Industries

According to the German Ministry of Economics, the “German Gatekeeper Rule”[1] has proven to be an effective means of ensuring fair competition on digital markets. In its Evaluation, published earlier this month,[2] the Ministry praised the Rule for improving market conditions in the technology sector and promoting innovation and competition since it came into force four years ago. Describing it as a “valuable supplement” to the European Union’s set of gatekeeper rules in the Digital Markets Act (DMA), which has since been introduced, the Evaluation sees no need for further adjustments or harmonization. The requirement for an evaluation after four years was enshrined in the 2021 legislation, which mandated that the Ministry of Economics take into account relevant developments at the European level in its assessment of the Rule.[3]

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 antitrust enforcement that, while remaining aggressive, became less overtly anti-business. The U.S. continued a number of cases from the Biden administration, but became more open to settlements, while continuing implementation of the new and more burdensome HSR merger notification form and of the more aggressive and less economically focused 2023 Merger Guidelines. The European Commission conducted a series of DMA enforcement actions and launched a broad-sweeping consultation on the Merger Guidelines. The UK CMA continued a tack toward a more restrained approach to enforcement, taking greater account of growth and suggesting it would allow greater flexibility in merger remedies. The Chinese State administration for Market Regulation started to intervene in transactions below the filing thresholds and continued to keep antitrust in its toolbox for tackling geo-political tensions.

2025 was a fascinating year for UK competition and consumer enforcement, with the CMA changing its policies and practices in a number of areas. Our Year in Review summarises the most important developments of the past year and what we expect in 2026, as the CMA implements its reworked procedures for merger and market cases, begins to use its new consumer fining powers, and imposes digital conduct requirements for the first time. We also anticipate a Government consultation on significant changes to the decision-making model for mergers and markets.

On December 12, 2025, the Digital Markets Act (“DMA”) High-Level Group (“HLG”)[1] endorsed a joint paper on the regulatory interplay on AI-related issues.[2] This paper assesses how to best implement the different legal frameworks that govern AI systems. It underlines the importance of achieving a coherent and consistent implementation of these frameworks and of the cooperation between competent authorities to achieve it.

On December 18, 2025, the Court of Justice delivered a preliminary ruling in connection with an appeal by OSA, a Czech collective management organization handling copyright and collecting royalties (“CMO”), against an Article 102 TFEU infringement decision of the Czech Competition Authority.[1]   

Background

On December 18, 2025, the Court of Justice delivered its preliminary ruling in a case concerning an appeal by Lukoil against a Bulgarian competition authority decision which had imposed a fine on Lukoil for its refusal to grant access to third parties to essential infrastructure (fuel storage facilities, port terminals, and pipeline networks), originally constructed with public funds and subsequently privatized by Lukoil.[1]

On November 10, 2025, the Commission conditionally cleared Abu Dhabi National Oil Company’s (“ADNOC”) c. €15 billion acquisition of German chemicals company Covestro AG (“Covestro”) under the Foreign Subsidies Regulation (“FSR”),[1] following a Phase II review.[2]

On December 10, 2025, the General Court confirmed the Commission’s decision to reject Bategu Gummitechnologie’s antitrust complaint against certain train manufacturers for allegedly colluding to circumvent EU standards and abusing their alleged collective dominant position by boycotting Bategu’s products.[1]