMA merger enforcement got tougher?](https://euclid-law.eu/cma-merger-enforcement-tougher-euclidlaw/) - by Gavin Robert, Senior Consultant There has been a lot of discussion recently, both in the competition world and in the wider media, as to whether merger enforcement by the Competition & Markets Authority (CMA) has got tougher over the last few years, e.g. Financial Times on 2 March 2020 ‘UK competition watchdog is most - [GCR Awards 2024 - Euclid Law celebrated](https://euclid-law.eu/gcr-awards-2024-euclid-law-celebrated/) - GCR Awards 2024, Euclid Law win Regional firm of the year - Europe The Lawyer (UK) 2024 Awards, Euclid Law commended in the Specialist firm of the year category - [Competition Law and the Circular Economy](https://euclid-law.eu/competition-law-and-the-circular-economy/) - Circular economy is the critical juncture where competition policy and sustainability converge. How can we then resolve the perceived tensions between the two and enable the circular economy? This was the topic of last week’s Swiss Association for Compliance and Competition Law (ACCL) Conference - Excellence in Compliance: Competition Law and the Circular Economy which for the very first time took - [British Legal Awards 2024 - Euclid Law shortlisted](https://euclid-law.eu/british-legal-awards-2024-euclid-law-shortlisted/) - Is there such a thing as a Legal ‘Grand Slam’? Perhaps we should start the trend #legalgrandslam We feel fortunate to be ending our year the way it started. A huge congratulations to our team for being shortlisted in two categories of the 2024 British Legal Awards: ‘Boutique Law Firm of the Year’ and ‘Competition/Regulatory - [Six Euclid lawyers recognised - Who's Who Legal: Competition 2024](https://euclid-law.eu/six-euclid-lawyers-recognised-whos-who-legal-competition-2024/) - Six Euclid Law lawyers have been recognised in the 2024 edition of the Who's Who Legal Competition guide. The majority of our lawyers, soon to be our entire team undoubtedly, continue to be recommended by this respected directory. - [Euclid Law London office shortlisted in International Design Awards 2024](https://euclid-law.eu/euclid-law-london-office-shortlisted-in-international-design-awards-2024/) - 2024 has certainly been a fantastic year for the Euclid Law team whose expertise and hardwork has been recognised by many awards. Today, we are proud to say that it is our new offices in London which have been shortlisted in the International Design Awards 2024 (SBID) in the “UK - office design under 2000 SqM” category.Thank - [European Pharma Law Academy 2024](https://euclid-law.eu/european-pharma-law-academy-2024/) - Gavin Robert and Natalie Greenwood will be speaking at Day 4 of the Informa Connect “European Pharma Law academy” event this Thursday 5th September.Gavin is chairing the day and also presenting on “Mergers and Acquisitions - Getting the Deal Through”.Natalie will be presenting alongside Chris Verleye, Senior Legal Director at Johnson & Johnson, about “Pay for - [CMA urged to clarify legality of Oasis ticketing fiasco](https://euclid-law.eu/cma-urged-to-clarify-legality-of-oasis-ticketing-fiasco/) - Becket McGrath was quoted in the Global Competition Review on 2nd of September, as he shared his insight and expertise on the ongoing online ticketing conflict.CMA urged to clarify legality of Oasis ticketing fiascoby Janith AranzeThe UK’s largest consumer rights organisation wants the Competition and Markets Authority to “urgently clarify” whether the dynamic pricing model used - [Legal Business Awards - 2024 - Shortlisted: Boutique law firm of the year](https://euclid-law.eu/legal-business-awards-2024-shortlisted-boutique-law-firm-of-the-year/) - We are pleased to report that Euclid Law has been shortlisted for “Boutique law firm of the year” by the Legal Business Awards for 2024.In addition to our Regional firm of the year award from GCR in the spring, we are so thankful and pleased that our achievements during the past year have now been recognised by this publication and we look - [Euclid Law continues its continental growth with the arrival of Paul McGeown in the Brussels office.](https://euclid-law.eu/euclid-law-continues-its-continental-growth-with-the-arrival-of-paul-mcgeown-in-the-brussels-office/) - Euclid Law, the competition law and FDI boutique, is proud to welcome renowned competition partner, Paul McGeown, to its team in Brussels. A distinguished antitrust lawyer at the Brussels Bar, Paul brings over 30 years of extensive experience in European competition law to the Euclid Law team. Previously a partner at Linklaters and Wilson Sonsini, - [Court of Appeal confirms CMA power to require production of documents from non-UK companies](https://euclid-law.eu/court-of-appeal-confirms-cma-power-to-require-production-of-documents-from-non-uk-companies/) - by Becket McGrath The Court of Appeal for England and Wales has confirmed that the CMA has the power to require the production of information and documents by non-UK companies, overturning a judgment of the Competition Appeal Tribunal that reached the opposite conclusion Bearing in mind how often an antitrust investigation requires competition authorities to - [UK CMA consults on its mergers process](https://euclid-law.eu/uk-cma-consults-on-its-mergers-process/) - by Natalie Greenwood, Partner The CMA yesterday launched a Consultation into proposed changes to its Phase 2 mergers procedure. The consultation was launched during a CMA event, with keynote speeches from Sarah Cardell and Martin Coleman and also follows an earlier call for evidence which the CMA launched over the summer and to which Euclid - [Access to file is overdue in CMA phase 2 mergers](https://euclid-law.eu/access-to-file-is-overdue-in-cma-phase-2-mergers/) - by Michael Reiss, Partner Is it not about time the CMA gave merging parties proper access to the case file in phase 2 mergers? Guiding a client through a recent CMA phase 2 reminded me of the contrast with the European Commission process, where access to third party submissions is a routine step in the - [UK Government Consults on National Security Regime](https://euclid-law.eu/uk-government-consults-on-national-security-regime/) - by Michael Reiss, Partner The UK Government has launched a consultation on the UK’s national security and investment screening regime. This follows direct engagement between officials, the business community and advisors, in which Euclid Law has participated. The consultation, which comes just shy of the regime’s two-year birthday, is designed to cover procedure and substance. - [Unravelling Cartel Investigations in the EU](https://euclid-law.eu/unravelling-cartel-investigations-in-the-eu/) - by Natalie Greenwood, Partner, published on 30th October by The Lawyer Monthly Often concealed from the public, cartel operations can imperil markets and pass significant fees on to consumers without their knowledge. The effective investigation of cartels – and organisations’ willingness to cooperate with these investigations – is therefore essential. Natalie Greenwood, partner at Euclid Law, - [The new EU Foreign Subsidy regime and M&A Transactions: “And so it begins…”](https://euclid-law.eu/the-new-eu-foreign-subsidy-regime-and-ma-transactions/) - by Andrea Zulli, Partner The mandatory and suspensory notification system under the new EU Foreign Subsidy regime (“FSR”) enters into force today, 12 October 2023. The FSR has been on the radar for several months now, but for the latecomers to the party, the FSR aims at levelling the playing field in the EU internal - [The art of negotiating deals - Merger Control and FDI in Competition Law](https://euclid-law.eu/negotiating-deals-merger-control-and-foreign-direct-investment-in-competition-law/) - Guus Greve interviewed Oliver Bretz on his Mergers & Acquisitions podcast sponsored by George Pilko and Pilko Associates. "Too often we think of merger control and FDI as a necessary evils rather than as a strategic valuation factor and a deal risk - that can be mitigated and negotiated. By changing the way we think and talk about - [Report Time for National Security Screening in the UK](https://euclid-law.eu/nationonal-security-screening-in-uk-performance-test-government/) - Read Euclid Law's summary, best UK & EU competition law firm, on The UK Government's annual performance report onNational Security & Investment Act - [EU's Microsoft-Activision OK Raises Question: Fix Or Fight?](https://euclid-law.eu/eus-microsoft-activision-ok-raises-question-fix-or-fight/) - Becket McGrath provided comments on Bryan Koenig's article for Law360 Law360 (May 16, 2023, 5:56 PM EDT) -- European Union antitrust officials' clearance on Monday of Microsoft Corp.'s planned $68.7 billion takeover of Activision Blizzard Inc. only marginally boosted prospects for a deal still under challenge in the United States and facing a U.K. block, - [UK Competition Appeal Tribunal Judgment Derails CMA Mobile Browsers and Cloud Gaming Market Investigation](https://euclid-law.eu/cma-mobile-browsers-and-cloud-gaming-market-investigation/) - Becket McGrath / April 19,2023 On 22 November 2022, the UK Competition and Markets Authority (CMA) decided to refer the supply of mobile browsers and mobile browser engines and the distribution of cloud gaming services through app stores on mobile devices for an in-depth ‘phase 2’ market investigation. The market investigation regime enables the CMA - [CMA information request appeal will impact future probes, new digital powers, say lawyers](https://euclid-law.eu/cma-information-request-appeal-will-impact-future-probes-new-digital-powers-say-lawyers/) - CMA ruling to impact DMU powers over overseas tech companies, CMA-European Commission relations in jeopardy, Euclid Law competition law firm experts assistance - [European Commission confirms final texts for new EU rules for vertical agreements](https://euclid-law.eu/european-commission-confirms-new-europen-union-rules-for-vertical-agreements/) - On 10 May, the European Commission (the ‘Commission’) published final texts of the new Vertical Agreements Block Exemption Regulation (‘VBER’) and the accompanying Guidelines on Vertical Restraints (‘Guidelines’). These two documents set out the full legal framework for the assessment of vertical agreements under EU competition law that will apply from 1 June. Although the - [Euclid Law's growth continues in The Legal 500 year rankings](https://euclid-law.eu/euclid-laws-growth-continues-in-the-legal-500-year-rankings/) - We are proud to announce that Euclid Law is ranked Tier 4 in the new Legal 500 ranking for London’s EU and Competition Law sector. Oliver Bretz continues to strengthen his position as part of the Leading individuals and Sarah Long is among the Next Generation Partners. In addition, our Brussels branch is also ranked - [Natalie Greenwood joins Euclid Law as Counsel](https://euclid-law.eu/natalie-greenwood-joins-euclid-law-as-counsel/) - Euclid Law is pleased to announce that Natalie Greenwood has joined the London office as Counsel. Natalie, who is dual-qualified in the UK and Spain, has over 10 years’ experience both as a lawyer at Lloyds (where she was recognised as one of 30 most notable in-house competition professionals in her 30s) and as a - [New: ‘Trust Me, I’m Fair’: Analysing Google’s Latest Practices in Ad Tech From the Perspective of EU Competition Law](https://euclid-law.eu/new-trust-me-im-fair-analysing-googles-latest-practices-in-ad-tech-from-the-perspective-of-eu-competition-law/) - In a first paper released in January 2019, we explained the mechanics of online display advertising and real-time bidding with a focus on the tools and technologies comprising the ad tech market. We identified Google as the leading, and most likely dominant player across the ad tech value chain and expressed the concern that it engages in prima facie anticompetitive conduct, in that it uses its