Industries

On May 20, 2021, the Commission issued a decision fining several banks for participation in an alleged cartel in European government bonds (“EGB”) trading.[1] The Commission decision found that seven investment banks (Bank of America, Natixis, Nomura, UBS, UniCredit, RBS, and WestLB (now called Portigon)) participated in an alleged collusive scheme aimed at distorting competition in purchasing and trading EGBs.[2] EGBs are financial instruments issued on the primary market for the purposes of raising debt capital by the governments of the Eurozone Member States. Once bought by “primary dealers” in primary market auctions, EGBs are traded on the secondary market among investors and financial institutions.

On May 6, 2021, the Council of State rejected the appeals lodged by Elifriulia S.r.l and Star Work Sky S.a.s. (the “Parties”)[1] against the TAR Lazio judgment[2] that upheld the 2019 ICA decision fining the Parties approximately €67 million for restrictive agreements concerning certain helicopter transport services.[3]

On May 17, 2021, the Regional Administrative Tribunal of Lazio (“TAR Lazio”) rejected the application for annulment lodged by SAD – Trasporto Locale S.p.A. (“SAD”), a company entrusted by the Autonomous Province of Bolzano (“APB”) with the provision of road passenger transport services in the Bolzano area,[1] against the 2019 decision by which the Italian Competition Authority (“ICA”) fined SAD for abuse of dominance under Article 102 TFEU.[2]

In an order dated May 12, 2021, the Paris Court of Appeals ruled that it did not have jurisdiction to rule on Roche’s request for injunctive relief against the French Competition Authority (“FCA”), who had shared videos related to the case on social media and sent a letter to a pharmaceutical trade association in the aftermath of the publication of its prohibition  decision.[1].

On May 12, 2021, the General Court handed down two judgments on the Commission’s review under EU State aid rules of tax rulings in which the Luxembourg tax authorities had clarified in advance how national taxation provisions will apply to specific companies.

On May 12, 2021, following an in-depth “Phase 2” review, the French Competition Authority (“FCA”) issued its second ever merger control prohibition decision, as it considered that Ardian’s proposed acquisition of sole control over pipeline company Société du Pipeline Méditerrannée-Rhône (“SPRM”) raised serious competition concerns.[1]

On 10 May 2021, the CAT issued a supplementary judgment in the appeals against a decision of the CMA of 12 February 2016. This followed the CAT’s previous judgment of 8 March 2018, by which certain questions were referred to the Court of Justice of the European Union (CJEU). The CJEU issued its ruling on these questions on 30 January 2020.