PUBLIC CONSULTATION REVIEW OF THE COMPETITION RULES APPLICABLE TO VERTICAL AGREEMENTS
|
|
- Ashley Jackson
- 5 years ago
- Views:
Transcription
1 PUBLIC CONSULTATION REVIEW OF THE COMPETITION RULES APPLICABLE TO VERTICAL AGREEMENTS OBSERVATIONS SUBMITTED BY THE EUROPEAN TEAM OF THE LAW FIRM CONTRAST1 I. INTRODUCTION 1. The objective of the present observations is not to promote or defend the interests of a particular company, group of companies or sector. The aim is exclusively to identify areas or points where a possible change or clarification may facilitate the use of the future block exemption, by eliminating interpretation issues or suggesting changes that may help reducing possible straightjacket effects of such future block exemption. 2. In this respect our observations are not limited to novelties introduced in the draft block exemption or the draft Vertical Guidelines, but address also provisions or points which are already included in block exemption Regulation 2790/99 and which the Commission proposes to leave unchanged. 3. The observations are made with reference to the draft block exemption (hereinafter the Draft ) and the draft vertical guidelines (hereinafter the Draft Guidelines ) that have been made available by the Commission for public consultation purposes. Hence, unless indicated otherwise, references in these observations are to that Draft and Draft Guidelines. 4. As some of the observations have been discussed with DG Competition before, their description is kept short and to the point. Needless to say, if the Commission would welcome a more elaborate presentation of any of the points, we are most certainly prepared to do so. II. OBSERVATIONS 1. Transfer of intellectual property rights 1 contrast, European & Business Law, registered in the Commission's register of interest representatives (ID number ). Office Minervastraat 5 B-1930 Zaventem Τ +32 (0) F +32 (0) Maatschap v a n a d v o c a t e n b v b a BANK VAN BREDA DERDENREKENING BANK VAN BREDA
2 5. Article 2(3) of the Draft addresses the extent to which the transfer of certain intellectual property rights is consistent with the applicability of the block exemption. The Draft Guidelines (continue to) state that the IP rights must be transferred to the buyer. This implies that subcontracting arrangements whereby the buyer transfers IP rights to his subcontractor, to the extent that they fall within Article 81(1) EC, cannot benefit from the block exemption. 6. From this perspective, the Draft remains too strict in our view. Indeed, the applicability of the block exemption should be extended to subcontracting agreements in the context of which IP is made available by the buyer in order to enable the subcontractor (i.e. the seller) to perform its production and supply obligations. 2. Horizontal and vertical implications 7. Article 2(4) deals with the applicability of the block exemption to vertical agreements entered into by competitors. From a conceptual perspective this provision does not address all of the horizontal implications which a vertical agreement may have. 8. For instance, if a vertical agreement serves to facilitate price collusion between suppliers, what is the impact of this issue on the applicability of the Draft to the vertical agreement concerned? In other instruments (see, section 4 of the Horizontal Guidelines dealing with joint purchasing 2 ), it is suggested that the horizontal analysis takes precedence over the vertical analysis. This seems to imply that the vertical assessment can only be positive if first the horizontal assessment has been completed successfully. 9. The Draft Guidelines do not address this particular issue. In order to avoid legal uncertainty, it would be helpful if the Draft Guidelines would state the principles applicable to the relationship between the horizontal and the vertical assessment. 3. Market share limit 10. In the experience of contrast the use of the 30% market share limit that is included in Regulation 2790/99 has not given rise to major practical difficulties. As stated by certain Commission officials, it is indeed correct that suppliers may be expected to have a reasonable understanding as to whether they exceed this limit. 11. The same argument is however not valid for the additional 30% market share limit that is introduced in the Draft. As stated in the Draft Guidelines (nr. 23) this limit must be assessed on the market where the buyer sells the relevant products or services. The definition of this retail market is substantially more complex. From a product or service 2 Guidelines on the applicability of Article 81 of the EC Treaty to horizontal cooperation agreements, OJ C 3, , paragraph
3 perspective, it will need to be assessed whether the market is limited to the product/service concerned or encompasses a basket or range of products. In this respect reference can be made to the case law of the Commission in the merger control area Similarly, it is substantially more difficult to define the relevant geographic market. Also on this point the merger control case law illustrates the difficulty with references to local markets and overlapping territories leading to regional or national markets extending beyond the local markets It would be incorrect for the Commission to assume that, if the 30% limit of Regulation 2790/99 has not created difficulties, it would be unreasonable to express concerns about the additional 30% market share limit. At least, the Commission should include in the Draft Guidelines clear indications as to how it expects said market share to be calculated with practical examples addressing realistic retail market situations. The existing Commission Notice addressing the definition of the market 5 is too theoretical in this respect and has proven to be of very limited practical assistance in the retail environment. 4. Active sales restrictions 14. The regime regarding the imposition of active sales restrictions in non-selective distribution settings (Article 4(b) first indent) is proposed to be left unchanged. This means that the 3 stringent conditions that result from Article 4(b) first indent Regulation 2790/99 and the Vertical Guidelines (paragraph 51) remain in place. This is regrettable. 15. As to the first condition (reservation by supplier or sole exclusivity in target territory) we truly fail to understand why, for instance, shared exclusivity in the target territory is not accepted. The argument that, in the case of shared exclusivity, freeriding is already admitted within the contract territory is clearly invalid and fails to convince. If the supplier imposes on the distributors that are appointed within the target territory the same qualitative requirements (requiring comparable investments), there remains a sound basis to protect these distributors against freeriders located outside the target territory. In fact, the protection against freeriding seems all the more acceptable as there is increased intrabrand competition within the target territory (between distributors that have all made comparable investments). It is perfectly valid to extend the same logic to the situation where the supplier has reserved the right to engage in direct selling in the target territory or where the supplier 3 Case IV/M.890, Blokker/Toys R Us, OJ L 316, Case COMP/M.4590, Rewe/Delvita; Case IV/M.1221, Rewe/Meinl, OJ L 274, Commission notice on the definition of relevant market for the purposes of Community competition law, OJ C 372,