leading ad server to favor its ad intermediation business and exclude competitors. We also explained how the lack of competition across the ad tech value chain enables Google to exploit advertisers and publishers by charging hidden fees for ad intermediation on top of its disclosed commissions. In March 2019, Google announced that it would switch to a first-price unified auction by the end of 2019, arguing that its move would help create a fair and transparent market for everyone. Meanwhile, online advertising has attracted significant regulatory interest in the EU, the USA and Australia. In ... - [Euclid Law wins Corporate Intl Magazine Global awards' 'Competition Law Firm of the year in Belgium - 2020'](https://euclid-law.eu/euclid-law-wins-corporate-intl-magazine-global-awards-competition-law-firm-of-the-year-in-belgium-2020/) - We are thrilled to announce that Euclid Law has won the 2020 Corporate Intl Magazine Global award for ‘Competition Law Firm of the Year in Belgium – 2020’. As well as confirming our position as leading Competition Law experts on the London market, we are pleased to continue our growth and further consolidate our reputation - [Competition Law Solutions for the Planet: EU competition policy should foster sustainability initiatives, not hinder them](https://euclid-law.eu/competition-law-solutions-for-the-planet-eu-competition-policy-should-foster-sustainability-initiatives-not-hinder-them/) - by Oliver Bretz & Daniele Pinto On September 23 world leaders from politics and business, as well as a famous teenage activist from Sweden, gathered in New York for the 2019 UN Climate Action Summit. Their message was stark: the world is running out of time, urgent action to limit climate change is needed. The - [“Protecting Brand Equity in the eCommerce Age”](https://euclid-law.eu/protecting-brand-equity-in-the-ecommerce-age/) - Sarah Long will be speaking at the eHackaton EDGE Conference by Ascential this week, alongside Daren Garcia from Vorys, on “Protecting Brand Equity in the eCommerce Age” Follow the link to register. - [The European "CIFIUS": Understanding the EU Foreign Investment Screening (EUFIS).](https://euclid-law.eu/the-european-cifius-understanding-the-eu-foreign-investment-screening-eufis/) - Marie Leppard chaired the teleconference "The European "CIFIUS": Understanding the EU Foreign Investment Screening (EUFIS)" organised by the ABA Section of International Antitrust Law Committee Panel on 29th October 2019. The event covered the new EU Foreign Investment Screening (EUFIS) framework and its similarities to CFIUS and Investment Canada. EUFIS will come into force in October of - [Our brand new Euclid Law Brussels office](https://euclid-law.eu/our-brand-new-euclid-law-brussels-office-2/) - We are excited to announce the new Brussels Office of Euclid Law at Chaussée de Vleurgat, 119 – on the corner of Av Louise. As ever, we look forward to providing market-leading EU and UK competition advice to our multinational clients from this exceptional new space. - [Oliver Bretz will be speaking at the GCR Live Foreign Investment and Protectionism event](https://euclid-law.eu/oliver-will-be-speaking-at-the-gcr-live-foreign-investment-and-protectionism-event/) - The inaugural GCR conference taking place on Thursday 2 April 2020 will discuss the rapidly evolving landscape of foreign investment review at a global level. Oliver will be involved in the session focusing on the practical impact of EU screening mechanism and "how practitioners can balance the tension between attracting global capital and protectionism in - [The Android choice screen](https://euclid-law.eu/the-android-choice-screen/) - Has google "ducked" the EU remedy? a CLI article by Oliver Bretz and Marie Leppard In 2018, the European Commission found that Google abused its dominant position by imposing various restrictions on the Android operating system in order to entrench and promote its own search engine. In short, Google’s practices had denied rival search engines - [STUDY ON THE VERTICAL INTEGRATION OF PRODUCER RESPONSIBILITY ORGANISATIONS AND THEIR EFFECT ON THE MARKET](https://euclid-law.eu/study-on-the-vertical-integration-of-producer-responsibility-organisations-and-their-effect-on-the-market/) - Prepared for Expra by Oliver Bretz and Daniele Pinto - March 2020 This report aims at identifying in greater detail how the vertical integration of industry players from different levels of the packaging waste recovery cycle may have anti-competitive effects in the waste recovery market. Commissioned and funded by EXPRA aisbl/ivzw, the alliance of 26 - [KNOW YOUR ABCS, KNOW YOUR DATA](https://euclid-law.eu/know-your-abcs-know-your-data/) - Inventus and Euclid Law have teamed up to write a series of articles highlighting what companies and their legal and compliance teams need to know about the use of technology in competition law as well as guiding on how to tackle each step and overcome the challenges that come with it. Download the first article - [Webinar: DG Trade’s Carlo Pettinato on foreign direct investment controls](https://euclid-law.eu/webinar-dg-trades-carlo-pettinato-on-foreign-direct-investment-controls/) - On 1st of April 2020, Oliver Bretz had the pleasure of chairing a live webinar alongside speakers Mr. Carlo Pettinato, Head of Investment Policy Unit - DG Trade, European Commission; Mr. Manuel Vélez Fraga, Partner - Uria; and Mr. Alan Riley, Senior Fellow - Atlantic Council. The discussion focused on foreign direct investment (“FDI”) screening - [Cross your Techs and Dot your AIs](https://euclid-law.eu/cross-your-techs-and-dot-your-ais/) - Inventus and Euclid Law have teamed up to write a series of articles highlighting what companies and their legal and compliance teams need to know about the use of technology in competition law as well as guiding on how to tackle each step and overcome the challenges that come with it. The second article in - [Increasing interim measure use stirs consequences debate](https://euclid-law.eu/increasing-interim-measure-use-stirs-consequences-debate/) - Sarah Long commented to PaRR analytics on the increased use of interim measures, cautioning that despite the CMA’s recognition that the tool should be used more, the legal test remains relatively difficult to meet, and interim measures have never been successfully applied in the UK. The CMA cites the Online Auction Platform case (which Euclid Law advised - [Global Competition Review names Sarah Long to its "40 Under 40" list for 2020.](https://euclid-law.eu/global-competition-review-names-sarah-long-to-its-40-under-40-list-for-2020/) - Congratulations to our Euclid Law Partner Sarah Long recognised as One of the World's Leading Young Antitrust and Competition Law Partner for 2020. The award recognises the top private practitioners and economists in the world and is a testament to Sarah's professionalism, passion and dedication to the trade. "[...] I was drawn to the intellectual - [Webinar: Foreign direct investment in Germany and the investor status of the UK](https://euclid-law.eu/webinar-foreign-direct-investment-in-germany-and-the-investor-status-of-the-uk/) - On 13 May, Oliver Bretz hosted our monthly live webinar #FDI on the European Foreign Direct Investment Screen #EUFIS, which affects most mergers and investments at this critical time. Oliver had the pleasure of chairing the Microsoft Teams debate alongside Dimitri Slobodenjuk who provided an interesting update on the changes to the German FDI control system. The discussion also focused - [Is it CAR, TAR, RAR....? (Deep dive into Predictive Coding)](https://euclid-law.eu/is-it-car-tar-rar-deep-dive-into-predictive-coding/) - Inventus (EMEA) and Euclid Law teamed up for a series of articles that will guide companies and their legal and compliance teams through the challenges of the Information Age. The third article in the series, “Is it CAR, TAR, RAR...? (Deep dive into Predictive Coding)”, written by Alex Woodrow, Director at Inventus (EMEA) and Marie Leppard, Partner at Euclid Law, explores the use - [New: Retail MFNs and Online Platforms under EU Competition Law: A Practical Primer](https://euclid-law.eu/new-retail-mfns-and-online-platforms-under-eu-competition-law-a-practical-primer/) - Much has been written about most favoured nation clauses or agreements in the context of online platforms (also known as retail MFNs), and the challenges faced by competition authorities in assessing the potential anti-competitive nature of such agreements. The perceived absence of a clear legal framework, and the lack of co-ordination between competition authorities in their approach to assessing retail MFNs, has resulted in significant uncertainty for businesses and practitioners alike. This article aims to provide a practical framework for the assessment of retail MFNs under EU competition law. It considers the application of the Vertical Block Exemption Regulation (VBER) to retail MFNs, an assessment of retail MFNs under Article 101 and Article 102 TFEU, and a suggested policy approach for ex-ante guidance for the assessment of retail MFNs. - [An array of clusters and interlacing threads (Deep dive into other technologies)](https://euclid-law.eu/an-array-of-clusters-and-interlacing-threads-deep-dive-into-other-technologies/) - Legility and Euclid Law teamed up for a series of articles that will guide companies and their legal and compliance teams through the challenges of the Information Age. In this fourth and last article in the series, “An array of clusters and interlacing threads (Deep dive into other technologies)”, written by Rebecca Cronin, Director at Legility - [Becket McGrath quoted in GCR article: "CMA proposes regulatory reform to combat big tech"](https://euclid-law.eu/becket-mcgrath-quoted-in-gcr-article-cma-proposes-regulatory-reform-to-combat-big-tech/) - The UK’s Competition and Markets Authority has called for a new regime to regulate the online economy, after its digital advertising study found the market power of Google and Facebook is causing substantial harm to “society as a whole”. The enforcer today asked the UK government to create a digital markets unit and empower it - [So... this is Brexit](https://euclid-law.eu/so-this-is-brexit/) - UK competition law beyond the withdrawal – Part I & II by Becket McGrath Since the moment that the result of the UK’s referendum on EU membership in June 2016 was announced, there has been significant uncertainty over when the UK would leave the EU, whether the terms for departure could be agreed in time - [FROM TOADS TO FLEXIBLE FEES](https://euclid-law.eu/from-toads-to-flexible-fees/) - How Euclid Law Became “The Competition Law Firm” When Euclid Law was established in 2015, we knew that to do something new, you have to first stop doing something old. We created the UK’s first dedicated competition law firm. For us, that meant rejecting the established law firm business model, which we felt was no - [Gender Inclusive Competition Policy Webinar - Summary and Comments](https://euclid-law.eu/gender-inclusive-competition-policy-webinar-summary-and-comments/) - Context For the last two years, the OECD has been exploring whether the adoption of a gender lens could help develop a more effective competition policy to tackle gender inequality. In an effort to further develop thinking in this area, the OECD has launched a pioneering project to consider, more concretely, how competition policy can - [INTUITIVE WORKING IN THE 4TH INDUSTRIAL REVOLUTION](https://euclid-law.eu/intuitive-working-in-the-4th-industrial-revolution/) - How Euclid Law Created The Workplace Of The Future By Oliver Bretz It’s often said that entrepreneurship is born out of frustration. For me, the pinnacle of that frustration came in late 2014. After 15 years as a partner in a global traditional law firm, I had had enough. The personal sacrifice, the interrupted weekends, - [European