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When is a foreign subsidy distortive? Just over a year after the Foreign Subsidies Regulation (FSR) came into force, the European Commission (EC) has published some initial clarifications in a Staff Working Document (SWD) on how certain concepts in the regulation, including the concept of...
EFIG: European Banking Newsletter – August 2024 Developments in this month's edition include: PSD2 - EBA and ECB publish joint report on payment fraud EBA publishes results from its first fact-finding exercise on credit worthiness assessment practices of non-bank lenders EBA amends technical standards...
Employment Bulletin - September 2024 Topics covered in this bulletin: Supreme Court prevents removal of protected pay by dismissal and re-engagement; Employment Rights Bill update and HR Spotlight conference; Non-financial misconduct in the financial sector: discussion with senior leaders;...
Tax and the City Review - September 2024 Mike Lane and Zoe Andrews discuss the Supreme Court’s judgment in Centrica (deductibility of management expenses); the Upper Tribunal’s decision in UBS (PAYE: judicial review of HMRC’s decision not to exercise discretion); what a Labour government might...
Sustainable finance re-examined During the course of 2023, doubts about the benefits of ESG-labelled debt (otherwise known as “ESG fatigue”) became increasingly prevalent among finance and treasury teams. This year, we have seen these doubts translate into action. A number of larger...
Competition and Regulatory Newsletter: European Court of Justice deals blow to European Commission’s Article 22 referral policy in landmark Illumina/GRAIL case On 3 September 2024, the European Court of Justice handed down its long-awaited judgment in the Illumina/GRAIL appeal. In a pivotal development, the Court held that the European Commission had no jurisdiction to review Illumina’s acquisition of GRAIL...
Competition and Regulatory Newsletter: The way forward: Commission sets out vision for EU’s future competition policy with nomination of Teresa Ribera as new EU Competition Commissioner Teresa Ribera Rodriguez has been nominated for the post of Executive Vice-President of the European Commission for a Clean, Just, and Competitive Transition. In this newsletter, we consider Ms. Ribera’s background, what her nomination signals for the...
Reflections on the draft Article 102 guidelines: Bringing clarity or creating room to manoeuvre? Overview On 1 August 2024, the European Commission published draft guidelines on exclusionary abuses of dominance. Their stated purpose is to increase legal certainty for firms, national courts and national competition authorities by setting out how...
Ten Questions on the Apple Judgment On 10 September 2024, the CJEU surprised most observers by issuing a final judgment in the Apple State aid case. The judgment endorses the position taken by the European Commission back in 2016, in a way that seems hard to square with other judgments...
Competition and Regulatory Newsletter: e&/PPF Telecom deal receives conditional clearance following first in-depth merger review under Foreign Subsidies Regulation On 24 September 2024, following the first in-depth review of an M&A transaction under the Foreign Subsidies Regulation, the European Commission announced that it has conditionally approved the acquisition by Emirates Telecommunications Group Company...