Romi Lepetska

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The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.

Antitrust in 2025 was marked by policy developments and enforcement that, while remaining aggressive, became less overtly anti-business. The U.S. continued several Biden-era cases but became more open to settlements, while maintaining the new and more burdensome HSR merger notification form and the more aggressive and less economically focused 2023 Merger Guidelines. It also faced leadership uncertainty, particularly at the DOJ. The European Commission conducted DMA enforcement actions and launched a broad consultation on the Merger Guidelines. The UK CMA shifted toward a more restrained approach, taking greater account of growth and signaling flexibility in merger remedies. China’s SAMR began intervening in transactions below filing thresholds and continued using antitrust as a tool amid geo-political tensions.

On January 9, 2026, the European Commission published long-awaited guidelines on its enforcement of the Foreign Subsidies Regulation (“FSR”) (the “Guidelines”).[1] In addition to delineating the FSR’s jurisdictional scope, the Guidelines clarify three key concepts: (1) when a foreign subsidy distorts competition; (2) how a distortion’s negative and positive effects are balanced against each other (the “Balancing Test”); and (3) when the Commission may use its so-called “call-in powers” to request the prior notification of transactions and public bids that fall below the mandatory FSR thresholds.

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we submitted our observations on Topic Paper G – Public Policy, Security, and Labour Market Considerations.

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we provided our views on Topic Paper E – Digitalization.

In July 2025, the European Commission launched a consultation about its revision of the EU antitrust procedural rules.[1] This is part of a comprehensive evaluation that the Commission initiated in March 2022, to ensure that the procedural framework for the EU’s antitrust enforcement remains “fit for the digital age” after its enactment 20 years ago.[2]

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we provided our views on Topic Paper D – on Sustainability and Clean Technologies.

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we provided our views on Topic C – Innovation And Other Dynamic Elements In Merger Control.

As part of our response to the European Commission’s consultation on possible reforms to its merger guidelines,[1] we provided our views on Topic Paper B – Assessing Market Power.