Commission Consultation on New Competition Tool](https://euclid-law.eu/european-commission-consultation-on-new-competition-tool/) - Justification for a New Competition Tool Based on our experience of the operation of the UK market investigations regime, we agree that a new tool that goes beyond the options currently available to the Commission under Articles 101 and 102 TFEU, and that enables the Commission to identify and tackle structural market issues, is likely - [Signs of Commission’s Verticals Focus Emerge in VBER Evaluation Document](https://euclid-law.eu/signs-of-commissions-verticals-focus-emerge-in-vber-evaluation-document/) - by Becket McGrath, Sarah Long and Aakash Kumbhat On 8 September 2020, the European Commission (‘the Commission’) published the results of its evaluation of the Vertical Block Exemption Regulation (‘VBER’) and associated guidelines in the form of a Staff Working Document. The 232 page document summarises evidence received by the Commission from businesses, their advisers, - [UK FDI bill consultation responses will aim to narrow sector scope amid new agency capacity concerns](https://euclid-law.eu/uk-fdi-bill-consultation-responses-will-aim-to-narrow-sector-scope-amid-new-agency-capacity-concerns/) - by PaRR Responses to the UK government’s consultation on mandatory notification under the National Security and Investment Bill published yesterday (11 November) will seek to narrow the proposed sector definitions, lawyers told this news service. There are also concerns that a new agency within the Department for Business, Energy and Industrial Strategy (BEIS) tasked with - [The Euclid formula - How I moved from Big law to a rather special boutique and lived to tell the tale](https://euclid-law.eu/the-euclid-formula-how-i-moved-from-big-law-to-a-rather-special-boutique-and-lived-to-tell-the-tale/) - By Becket McGrath There comes a time in one’s career where an opportunity arises that feels like a jump into the unknown. The question then becomes, do you stick to what you know and are used to or dare to take what looks like the riskier option? As one of the partners who built up - [What Is Stopping Brands from Adopting Selective Distribution? Three Common Myths Dispelled](https://euclid-law.eu/what-is-stopping-brands-from-adopting-selective-distribution-three-common-myths-dispelled/) - by Becket McGrath Selective distribution offers brands a ready-made and well established means of ensuring that their products are sold in a consistent and high-quality sales environment across Europe. It does so by limiting sales of a brand’s products to a network of resellers that meet its specified selective distribution criteria, with all others placed - [Becket McGrath quoted in GCR "Epic Games files new claims against Apple and Google in UK"](https://euclid-law.eu/becket-mcgrath-quoted-in-gcr-epic-games-files-new-claims-against-apple-and-google-in-uk/) - The UK's Competition Appeal Tribunal yesterday published Epic's separate claims against Apple and Google, which accuse the companies of abusing their dominance in the markets for distributing apps and processing in-app payments in their respective app stores. Becket McGrath, a partner at Euclid Law in London, said substantive differences in UK, US and Australian law mean it is - [Cartels, Collusion and Corporate Governance: Is Gender the missing link?](https://euclid-law.eu/cartels-collusion-and-corporate-governance-is-gender-the-missing-link/) - In recognition of International Women's Day 2021, and following on from the OECD’s workshop on Gender Inclusive Competition Policy, Sarah Long spoke at the Centre of European Law’s lunchtime webinar on Wednesday 10 March focused on Competition Law and Gender, alongside Professor William Kovacic and Dr. Chris Pike. One of the topics at the OECD's workshop explored the - [Natalie Greenwood becomes Partner at Euclid Law](https://euclid-law.eu/natalie-greenwood-becomes-partner-at-euclid-law/) - Euclid Law is pleased to announce that Natalie Greenwood will become a Partner with effect from April 2021 having joined as counsel in September 2019. Natalie, who is dual-qualified in the UK and Spain, has over 15 years’ experience and, prior to joining Euclid, worked as a lawyer at Lloyds Banking Group (where she was recognised as one of 30 most notable - [The future of vertical restraints in the UK post-Brexit (A UKAEL talk by Sarah Long)](https://euclid-law.eu/the-future-of-vertical-restraints-in-the-uk-post-brexit-a-ukael-talk-by-sarah-long/) - Sarah Long will be joining Andrea Biondi (King's College London), Anneli Howard QC (Monckton Chambers), Jonathan Scott (Interim Chair of the Competition and Markets Authority) and Paul Craig (UKAEL (UK Association for European Law)) for a panel discussion on UK Competition Law post #Brexit this Thursday 25 March 2021, 5.30-7pm UK time. Sarah will be focusing on the future of vertical restraints in the - [Sarah Long quoted in GCR article: “UK launches Digital Markets Unit”](https://euclid-law.eu/sarah-long-quoted-in-gcr-article-uk-launches-digital-markets-unit/) - On 7 April 2021, the CMA launched its much anticipated Digital Markets Unit (DMU) in shadow form, pending legislation. The new regulator will sit within the Competition and Markets Authority, with the potential to enforce a code of conduct and impose ‘pro-competition interventions’ in digital markets. Euclid Law partner Sarah Long commented that the clear - [Competition Boutique Continues London Buildout With Macfarlanes Hire](https://euclid-law.eu/competition-boutique-continues-london-buildout-with-macfarlanes-hire/) - by Hannah Roberts Euclid Law has boosted its London ranks with another partner hire nearly a year after it brought on board a heavyweight partner from Cooley. Competition lawyers are poised for a deluge of trade-related work since the U.K.’s exit from the European Union at the start of the year, with many firms bolstering their - [EC Evaluation of the VBER – Euclid Law’s response to the Public Consultation](https://euclid-law.eu/ec-evaluation-of-the-vber-euclid-laws-response-to-the-public-consultation/) - As part of its ongoing assessment of the Vertical Block Exemption Regulation (VBER), the European Commission launched a public consultation questionnaire, which closed on 26 March 2021, to obtain specific feedback on various policy options. Euclid Law responded to the consultation, agreeing with the Commission’s overall evaluation that the VBER and Guidelines remain useful and - [Free enterprise - The Law Gazette](https://euclid-law.eu/role-and-procedure-of-the-competition-appeal-tribunal-the-post-brexit-dilemma/) - By Marialuisa Taddia Debates concerning the role and procedures of the Competition Appeal Tribunal mirror the UK’s dilemma post-Brexit So how do practitioners rate the tribunal? ‘In my view, the CAT is one of the real success stories of the “new” UK competition regime that was put in place by the Competition Act 1998,’ says Becket - [UK National Security and Competition: To file or not to file?](https://euclid-law.eu/uk-national-security-and-competition-to-file-or-not-to-file/) - With the adoption of the National Security and Investment Act 2021 (NS&I Act), the UK will for the first time require mandatory filing of all transactions in 17 strategic sectors. The Government will also gain the ability to investigate a wider range of transactions in any sector of the economy if it considers there is - [UK Competition and Markets Authority Confirms Direction of Travel for Post-Brexit Approach to Vertical Agreements](https://euclid-law.eu/uk-competition-and-markets-authority-confirms-direction-of-travel-for-post-brexit-approach-to-vertical-agreements/) - by Becket McGrath On 17 June, the UK Competition and Markets Authority (‘CMA’) published a keenly awaited consultation document setting out its proposed recommendations to Government for the UK’s new competition law regime for vertical agreements. Essentially, the CMA is proposing to adopt an approach that remains closely aligned with the EU verticals regime, which - [Can financing transactions be caught by the UK’s new National Security Regime?](https://euclid-law.eu/can-financing-transactions-be-caught-by-the-uks-new-national-security-regime/) - by Oliver Bretz, Michael Reiss, Benjamin Yip, Euclid Law When the National Security and Investment Act 2021 received Royal Assent this year, it had become painfully apparent that its potential scope would be very wide and potentially extend beyond traditional M&A transactions. What few expected was its potential application to financing transactions. The new notification regime - [Widening the net](https://euclid-law.eu/national-security-and-investment-bill-nsi-bill-through-parliament/) - by Becket McGrath As the National Security and Investment Bill (NSI Bill) nears the end of its passage through Parliament, further details of the regime are becoming clearer. Nevertheless, fundamental questions over how the regime will operate in practice remain. Consideration of the long prehistory of the Bill, and examination of how other new investment - [Revised EU rules for vertical agreements unveiled](https://euclid-law.eu/revised-eu-rules-for-vertical-agreements-unveiled/) - by Becket McGrath & Loukia Kopitsa On 9 July 2021, the European Commission (the ‘Commission’) published its draft texts for the new Vertical Agreements Block Exemption Regulation (‘VBER’) and Guidelines on Vertical Restraints (‘Guidelines’) for public consultation. These are the result of an evaluation process, which started in 2018, of the current competition law rules - [To Infinity and Beyond: The Extra-territorial Application of the UK's National Security Regime](https://euclid-law.eu/to-infinity-and-beyond-the-extra-territorial-application-of-the-uks-national-security-regime/) - By Oliver Bretz and Becket McGrath With the coming into force of the UK National Security Regime on 4 January 2022, the UK will subject 17 sectors to mandatory notification and clearance requirements. In addition there is a wide power to call-in other transactions. A lot has already been written about the implications of having a - [European Commission Evaluation of the Vertical Agreements Block Exemption Regulation (VBER)](https://euclid-law.eu/european-commission-evaluation-of-the-vertical-agreements-block-exemption-regulation-vber-2/) - Response to the Public Consultation on the draft revised Regulation and Guidelines Euclid Law Ltd. 1. Euclid Law Ltd. (Euclid Law) is a boutique competition law firm, with offices in London and Brussels. We advise on all aspects of EU and UK competition law. Euclid Law is also a founding coalition member of eControl GlobalTM, - [Reforming Competition and Consumer Policy](https://euclid-law.eu/reforming-competition-and-consumer-policy/) - Response to the Public Consultation by the Department for Business, Energy and Industrial Strategy Proposals on Markets and Merger Control Jurisdiction Euclid Law Ltd We are submitting this paper from the position of practitioners who strongly believe that consumers, businesses and practitioners benefit from rational, predictable and up to date competition and consumer law regimes. - [Countdown running for entry into force of new UK national security investment screening regime](https://euclid-law.eu/new-uk-national-security-investment-screening-regime-july-2022/) - The UK’s new national security investment screening regime will enter fully into force on 4 January 2022. From that date, the National Security and Investment Act 2021 (the ‘NSI Act’) will give the Government the power to review a wide range of investments in businesses that are active in the UK or acquisitions of related - [UK consumer watchdog frustrated at lack of bite](https://euclid-law.eu/uk-consumer-watchdog-frustrated-at-lack-of-bite/) - CMA left reliant on courts to fulfil role despite government promises to give it more powers two years