On Tuesday 19 September, the House of Lords approved the Online Safety Bill (the OSB). This marks the end of the OSB’s passage through the legislative process, and after six years of heated debate, it is now set to become law.
The European Commission Revisits Intel: The Saga Continues
On September 22, 2023, the European Commission (“the Commission”) re-adopted parts of its 2009 Intel decision[1] and imposed a fine of €376 million on Intel for abusing its dominance in x86 central processing units (“CPUs”) through naked restrictions.[2] The re-adopted decision follows the General Court’s 2022 renvoi judgment, which overturned the €1.06 billion fine that the Commission had originally imposed on Intel in 2009.[3] It marks the latest—but certainly not the last—development in a saga spanning over 20 years.
CMA Publishes Initial Report on AI Foundation Models and Guiding Principles for Firms
On September 18, 2023, the UK Competition and Markets Authority (“CMA”) published an initial report on AI foundation models (“FMs”).
EC designates the first set of Gatekeepers under the Digital Markets Act
The Digital Markets Act (DMA) is a landmark piece of legislation granting unprecedented powers to the European Commission to regulate large digital platforms. The DMA targets platforms that operate as gatekeepers between businesses and users, hold an “entrenched and durable position,” and operate one or more core platform services (CPSs).
The Merger Control Review, Ed. 14 – European Union
Cleary Gottlieb partner Nicholas Levy and associates Anita Magraner Oliver and Conor Opdebeeck-Wilson co-authored the “European Union” chapter in The
UK Government Consults on Measures to Improve Price Transparency and Product Information for Consumers
On 4 September, the Department for Business and Trade launched a consultation on proposals designed to improve the quality and accessibility of information for consumers making purchases. The background to the consultation is: (i) the government’s review of the Price Marking Order 2004 (PMO), which implemented the EU Price Indications Directive and therefore now can be amended following Brexit, (ii) the CMA’s report on grocery unit pricing,[1] (iii) Government research into drip pricing and hidden fees,[2] and (iv) the Digital Markets, Competition and Consumers (DMCC) Bill, currently going through the legislative process in Parliament.
Liability of Managing Directors or Management Board Members Involved in Antitrust Violations vis-à-vis the Companies Managed by Them
On July 27, 2023[1], the Higher Regional Court of Düsseldorf ruled on the question of whether a company that has been fined under antitrust law can hold itself harmless by seeking indemnification from the statutory representatives in its managing corporate body. While the Higher Regional Court rejected a claim for reimbursement of the fine imposed on the company by the German Federal Cartel Office and the costs of the fine proceedings, it confirmed the personal liability of the company’s statutory representatives in its managing corporate body for any consequential damages arising from the antitrust infringement, e.g., as a result of claims for damages by third parties.
European Commission asserts merger control jurisdiction over non-reportable deals for first time after Illumina/Grail
On August 17, 2023, the European Commission (EC) decided to review Qualcomm’s acquisition of the Israeli-based semiconductor company Autotalks, even though the deal was not reportable at EU or Member State level. Just one day later, on August 18, 2023, the EC also accepted jurisdiction over another non-reportable deal – European Energy Exchange’s (EEX) acquisition of Nasdaq’s European power trading and clearing business (Nasdaq Power).
CMA and ICO Issue Joint Paper on Online Choice Architecture
On 9 August 2023, the Competition and Markets Authority (CMA) and Information Commissioner’s Office (ICO) published a joint position paper on online choice architecture (OCA), titled “Harmful design in digital markets: How Online Choice Architecture practices can undermine consumer choice and control over personal information”. The paper forms part of the agencies’ work under the Digital Regulation Cooperation Forum, which brings together multiple UK regulatory bodies to advance their combined thinking on regulatory issues in the digital economy.
Big Tech and Retail Financial Services: FCA’s Latest Insights and Policy Initiatives
On 12 July, 2023, the Financial Conduct Authority (FCA) published a Feedback Statement summarising responses to its October 2022 Discussion Paper entitled “The potential competition impacts of Big Tech entry and expansion in retail financial services.”[1]