On November 14, 2024, the U.S. Department of Justice (“DOJ”) Antitrust Division (the “Division”) released guidance for the Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations (the “Guidance”). The Guidance will be used by the Division in assessing the adequacy and effectiveness of a company’s antitrust compliance program when making a charging or resolution decision.[1]
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by two veteran observers of US
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Barry Hawk, one of antitrust
In our latest instalment, host Nick Levy speaks with George Cary, one of the leading U.S. antitrust lawyers of his
In the latest installment of Cleary Gottlieb’s Antitrust Review podcast, host Nick Levy welcomes Bill Kovacic, a legend in the
The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”.
Antitrust in 2023 was marked by a series of policy developments—some still nascent, some ripe for enforcement for the first time. In the U.S., the FTC and DOJ finalized their drastically transformed merger guidelines. In the EU, landmark new digital regulations became applicable for the first time. And the UK government introduced a bill promising major new digital and consumer protection rules.
In the latest instalment of the Cleary Gottlieb Antitrust Review podcast, host Nick Levy is joined by Bruce Hoffman, Director
The new draft guidelines depart from decades of practice by introducing novel presumptions that could make it harder for mergers to obtain regulatory clearance from the agencies.
On July 19, 2023, the FTC and DOJ published draft merger guidelines.[1] Historically, the purpose of these guidelines has been to provide the public, including companies whose transactions are potentially subject to agency review, with information about how the agencies analyze mergers to identify potential competitive harm. The guidelines have no force of law and are not binding on the courts, though courts have relied on them as persuasive authority to varying degrees. Past iterations of the guidelines have therefore provided a neutral explanation of the agencies’ approach, including descriptions of the economic tools that they and the courts can use to assess a merger’s likely competitive effects.
The U.S. FTC and DOJ have proposed sweeping changes to the pre-merger process in the United States under the Hart-Scott-Rodino (HSR) Act.[1]
The changes would not affect whether a transaction is subject to the reporting requirements. But for those transactions where an HSR filing is required, the changes would, in a word, be massive.
Cleary Gottlieb lawyers have authored and edited Lexology’s Getting the Deal Through Dominance guide 2023, which addresses the most relevant questions on dominance and market power.