ago “The CMA’s main gripe is that it has never had the fining powers and the ability to run a [consumer protection] case through to a final decision with penalties,” said Becket McGrath, competition partner at Euclid - [Taking Security and Options Seriously: the UK and German Investment Screening Regimes](https://euclid-law.eu/taking-security-and-options-seriously-the-uk-and-german-investment-screening-regimes/) - Arrangements involving current and potential future events, such as taking security and agreeing options, require careful scrutiny under investment screening regimes. It is not safe to assume that a trigger will operate in the same way as under another more developed regulatory regime, such as merger control. Moreover, taking a security or agreeing an option - [The UK’s National Security & Investment Act Regime: Emerging Themes in Practice](https://euclid-law.eu/the-uks-national-security-investment-act-regime-emerging-themes-in-practice/) - For a law which does not fully come into force until 4 January 2022, its approaching footsteps have been making plenty of noise before it walks through the door. The Euclid Law team has been advising many clients on whether their transactions are caught, assessing substantive risk, liaising with the Department for Business, Energy & - [Britain's government is trying to protect national security](https://euclid-law.eu/britains-government-is-trying-to-protect-national-security/) - Without throttling investment that will be tricky On January 4h a new investment-screening law came into effect, heralded by the government as “the biggest shake-up of the uk’s national-security regime for 20 years”. That is no exaggeration. It marks a shift away from economic openness towards suspicion and intervention. Kwasi Kwarteng, the business secretary, said it - [Intel Wins Historic Court Fight Over EU Antitrust Fine](https://euclid-law.eu/intel-wins-historic-court-fight-over-eu-antitrust-fine/) - by Stephanie Bodoni (26 January 2022) Court topples $1.2 billion penalty levied by EU in 2009Critics of EU procedures question time taken for ruling Oliver Bretz quoted in Bloomberg and the Luxembourg Times on the Competition law aspect of the Intel case. Intel Corp. won a historic victory in its court fight over a record 1.06 - [Meta hit with second fine for breach of Giphy hold-separate order](https://euclid-law.eu/meta-hit-with-second-fine-for-breach-of-giphy-hold-separate-order/) - by Charley Connor / 4Feb 22 / the Global Competition Review (GCR) The UK’s Competition and Markets Authority has fined Meta £1.5 million for failing to alert the agency about the departures of three key US staff during an in-depth review into its Giphy acquisition, which Meta claims could interfere with its employees’ rights under - [Response to the additional Public Consultation on Proposed Guidance relating to Information Exchange in the context of Dual Distribution](https://euclid-law.eu/proposed-guidance-on-information-exchange-for-dual-distribution/) - As part of the ongoing review of the Vertical Block Exemption Regulation and Guidelines, on 4 February 2022, DG COMP launched a two-week consultation regarding proposed guidance on information exchanges in dual distribution. The proposed new section provides much needed clarity and valuable additional guidance on the circumstances in which information exchange in a dual - [Control Online Sales in the US and Europe for Optimized Growth](https://euclid-law.eu/control-online-sales-in-the-us-and-europe-for-optimized-growth/) - BWG Connect, Vorys eControl & Euclid Law invite you to participate in an interactive discussion on Feb 24, 2022, 12:00pm – 1:pm EST / 5pm – 6pm GMT Summary In this webinar, Sarah Long, Partner at Euclid Law, Daren Garcia, Partner at Vorys eControl and Jessica Cunning, Partner at Vorys eControl will discuss the similarities and differences between a - [The CMA’s draft VABEO Guidance Consultation](https://euclid-law.eu/the-cmas-draft-vabeo-guidance-consultation/) - Response of Euclid Law Ltd. to the Consultation on the CMA’s Draft Guidance on the Vertical Agreements Block Exemption Order 2022 (CMA154) We welcome publication of the CMA’s draft guidance on the Vertical Agreements Block Exemption Order 2022 (‘VABEO’) (the ‘Draft Guidance’) and the opportunity to comment on it. Given the shared heritage of the - [Euclid Law continues to strengthen its practice with hire of Partner Andrea Zulli to head the Brussels office](https://euclid-law.eu/euclid-law-hire-partner-andrea-zulli-to-head-the-brussels-office/) - Andrea joins from US law firm Covington. He was previously a Partner at Norton Rose Fulbright in Milan. Being qualified in the UK, Belgium and Italy, Andrea advises clients on all aspects of EU and UK competition law, with a strong focus on merger control, behavioural antitrust, compliance, and foreign direct investment. Andrea’s experience and innovative thinking covers a variety of sectors, including private - [Euclid Law continues to strengthen its practice in London and Brussels with hire of Becket McGrath as partner.](https://euclid-law.eu/euclid-law-continues-to-strengthen-its-practice-in-london-and-brussels-with-hire-of-becket-mcgrath-as-partner/) - Euclid Law is delighted to announce Becket McGrath has joined the London office as Partner. Prior to joining the team, Becket one of the founding partners of US firm Cooley’s London office in 2015 and established its Brussels office in 2019. Becket advises clients on all aspects of EU and UK competition law, with an - [Retail MFNS and Online Platforms under EU Competition Law: a Practical Primer by Sarah Long](https://euclid-law.eu/retail-mfns-and-online-platforms-under-eu-competition-law-a-practical-primer-by-sarah-long/) - As part of the September 2019 issue of Competition Policy International (CPI)’s Antitrust Chronicle, Sarah Long’s article explores retail MFNs in the context of online platforms and specifically the challenges faced by competition authorities in assessing the potential anti-competitive nature of such agreements. An uncertainty exists, felt most keenly by businesses, as to the perceived - ["CMA Policy: UK Competition Authority Asserts itself in Anticipation of Brexit" comments by Sarah Long](https://euclid-law.eu/cma-policy-uk-competition-authority-asserts-itself-in-anticipation-of-brexit-with-comments-by-sarah-long/) - Sarah Long was asked to comment on The Capital Forum’s Vol. 7 No. 300 story published on 15 August 2019 entitled “CMA Policy: UK Competition Authority Asserts Itself in Anticipation of Brexit”.In anticipation of the UK’s imminent exit from the EU, the CMA has adopted an aggressive approach in a bid to secure a better - [Sarah Long speaks at the Vertical Restraints and Distribution Conference 2019](https://euclid-law.eu/sarah-long-speaks-at-the-vertical-restraints-and-distribution-conference-2019/) - Sarah Long spoke at the Vertical Restraints and Distribution Conference 2019 in Brussels on 26 June on Dual Distribution: Challenges for Competition Law and RPM in the Digital World. Copies of Sarah’s slides can be found here (Dual Distribution) and here (RPM). - [Competition Law and Syndicated Loans – A Framework](https://euclid-law.eu/competition-law-and-syndicated-loans-a-framework/) - By Oliver Bretz, Marie Leppard & Helen Bardell CPI Europe Column edited by Anna Tzanaki (Competition Policy International) & Juan Delgado (Global Economics Group) This article examines the overall context and potentially relevant issues and considerations for syndicated lending generally, as well as any issues that may arise at each stage of the process. The - [E-commerce, brand equity and managing the Amazon marketplace: a response to the EC’s VBER consultation](https://euclid-law.eu/e-commerce-brand-equity-and-managing-the-amazon-marketplace-a-response-to-the-ecs-vber-consultation/) - The EC’s consultation on the Vertical Block Exemption Regulation (VBER) and Vertical Guidelines (VGL) closed for comments on 27 May 2019. Euclid Law responded to the consultation, calling for greater clarity around restrictions on online marketplace sales in order to preserve brand equity. To support the response, Euclid Law also submitted an expert report entitled - [New: Google’s (Forgotten) Monopoly – Ad Technology Services on the Open Web](https://euclid-law.eu/new-googles-forgotten-monopoly-ad-technology-services-on-the-open-web/) - This paper focuses on online display advertising, whereby publishers display advertisements on their website against remuneration. This form of advertising represents a critically important source of revenues for publishers, from large news organisations to online game producers to blogs, offering valuable content to Internet users. Given the importance of online display advertising to publishers, it is no wonder that this area has been the subject of intense discussion among stakeholders and has raised the attention of competition authorities. In particular, concerns have expressed that publishers do not receive their fair share of advertising revenues due to the large fees that are captured by the “ad tech” companies intermediating between advertisers and publishers. This paper provides an overview of the online display advertising landscape, and explores whether Google, the leading ad tech providers, has engaged in potential exclusionary and exploitative conduct. - [Four Euclid partners recognised in WWL 2019](https://euclid-law.eu/four-euclid-partners-recognised-in-wwl-2019/) - We are delighted to announce that Oliver Bretz, Damien Geradin, Marie Leppard and Sarah Long have all been recognised in this year’s edition of Who’s Who Legal in the field of competition law. Oliver and Damien are both distinguished for their work in Brussels, Oliver for his “profound ability” in mergers and cartels, and Damien - [Sarah Long speaks at Amazon E^HACKATHON in London](https://euclid-law.eu/sarah-long-speaks-at-amazon-ehackathon-in-london/) - Sarah Long spoke at the Amazon E^HACKATHON in London on 8 May 2019 about online market place strategy and selective distribution in the EU, alongside Daren Garcia from Vorys, the leading US firm in online seller enforcement and e-control. The E^HACKATHON is one of the largest e-commerce events in the EU, bringing together industry leaders - [Digital markets and merger control: some reflections on the CMA's Lear Report](https://euclid-law.eu/digital-markets-and-merger-control-some-reflections-on-the-cmas-lear-report/) - Sarah Long Ex-post evaluation of competition authorities’ decisions is a very valuable exercise, and something that the OECD Competition Committee has been championing for many years. The Lear Report is good example of why ex-post evaluation should be carried out, and exemplifies the challenges faced by competition authorities when assessing mergers in digital markets.In particular - [Sarah Long quoted in GCR “UK proposes dawn raids in merger control](https://euclid-law.eu/sarah-long-quoted-in-gcr-uk-proposes-dawn-raids-in-merger-control/) - Sarah Long provided her views on the CMA’s Lear Report on digital markets and merger control. A link to the GCR story is here, and a longer LinkedIn piece is available here. - [Marie Leppard speaks about Antitrust Compliance at the 2nd Annual ECLA 2019 Conference](https://euclid-law.eu/marie-leppard-speaks-about-antitrust-compliance-at-the-ecla-2019-2nd-annual-conference/) - The final panel of the European Competition Lawyers Association (ECLA) annual conference on antitrust compliance took place on Saturday 25 May 2019 in Prague, moderated by Elena Garcia Aguado and with outstanding contributions by Marie Leppard, Nikiforos Iatrou, and Ondrej Dostal. The discussion centered around the implementation of Antitrust compliance programs in many companies, with - [Euclid Law is delighted to be sponsoring the Junior Competition Conference (JCC) to be held at the Competition Appeal Tribunal today (10 May 2019)](https://euclid-law.eu/euclid-law-is-delighted-to-be-sponsoring-the-junior-competition-conference-jcc-to-be-held-at-the-competition-appeal-tribunal-today-10-may-2019/) - This year’s conference topics will focus on competition litigation and vertical agreements, which are both highly relevant given the recent developments in national courts throughout Europe and the European Commission’s review of the Vertical Block Exemption Regulation. The opening speech will be given by Sir Peter Roth, President of the Competition Appeal Tribunal. - [Sarah Long to speak on digital markets panel at the Competition Section Annual Conference 2019](https://euclid-law.eu/sarah-long-to-speak-on-digital-markets-panel-at-the-competition-section-annual-conference-2019/) - Sarah Long will join the panel on competition and digital markets at the Competition Section Annual Conference held at the Law Society on 9 May 2019, where she will be discussing antitrust enforcement and the use of interim measures in digital markets. Sarah advised the complainant BidOnThis in the Auction Services case, which is to - [Euclid Law shortlisted for Boutique Law Firm of 2019 in The Lawyer awards](https://euclid-law.eu/euclid-law-shortlisted-for-boutique-law-firm-of-2019-in-the-lawyer-awards/) - We are proud to announce Euclid Law has just been shortlisted for Boutique Law Firm of 2019 in The Lawyer awards. Well done to the whole team! See The Lawyer website for more information. - [Marie Leppard presented a Legal Perspective on 'Utilization and Limitations of Digitization in Antitrust Law' at the 11th CLU on 2nd April 2019 in Zurich](https://euclid-law.eu/marie-leppard-presented-a-legal-perspective-on-utilization-and-limitations-of-digitization-in-antitrust-law-at-the-11th-clu-on-2nd-april-2019-in-zurich/) - The event, hosted by the Swiss Association for Compliance and Competition Law (ACCL) saw partner Marie Leppard participate in a panel alongside Prof. Dr. Patrick Krauskopf from Agon Partners and Lionel block from Forentec. Modern progressive digitization is exponentially used by Competition authorities in simplifying their procedures. But where are the limits of these digital - [Syndicated Loans - Some Personal Observations](https://euclid-law.eu/syndicated-loans-some-personal-observations/) - Deborah Drury (Europe Economics) and Oliver Bretz (Euclid Law) A lot has been written already about the European Commission study into Syndicated Loans, which Europe Economics and Euclid Law were commissioned to undertake by DG Competition. We thought it appropriate to share some short personal observations on the study and its impact on compliance policies - [Sarah Long to chair RPM session at Vertical Restraints & Distribution Conference – June 2019](https://euclid-law.eu/sarah-long-will-be-chairing-the-session-on-resale-price-maintenance-rpm-in-the-digital-world-at-the-knect-365-laws-verticals-conference/) - Sarah Long will be chairing the session on Resale Price Maintenance (RPM) in the Digital World at the KNect 365 Law’s Vertical Restraints and Distribution Conference. A great opportunity to gather valuable insight on platforms, MFNs, price parity agreements and a review of recent RPM decisions. The event will take place on Wednesday 26 June - [Euclid Law and Europe Economics advise European Commission on Syndicated Loans](https://euclid-law.eu/euclid-law-and-europe-economics-advise-european-commission-on-syndicated-loans/) - Euclid Law is proud to have cooperated with Europe Economics in advising the European Commission in the EU loan syndication and its impact on competition in credit markets. This study report brought great insight and perspective on its efficiency as a source of finance. Euclid Law was selected to co-author this research in light of - [ARISE EUFIS, SON OF CIFIUS](https://euclid-law.eu/arise-eufis-son-of-cifius/) - Dr. Alan Riley and Oliver Bretz This article argues that EUFIS, the EU Foreign Investment Screening is modelled on CIFIUS, in that it is a political rather than an administrative process. Merging companies should take it into account if there is a risk of their long-stop date being extended beyond the autumn of 2020. Early - [REVISION: Complements and/or Substitutes? The Competitive Dynamics Between News Publishers and Digital Platforms and What It Means for Competition Policy](https://euclid-law.eu/revision-complements-and-or-substitutes-the-competitive-dynamics-between-news-publishers-and-digital-platforms-and-what-it-means-for-competition-policy/) - This paper is to analyse the competitive dynamics between news publishers and digital platforms. News publishers and digital platforms are vertical complements in that news publishers publish content that helps digital platforms to attract users. In turn, digital platforms generate traffic for news publishers. However, the relationship between news publishers and digital platforms is not harmonious. While digital platforms are an important source of traffic, news publishers are concerned that digital platforms free-ride on their valuable content, but also that that distribute that content in a manner that commoditizes it, hence harming their brands. News publishers and digital platforms also horizontally compete for user attention and advertising revenues. Internet users in search of news can go to the website or app of their favourite newspaper, but they may also go to Google News, Facebook or Twitter. Similarly, advertisers can spend their online advertising budget on news ... - [Euclid Law recognised by GCR as part of GCR 100 - 2018 edition](https://euclid-law.eu/euclid-law-recognised-by-gcr-as-part-of-gcr-100-2018-edition/) - We are delighted to be part of the 2018 edition of the GCR 100 among other top competition practices, doing the most important antitrust work around the world. - [Something is happening in UK merger control … despite Brexit](https://euclid-law.eu/something-is-happening-in-uk-merger-control-despite-brexit/) - One would be forgiven for concluding that the only thing that is happening in the UK is Brexit. However, there are some interesting ideas being considered, either in the context of Brexit or perhaps more precisely despite Brexit. The political paralysis that the country has suffered could come to an end quite quickly and the - [Sarah Long’s speech on Gender, competition policy and the GUDP (Grossly Undervalued Domestic Product) at 4th Chillin’ Competition Conference](https://euclid-law.eu/sarah-longs-speech-on-gender-competition-policy-and-the-gudp-grossly-undervalued-domestic-product-at-4th-chillin-competition-conference/) - Sarah Long did one of the most-talked-about interventions at the 4th Chillin’ conference, where she discussed “Gender, competition policy and the GUDP (Grossly Undervalued Domestic Product)”. You can watch a video of her speech below:https://youtu.be/SGGFYwTdbDM - [REVISION: An EU Competition law Analysis of Online Display Advertising in the Programmatic Age](https://euclid-law.eu/revision-an-eu-competition-law-analysis-of-online-display-advertising-in-the-programmatic-age/) - Online display advertising, whereby publishers display visual-based advertisements (e.g. texts, images or videos) on their website against remuneration, represents a large source of revenues for publishers, large and small, offering valuable content to Internet users. But for online display advertising, many such publishers would not subsist, and the Internet would be impoverished. Display advertising is also critical to advertisers, in particular when they seek to raise “brand awareness” among consumers.Because of its vital importance to advertisers and publishers, healthy competition in the advertising ecosystem is desirable. Yet, despite the spectacular growth of online display advertising, the picture is not entirely rosy. In the “programmatic” era, where ad inventory is sold through computerized decision-making processes managed by “ad tech” intermediaries, the online display advertising sector is characterized by a high degree of opacity, and publishers and advertisers ... - [New: Papering Over the Cracks: The GCEU Judgement in Case T-851/14 Slovak Telekom v Commission](https://euclid-law.eu/new-papering-over-the-cracks-the-gceu-judgement-in-case-t-851-14-slovak-telekom-v-commission/) - On 15 October 2014, the European Commission adopted a decision finding that Slovak Telekom breached Article 102 TFEU for its refusal to provide unbundled access to its local loops, as well as its margin squeeze of alternative operators in the provision of unbundled access to its local loops. On 13 December 2018, GCEU adopted its judgement on the appeal brought by Slovak Telekom. The GCEU confirms the Commission’s decision that the Slovak Telekom had breached Article 102 TFEU by engaging in constructive refusal to supply and margin squeeze. This paper reviews the main arguments that ST raised in its appeal against the Commission decision, and analyses the response of the GCEU to these arguments, and in the process provides commentary and critique on the GCEU judgment. It argues that this judgement is a missed opportunity as it fails to engage with the fundamental issues of principles raised by Slovak Telekom in its appeal. - [New: Cartel Leniency & Immunity: The Mysterious Case of the Missing Markers](https://euclid-law.eu/new-cartel-leniency-immunity-the-mysterious-case-of-the-missing-markers/) - The European Commission introduced in its 2006 revision of the Leniency programme the concept of ‘marker’ which is a temporary protection for potential leniency applicants while they prepare a full leniency application. The object of the marker is to grant companies some predictability on the level of immunity they will obtain once they submit the full application and to induce earlier leniency applications by inducing competition between potential applicants. However, the marker system is not actually being used in the case of complex cartels where the Commission is unable to establish criteria to implement it. The solution in these cases is not to skip the marker system but to improve it to make it effective. - [Euclid Law nominated for Regional Firm of the Year at GCR Awards 2019:](https://euclid-law.eu/euclid-law-nominated-for-regional-firm-of-the-year-at-gcr-awards-2019/) - https://globalcompetitionreview.com/article/1180068/gcr-awards-2019-voting-now-open - [Oliver Bretz quoted in Reuters: “Merger partners need to look closer to home to win over EU regulators](https://euclid-law.eu/oliver-bretz-quoted-in-reuters-merger-partners-need-to-look-closer-to-home-to-win-over-eu-regulators/) - https://uk.reuters.com/article/uk-alstom-m-a-siemens-regulator/merger-partners-need-to-look-closer-to-home-to-win-over-eu-regulators-idUKKCN1PT17D - [New: Interim Measures in the UK: Lessons from the Online Auction Services Case](https://euclid-law.eu/new-interim-measures-in-the-uk-lessons-from-the-online-auction-services-case/) - Interim measures have the potential to be an effective and cost-efficient way for businesses with limited budgets to change the behaviour of companies that raise competition concerns. The threshold for interim measures was lowered in the UK, and the UK competition authority (the CMA) has made clear it is open to receiving more applications. The CMA dealt with an application for interim measures in the online auction services case, which ultimately resulted in the company under investigation offering commitments. However, the procedural and evidentiary standards for a successful interim measures case remain high and applicants should not underestimate the burden and cost of embarking on the process. This paper considers these issues, with particular focus on the implications for business of making an application for interim measures or defending one, as a company subject to a complaint. - [New: Losing the ‘One-Stop-Shop’: The Real Cost of a Dual UK/EU Merger Process Post Brexit](https://euclid-law.eu/new-losing-the-one-stop-shop-the-real-cost-of-a-dual-uk-eu-merger-process-post-brexit/) - Following Brexit, if the UK is no longer a member of the European Economic Area, then there will be no ‘one stop shop’ for mergers at the EU level and a separate merger review may need to be carried out in the UK. This means merger notifications may be required in both the EU and the UK. This would result in a significant increase in transaction costs, time and administration, in addition to the risk of potential uncertainty as companies face possibly divergent or inconsistent decisions. - [New: Competition and Hong Kong's Major Economies Sectors: Financial Services](https://euclid-law.eu/new-competition-and-hong-kongs-major-economies-sectors-financial-services/) - Along with London, New York, Frankfurt and Singapore, the financial district of Hong Kong has always played a major role in the global financial services industry. Despite its small size, Hong Kong is well integrated into the financial networks that drive the global economy. In wholesale and investment banking the market players tend to be global businesses with diverse commercial interests. Any transaction in Hong Kong is likely to affect businesses elsewhere and vice versa. In recent years there has been a significant spotlight on the way that financial markets operate, and the Libor settlement in the US as well as the more recent Forex settlement have shown the role that competition law has to play in ensuring the proper functioning of financial markets. Competition law is not in conflict with regulatory objectives. To the contrary, it can be a useful additional tool to ensure that markets remain open and competitive. Competition law and policy need to become part of the ... - [New: What should EU Competition Policy do to Address the Concerns Raised by the Digital Platforms’ Market Power?](https://euclid-law.eu/new-what-should-eu-competition-policy-do-to-address-the-concerns-raised-by-the-digital-platforms-market-power/) - The present paper is based on observations I submitted to DG Competition in response to its calls for observations made in the context of its decision to host a conference in Brussels in January 2019 on “Shaping competition policy in the era of digitisation”,1 as well as to the U.K. Digital Competition Expert Panel in response to its open consultation on the effects of digital markets.2 Given the space limitation inherent to these exercises, my observations focused on platforms relying on a two-sided business model with a “free” side and a “monetization” side (i.e., “ad-funded platforms”), such as Google, Facebook or Twitter, and the challenges they create for EU competition policy.3 - [New: Gender, Competition Policy and reducing the GUDP (Grossly Undervalued Domestic Product)](https://euclid-law.eu/new-gender-competition-policy-and-reducing-the-gudp-grossly-undervalued-domestic-product/) - The GUDP (Grossly Undervalued Domestic Product) results in a black market of domestic work that women are contributing to for absolutely nothing. However, competition authorities may have a role in reducing the GUDP by prioritising those markets in which women supply the biggest share of unpaid work. - [REVISION: What Should EU Competition Policy do to Address the Concerns Raised by the Digital Platforms’ Market Power?](https://euclid-law.eu/revision-what-should-eu-competition-policy-do-to-address-the-concerns-raised-by-the-digital-platforms-market-power/) - This short paper, which takes the form of observations submitted to the European Commission in the context of its decision to host a conference in Brussels in January 2019 on “Shaping competition policy in the era of digitisation”, seeks to make the following points. First, while caution must be taken when analysing digital platform markets, there is no reason to believe that the Commission cannot properly assess such markets and that the risk of type-II errors should necessarily prevent intervention. To the contrary, type-I (under-enforcement) errors may be particularly damaging considering that these platforms not only control access to their own products and services, but also – and this is a critical observation – to third-parties’ products and services given their intermediation functions. Second, while the focus of Commission investigations in digital platform markets has thus been focused on vertical foreclosure, including efforts by digital platforms to extend their market ... - [REVISION: Price Discrimination Under Ec Competition Law: Another Antitrust Theory in Search of Limiting Principles](https://euclid-law.eu/revision-price-discrimination-under-ec-competition-law-another-antitrust-theory-in-search-of-limiting-principles/) - Price discrimination is one of the most complex areas of EC competition law. There are several reasons for this. First, the concept of price discrimination covers many different practices (discounts and rebates, tying, selective price cuts, discriminatory input prices set by vertically-integrated operators, etc.) whose objectives and effects on competition significantly differ. From the point of view of competition law analysis, it is thus not easy to classify these practices under a coherent analytical framework. Second, there is a consensus among economists that the welfare effects of the (various categories of) price discrimination are ambiguous. It is hard to say a priori whether a given form of price discrimination increases or decreases welfare. The response to this question may indeed depend on which type of welfare standard (total or consumer) is actually pursued. Moreover, even if one agrees on a given standard, the welfare effects of discriminatory prices generally depend ... - [Gender, competition policy and the GUDP (Grossly Undervalued Domestic Product)](https://euclid-law.eu/gender-competition-policy-and-the-gudp-grossly-undervalued-domestic-product-2/) - Sarah Long spoke at the 4th Chillin’ Competition Conference on 20 November 2018 on Gender, competition policy and the concept of the GUDP (Grossly Undervalued Domestic Product) – you can read an opinion piece based on her speech here: Gender and Competition Policy - reducing the GUDP (Grossly Undervalued Domestic Product) - [New: The Economics of Information Exchange between Competitors: Identifying the Optimal Policy Approach for Competition Authorities](https://euclid-law.eu/new-the-economics-of-information-exchange-between-competitors-identifying-the-optimal-policy-approach-for-competition-authorities/) - Identifying the optimal policy approach for competition authorities to deal with information exchange between competitors is a challenge. The law has made clear that under some circumstances sharing information is deemed anti-competitive, and in other circumstances it will be permitted. However, there remains a significant ‘grey area’, where there are no clear economic or legal rules on how to treat information exchange. This results in significant uncertainty for companies and competition authorities alike. This paper analyses the economic literature in the area of information exchange, and considers both the positive effects on consumer welfare and the anti-competitive effects resulting from collusion. Ideally, competition authorities should implement clearer policy rules based on economic research demonstrating when the benefits of sharing information outweigh the negative effects. However, until economic theory can tell us more about the efficiency gains that can only be ... - [New: For a Rigorous ‘Effects-Based’ Analysis of Vertical Restraints Adopted by Dominant Firms: A Comparison of EU and Brazilian Competition Law](https://euclid-law.eu/new-for-a-rigorous-effects-based-analysis-of-vertical-restraints-adopted-by-dominant-firms-a-comparison-of-eu-and-brazilian-competition-law/) - This short paper summarizes the main findings of a comprehensive study the authors conducted on the way “vertical restraints” adopted by dominant firms (with a focus on exclusive dealing, rebates and discounts and tying) have been treated by enforcement agencies and courts in the European Union (“EU”) and in Brazil. A comparative analysis of the treatment of vertical restraints in these two jurisdictions is particularly interesting for the following reasons. First, the EU competition law system is mature, but the European Commission (the “Commission”)’s approach to vertical restraints has evolved in recent years notably through the Guidance Paper issued in 2008, promoting an effects-based approach to such restraints. The Brazilian competition law system is not as mature as the EU system, but Brazil has established itself as one of the key antitrust players among the fast-growing economies. Although less mature than its EU counterpart, Brazil has adopted an effects-based approach to ... - [New: An Introduction to the Competition Law and Economics of 'Free'](https://euclid-law.eu/new-an-introduction-to-the-competition-law-and-economics-of-free/) - Many of the largest and most successful businesses today rely on providing service at no charge to at least a portion of their users. Free services often delight users, yet also create a series of challenges for competition policy, including impeding entry, inviting overproduction on quality, and increasing the risk of deception and overpayment. This short paper presents these problems, examines the strategies that entrants can attempt when competing with free service, and considers possible regulatory responses. - [REVISION: Antitrust and Intellectual Property in the United States and the European Union](https://euclid-law.eu/revision-antitrust-and-intellectual-property-in-the-united-states-and-the-european-union/) - The United States and the European Union each have a strong legal regime designed both to protect competition and to foster innovation. Because the competition and intellectual property (IP) laws are occasionally in some tension, each jurisdiction has developed detailed legal rules that govern when and how competition law restrictions apply to IP rights. Recognizing that innovation benefits consumers, each regime presumes a patentee may lawfully use, license, and sell its IP rights freely unless that activity would impair competition on the merits by (i) coordinating with other entities to restrain trade unreasonably; (ii) unilaterally acquiring (in the U.S.) or exercising (in the EU) market power; or (iii) transferring IP through an anticompetitive merger or acquisition. This chapter summarizes and briefly compares the applicable law in the U.S. and the EU, and then identifies the most prominent differences between the two regimes. Note that, because most of the applications ... - [REVISION: Android and Competition Law: Exploring and Assessing Google's Practices in Mobile](https://euclid-law.eu/revision-android-and-competition-law-exploring-and-assessing-googles-practices-in-mobile/) - Since its launch in 2007, Android has become the dominant mobile device operating system worldwide. In light of this commercial success and certain disputed business practices, Android has come under substantial attention from competition authorities. We present key aspects of Google’s strategy in mobile, focusing on Android-related practices that may have exclusionary effects. We then assess Google’s practices under competition law and, where appropriate, suggest remedies to right the violations we uncover. - [REVISION: Efficiencies and Regulatory Shortcuts: How Should We Regulate Companies like Airbnb and Uber?](https://euclid-law.eu/revision-efficiencies-and-regulatory-shortcuts-how-should-we-regulate-companies-like-airbnb-and-uber/) - New software platforms use modern information technology, including full-featured web sites and mobile apps, to allow service providers and consumers to transact with relative ease and increased trust. These platforms provide notable benefits including reducing transaction costs, improving allocation of resources, and information and pricing efficiencies. Yet they also raise questions of regulation, including how regulation should adapt to new services and capabilities, and how to correct market failures that may arise. We explore these challenges and suggest an updated regulatory framework that is sufficiently flexible to allow software platforms to operate and deliver their benefits, while ensuring that service providers, users and third parties are adequately protected from harms that may arise. - [New: Arbitration Agreements and Actions for Antitrust Damages after the CDC Hydrogen Peroxide Judgment](https://euclid-law.eu/new-arbitration-agreements-and-actions-for-antitrust-damages-after-the-cdc-hydrogen-peroxide-judgment/) - On May 21st 2015, the Court of Justice of the European Union in CDC Hydrogen Peroxide decided whether the application of jurisdiction clauses in actions for damages impedes the effective enforcement of EU competition law. The CJ stayed silent, however, on how to treat arbitration clauses, which similarly to jurisdiction clauses, exclude a default court jurisdiction. The question of how to interpret arbitration agreements in the event of an antitrust violation and subsequent actions for damages remains thus unanswered. In light of the foreseen increase in private enforcement of EU competition law, this problem gains significance. This is because arbitration agreements may be frequently used to govern commercial relationships between antitrust infringers and their injured direct contractors. Against this background, the paper aims to analyse the consequences brought about by the existence of arbitration clauses in the event of actions for antitrust damages. It seeks to answer two ... - [Leaving the Problem Behind - a possible alternative to Remedies in UK Merger Control](https://euclid-law.eu/leaving-problem-behind-possible-alternative-remedies-uk-merger-control/) - In 2004 I was involved in Convatec/Acordis, an anticipated UK merger, which was referred to a Phase II investigation by the then Competition Commission. The transaction gave rise to a very limited overlap in alginate fibres, but was otherwise without concern. https://assets.publishing.service.gov.uk/media/555de45ded915d7ae200012d/convatec.pdf Instead of continuing with the Phase II reference, the parties modified the transaction. - [The Transactionalization of EU Competition Law](https://euclid-law.eu/transactionalization-eu-competition-law/) - Damien recently held a presentation on the “transactionalization of EU Competition law”, i.e. the abundant use of commitments and settlement decisions by the Commission, at the Chillin’Competition conference in Brussels. The presentation builds on a paper Damien and Evi recently published on this topic, discussing the decisional practice of the Commission and the consequences of - [Three years of CMA merger control: a statistical review (by Gavin Robert)](https://euclid-law.eu/three-years-cma-merger-control-statistical-review-gavin-robert/) - Gavin Robert has written an article entitled 'Three years of CMA merger control: a statistical review' published in Issue 3/2017 of the Competition Law Journal. Download pdf - Robert Three years of CMA - [REVISION: The EU Competition Law Fining System: A Quantitative Review of the Commission Decisions between 2000 and 2017](https://euclid-law.eu/revision-the-eu-competition-law-fining-system-a-quantitative-review-of-the-commission-decisions-between-2000-and-2017/) - There is a large amount of legal and economic literature on the fining policy of the European Commission for breaches of EU competition law. This paper takes a quantitative approach as it analyses the factors that have been considered by the Commission in establishing the level of the fine imposed on infringing undertakings in 110 cartel decisions, as well 11 abuse of dominance decisions, adopted between January 2000 and March 2017. The factors included in our analysis, which is summarized in two tables provided in an Annex, comprise inter alia the gravity of the infringement, the presence of aggravating and mitigating circumstances, the adoption of an entry fee, whether inability to pay was invoked, and in the case of cartels the presence of some form of leniency and/or the use of the settlement procedure. We also looked at whether these Commission decisions have been appealed to the General Court of the EU. Our analysis shows that the Commission has made significant use of the ... - [The £100,000 that never was: what’s the true reward for cartel whistleblowers?](https://euclid-law.eu/the-100000-that-never-was-whats-the-true-reward-for-cartel-whistleblowers/) - The Competition and Markets Authority (CMA) is on the warpath. It has a duty to prevent and reduce anti-competitive activities, and recent weeks have seen a concerted offensive to show it means business. One weapon it has deployed is an advertising campaign announcing a crackdown on cartels. Central to the campaign is the offer of - [For a Facts-Based Analysis of Uber's Activities in the EU: Addressing Some Misconceptions](https://euclid-law.eu/for-a-facts-based-analysis-of-ubers-activities-in-the-eu-addressing-some-misconceptions/) - Damien Geradin Tilburg Law & Economics Center (TILEC); University College London - Faculty of Laws Date Written: March 13, 2017 Abstract While it has now been several years since Uber started its activities in Europe, it is striking that in most EU Member States there is still no regulatory framework allowing Uber and similar ridesharing - [Some thoughts on the merger appeals in UPS/TNT and ICE/Trayport](https://euclid-law.eu/euclid-law-act-for-upstnt-icetrayport-cases-before-the-cma/) - Two significant merger control judgments in 24 hours, one UK and one EU, underline the importance of judicial control in merger decisions. In the first, the UK Competition Appeal Tribunal (the Tribunal) upheld the UK Competition & Markets Authority’s first ever decision to prohibit a merger on vertical foreclosure grounds. In the second, the General - [A Brexit survival guide for lawyers (by Oliver Bretz)](https://euclid-law.eu/a-brexit-survival-guide-for-lawyers/) - Is it really that bad? Business is going well, the weakness of sterling is benefiting UK service industries and law firms are seeing new instructions as companies, banks and individuals try to work out the legal implications of Brexit. However, there is an icy chill in the air. One can feel the temperature falling as - [W@Competition and PaRR name Sarah Long as one of the "30 in their 30s" Notable Women Competition Practitioners for 2017](https://euclid-law.eu/wcompetition-and-parr-name-sarah-long-as-one-of-the-30-in-their-30s-notable-women-competition-practitioners-for-2017/) - Euclid Law partner, Sarah Long, was selected as one of the “30 in their 30s - Notable Women Competition Professionals: Private Practice” at an event in Brussels organised by W@Competition and PaRR on 16 February 2017. The list features 30 outstanding women aged between 30 and 40 in the competition field in Europe. Oliver Bretz, - [Boutiques will benefit from Brexit as big firms struggle to future-proof](https://euclid-law.eu/boutiques-will-benefit-from-brexit-as-big-firms-struggle-to-future-proof/) - There is something strange happening in the legal market. A new breed of law firm is emerging – not the traditional geared partnership structure but a small agile animal that is highly specialised in its feeding habits: the boutique law firm. Unlike the traditional full service model, boutique firms are typically highly specialised, run by - [Euclid Law nominated for the GCR Awards 2017 - Regional firm of the year – Europe](https://euclid-law.eu/euclid-law-nominated-for-the-gcr-awards-2017-regional-firm-of-the-year-europe/) - We are thrilled to announce our nomination at the GCR Awards 2017, under Regional firm of the year – Europe: A firm based solely in Europe that has had an outstandingly successful 2016 in terms of the quality and quantity of its competition work. http://globalcompetitionreview.com/article/1081004/gcr-awards-2017-voting-now-open - [Marie Leppard appointed partner](https://euclid-law.eu/marie-leppard-appointed-partner/) - Euclid Law is delighted to announce Marie Leppard’s appointment to partner. Before joining Euclid Law, Marie was a Senior Associate at Clifford Chance Antitrust Practice, and spent two years on secondment at Barclays. Prior to that, she worked at Sullivan & Cromwell. Marie assists clients on French, UK and EU antitrust investigations and merger notifications, - [Euclid Law lures another magic circle lawyer with Linklaters hire](https://euclid-law.eu/euclid-law-lures-another-magic-circle-lawyer-with-linklaters-hire/) - European competition boutiques have lured another magic circle lawyer to their ranks with Linklaters consultant Gavin Robert joining Euclid Law. Robert was a partner at Linklaters for 14 years until 2013 when he became a consultant. He joins former Clifford Chance head of antitrust Oliver Bretz, who established Euclid in early 2015. Bretz spent 15 - [Gavin Robert appointed Senior Counsel](https://euclid-law.eu/gavin-robert-appointed-senior-counsel/) - Euclid Law is pleased to announce the appointment of Gavin Robert as a Senior Consultant. Before joining Euclid, Gavin was a partner in Linklaters Competition/Antitrust Department for 14 years. Gavin retired as a partner in 2013 to become a Panel Member at the UK Competition & Markets Authority (and previously the UK Competition Commission), where - [Freshfields, A&O and Slaughters lawyers register in Ireland as Brexit fears mount](https://euclid-law.eu/freshfields-ao-and-slaughters-lawyers-register-in-ireland-as-brexit-fears-mount/) - UK-qualified lawyers apply to join Irish roll of solicitors to obtain European rights ahead of Brexit vote Lawyers at Freshfields Bruckhaus Deringer, Slaughter and May, Allen & Overy (A&O) and Hogan Lovells have applied to join the roll of solicitors in the Republic of Ireland ahead of the UK's EU referendum next week. Legal Week - [Euclid Law hosts inaugural Reform Club Competition Conference on “Competition and Competitiveness in the EU”](https://euclid-law.eu/euclid-law-hosts-inaugural-reform-club-competition-conference-on-competition-and-competitiveness-in-the-eu/) - Over 100 delegates from business, politics, the law and the media gathered on Monday 13 June 2016 (10 before the UK referendum) for the inaugural Reform Club Competition Conference: “Competition and Competitiveness in the EU”. Euclid Law’s first major event, which took place at the Reform Club on Pall Mall in London, was co-sponsored by - [Euclid Law is delighted to announce Sarah Long's appointment to Partner, effective 1 June 2016.](https://euclid-law.eu/euclid-law-is-delighted-to-announce-sarah-longs-appointment-to-partner-effective-1-june-2016/) - Sarah joined Euclid Law as Counsel in September 2015, having previously worked for Allen & Overy in London. Sarah has a unique combination of experience in the competition law field, working as a private practitioner in London and Brussels and as a policy advisor for the OECD Competition Committee based in Paris. Sarah is also - [No one had done it in the London market](https://euclid-law.eu/no-one-had-done-it-in-the-london-market/) - Clifford Chance's former head of antitrust launches City boutique More info on legalbusiness.co.uk - [Clifford Chance competition star Oliver Bretz departs to set up Brussels boutique](https://euclid-law.eu/clifford-chance-competition-star-oliver-bretz-departs-to-set-up-brussels-boutique/) - Clifford Chance (CC) EU head of public policy Oliver Bretz is set to leave the magic circle firm after 15 years to set up an independent competition law boutique. More info on legalweek.com - [Clifford Chance competition partner leaves to set up Brussels boutique](https://euclid-law.eu/clifford-chance-competition-partner-leaves-to-set-up-brussels-boutique/) - Clifford Chance EU public policy head and competition partner Oliver Bretz is to leave the firm in the New Year to set up an independent competition law boutique. Bretz will set up the boutique in 2015, 16 years after joining the firm. The partner was formerly Clifford Chance’s antitrust head and became head of EU ## Pages - [Home](https://euclid-law.eu/) - [Consumer Protection Law](https://euclid-law.eu/consumer-protection-law/) - The UK operates a sophisticated consumer protection regime, which is currently enforced by the Competition and Markets Authority (CMA) alongside local Trading Standards authorities. Other authorities, such as the Advertising Standards Authority, also work to safeguard consumer interests by ensuring that adverts across UK media do not mislead, and are legal, decent, honest and truthful. - [Competition Law](https://euclid-law.eu/competition-law-services/) - Competition law deals with the anti-competitive activities of businesses and abuses of dominance. It also regulates state subsidies and controls mergers. The competition law of the EU and of each EU country aims to ensure that the markets remains competitive, and that consumer welfare is maximised through lower prices, quality products, and greater choice. You - [Our Firm](https://euclid-law.eu/our-firm/) - [Our Difference](https://euclid-law.eu/our-firm/our-difference/) - Euclid Law does nothing but Competition Law and Foreign Direct Investment, and we do it extremely well. We attribute our award-winning success to combining the experience and expertise gained from working in traditional law firms with new-era innovations and our radically client-centric approach. Moreover, our founding values are not simply words; they form the foundation - [Diversity & Inclusion](https://euclid-law.eu/our-firm/diversity-inclusion/) - Euclid Law is may be a specialised boutique firm, but our diversity is vast: Our multi-ethnic team represents 8 nationalities (German, Belgian, Greek, Italian, British, Swiss, French, and Spanish) Our partners are 50/50 male/female Our entire team is 50/50 male/female This is no accident: one of Euclid’s core founding principles is that there is strength - [About Us](https://euclid-law.eu/our-firm/about-us-competition-law/) - Euclid Law was founded by who left legacy law firms to fulfil a common vision: to build a new-era law firm that puts clients first and delivers results. With offices in both London and Brussels, in-depth experience and a network of contacts in key jurisdictions around the world, we have the ability to advise clients - [Join Us](https://euclid-law.eu/join-us/) - If you are interested in joining our rapidly growing team in either the UK or Europe, please complete the form below. - [London](https://euclid-law.eu/contact-us-london/) - [Foreign Direct Investment](https://euclid-law.eu/foreign-direct-investment/) - EU Foreign Direct Investment and UK National Security We are highly expert at navigating Foreign Direct Investment Regimes in the UK and the EU. On 25 March 2020 the European Commission issued Guidance to the Member States concerning foreign direct investment and free movement of capital from third countries, and the protection of Europe’s strategic assets (the “Guidelines”), - [Brussels](https://euclid-law.eu/contact-us-brussels-euclid-law/) - [Contact Us](https://euclid-law.eu/contact-us/) - London Postal Address 34 Settles StreetLondonE1 1JPUnited Kingdom Euclid Law Ltd is a limited liability company registered in England and Wales under number 09177736. Its registered office and principal place of business is at 34 Settles Street, London, E1 1JP and it is licensed by the Solicitors Regulation Authority – SRA No: 617792. Brussels Postal - [Complaints Policy](https://euclid-law.eu/complaints-policy/) - EUCLID LAW – COMPLAINTS POLICY Euclid Law ("we", "our" and "us") are committed to providing the highest quality service to all of our clients and hope that you never have reason to complain. 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OUR POLICY Our website uses cookies to distinguish you from other users. - [How we work](https://euclid-law.eu/our-firm/how-we-work/) - About Us Our Difference Diversity & Inclusion Environmental Sustainability - [Environmental Sustainability](https://euclid-law.eu/our-firm/environmental-sustainability/) - Legal Leadership Euclid Law has developed a specialisation in Environmental Competition Law in recent years, making our firm’s leaders sought-after thought leaders in the field. This specialization was borne from our conviction that we face an undeniable climate emergency. Urgent action to limit climate change is needed and ‘business as usual’ is no longer an - [Terms & Conditions](https://euclid-law.eu/terms-conditions/) - [Our Team](https://euclid-law.eu/our-team/) - [Our Services](https://euclid-law.eu/our-services/) ## Expertise - [State Aid and Subsidy Control](https://euclid-law.eu/our-expertise/state-aid-and-subsidy-control/) - Under European Union rules, it is unlawful for EU Member States to provide financial or other assistance to selected companies, without the specific approval of the European Commission. We have advised both EU Member States and companies on all aspects of the EU state aid rules, and have particular expertise in financial services, postal services, - [Commercial agreements and strategy](https://euclid-law.eu/our-expertise/commercial-agreements-and-strategy/) - Competition law issues can arise from many common types of commercial agreement. For example, when it comes to distribution agreements, as well as limiting a supplier’s ability to set a product’s resale price, European competition law is generally hostile to suppliers imposing restrictions on cross-border or online sales. IP rights licensing can raise additional and - [Environmental Competition Law](https://euclid-law.eu/our-expertise/environmental-competition-law/) - At Euclid Law, we lead in rethinking how competition law can support, rather than hinder, environmental and sustainability goals. We believe that climate challenges demand a modern legal framework—one that balances regulatory compliance with sustainability outcomes. Our work bridges law and public policy through proactive, open engagement with regulators. Our leadership in this space is - [Cartels & Anti-Competitive Agreements](https://euclid-law.eu/our-expertise/cartels-anti-competitive-agreements/) - We have considerable experience in advising clients across a range of sectors on complex cartel investigations and anti-competitive agreements, including before the European Commission (EC), the European Courts, the UK Competition and Markets Authority (CMA), the UK Financial Conduct Authority (FCA), and the Belgian Competition Authority. We have established excellent working relationships based on our - [Mergers, Acquisitions & Joint Venture](https://euclid-law.eu/our-expertise/mergers-acquisitions-joint-venture/) - We act both for and against companies that have significant market power. That is possible because market power in itself is not unlawful; it is the misuse of that market power that gives rise to competition issues. ‘We are still the only law firm to have successfully obtained a competition law injunction against Google’ – - [Compliance, Training & Risk Management](https://euclid-law.eu/our-expertise/compliance-training-risk-management/) - Implementing the right culture throughout the business is integral to an effective competition law compliance programme. Comprehensive risk management policies are less onerous and more cost effective than dealing with a dawn raid or a regulatory body investigation. Additionally, competition authorities may look favourably on such compliance efforts and are more likely to show leniency - [Mergers & Joint Ventures](https://euclid-law.eu/our-expertise/mergers-joint-ventures/) - Competition law is critical in the context of merger and joint venture deals and global transactions. We are highly expert in structuring deals and designing appropriate remedies to remove any competition concerns. We also advise third parties wishing to act as a complainant against a proposed merger. ‘We have a great network of like-minded firms, - [Market and Sector Investigations](https://euclid-law.eu/our-expertise/market-and-sector-investigations/) - Market and sector investigations are complex and can result in fundamental changes to commercial practises and behaviour in a sector, which can be extremely burdensome to the companies involved. We find innovative solutions to ease that burden. ‘I used to work in a major bank just after the financial crisis. It felt like the whole - [Disputes](https://euclid-law.eu/our-expertise/disputes/) - From challenging European Commission decisions to securing urgent relief from the UK Courts to prevent a client from being cut off by a dominant supplier, we combine our mediation and litigation skills to resolve disputes effectively and pragmatically. ‘I use my litigation skills on a daily basis to the benefit of our clients. Disputes are - [EU Foreign Direct Investment and UK National Security](https://euclid-law.eu/our-expertise/eu-foreign-direct-investment-and-uk-national-security/) - We are highly expert at navigating the Foreign Direct Investment Regimes in the EU and the UK. On 25 March 2020 the European Commission issued Guidance to the Member States concerning foreign direct investment and free movement of capital from third countries, and the protection of Europe’s strategic assets (the “Guidelines”), ahead of the application of Regulation (EU) ## Insights - [How does Foreign Direct Investment (FDI) control fit in and what is its role?](https://euclid-law.eu/insights/how-does-foreign-direct-investment-fdi-control-fit-in-and-what-is-its-role/) - The European Union has for many years regulated mergers in order to address potential problems of market power arising from such deals. That is a process known as “merger control”, which is determined by the EU Merger Regulation, which has been in force for over 30 years. Under that regime, mergers of a certain size - [How does competition law affect my business?](https://euclid-law.eu/insights/who-needs-competition-law/) - As competition affects any business, big or small, competition law is naturally relevant to every business. In broadstrokes, competition law’s relevance to a business can be divided into two distinct categories: 1. Fighting Anti-Competitive Behaviour Anti-competitive behaviours are a reality and can cause great damage by purposefully aiming to reduce fair advantage in a market - [Why choose a competition law specialist?](https://euclid-law.eu/insights/bespoke-is-better/) - Any business, regardless of market sector, will at some stage be confronted with competition law, whether directly or indirectly. Whether it’s the UK Competition and Markets Authority, the FTC’s Bureau of Competition, the European Commission or any markets authority around the world, there are rules to how the game is played. If you’re not an - [What is competition law?](https://euclid-law.eu/insights/what-is-competition-law/) - Competition law is nothing new – it’s been around since the Roman Empire, albeit its rules and applications have evolved over time. A quick history lesson: markets and trade guilds became subject to systems and (sometimes cruel) sanctions in Roman times. Fast-forward to the Middle Ages to when these systems and sanctions were adapted for - [What makes Euclid different?](https://euclid-law.eu/insights/what-makes-us-different/) - Every big law firm will claim to be ranked among the elite, to have stellar partners, to have worldwide presence and leading expertise, to collaborate and focus on management at every stage and use cutting edge technology. 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