4 has not contractually accepted not to appoint additional distributors within the target territory (i.e. a situation of non-exclusivity). This is one of the clear examples where the block exemption has a straightjacket effect. 16. As to the second condition (parallel imposition of the active sales restriction on the entire network), our experience demonstrates that this may rule out the workability of Article 4(b) first indent for complex networks with many dealers throughout Europe. This condition has in practice proven to be overly prescriptive and it seems to lack a proper economic justification. 17. The third condition (no restriction to be imposed on the customer of the buyer) has created legal uncertainty as to whether active sales restrictions can be circumvented via sub-dealers or traders that purchase from the exclusive distributor. It is not a realistic proposition to solve this problem by having the sub-dealer or trader participate in a threeparty agreement including also the supplier and the exclusive distributor. In our experience, such three-party agreements are highly unusual. Furthermore, this suggestion results again in a form over substance problem. It cannot be the objective of an economics-based block exemption that undertakings start entering into three-party agreements for the sole purpose of making the prevention of circumvention compatible with the block exemption. 18. More generally, we would like to invite the Commission to seriously consider the possibility of blacklisting only the restriction of passive sales in a non-selective context. 5. Wholesalers 19. With regard to Article 4(b) second indent it would be useful if the Draft Guidelines were to clarify whether this is an all-or-nothing exception. In other words, would the exception still apply in case the wholesaler is allowed to sell to certain (large) end user accounts? 6. Selective distribution 20. Given the discussions that have taken place before many national jurisdictions in this area, it would be very useful if the Draft Guidelines could clarify whether the quality requirements need to be uniform and imposed in a non-discriminatory manner. It is our understanding that, based on the definition included in Article 1(c) of the Draft, DG Competition takes the view that the undertakings enjoy considerable flexibility in this respect. If that is so, it would be appreciated to have this confirmed in the Draft Guidelines. 4
5 21. The same applies as to the quantitative limit in the context of a quantitative selective distribution system. Also on this issue there is an ongoing discussion as to whether that limit should be fixed, how it should be documented, under which conditions it can be changed, etc. As it is our understanding that also in this area DG Competition favours a liberal and flexible approach, language confirming the same in the Draft Guidelines would truly be welcomed. 22. Article 4(b) third indent of the Draft underscores the complexity (if not the practical impossibility) of combining selective distribution in one part of the Community and exclusive distribution in another part of the Community. If anything, the language added to Article 4(b) third indent underscores that it only makes sense to implement a selective distribution system if it is applied throughout the entire EEA. Otherwise the system can be undermined instantaneously by traders operating in the countries where the system has not been put in place. 7. Exports from and imports to the EEA from countries outside the EEA 23. It is our understanding that the current Vertical Guidelines must be interpreted as meaning that passive sales from the EEA towards third countries and passive sales from third countries towards the EEA can be prevented without violating the black list of the block exemption. Reference is made in this respect to the Javico case law of the Court. 6 In order to avoid unnecessary misunderstandings in this respect, it would be very helpful to include somewhat more explicit language in the Draft Guidelines. 8. Object or effect 24. It is clear from the language of both Regulation 2790/99 and the Draft that there is only a hardcore restriction if a restriction by object (and not by effect) applies. In view hereof, the difference between the by object and by effect notions is of immediate relevance to the application of the Draft. 25. Given the hardcore restrictions that are listed in Article 4 of both Regulation 2790/99 and the Draft, cases of direct restrictions by object will in principle not pose a problem. They can be identified fairly easily and hence should not create application difficulties. The position is different as regards indirect restrictions by object. Charging of service fees by a selling dealer to a receiving dealer (i.e. a dealer that has not sold the product, but that is located in the territory where the product will be used, maintained, repaired or benefit from warranty repairs) is a typical case where, based on the current Case C-306/96, Javico International and Javico AG v Yves Saint Laurent Parfums, ECR (1998) I- 5
6 case law (including the recent opinion of Advocate General Trstenjak 7 ), it remains highly unclear whether a restriction by object or by effect applies. 26. It would be very helpful if the Draft Guidelines would include some explanation (illustrated with examples) as to how the concept of indirect restrictions by object must be understood. III. CONCLUSIONS 27. It is the experience of our team that Regulation 2790/99 has worked well and has enabled the business community to draft vertical agreements that match their legitimate expectations and that are not too much influenced by any straightjacket effect that block exemptions of the past tended to have. 28. As the Commission proposes to continue the current regime with a limited number of changes, it would be beneficial to take the practical experience of the past 10 years fully on board and to provide clarifications on the limited number of issues where interpretation or application questions have arisen. In this respect, it is useful to note that the legal community (including most certainly the courts) attach considerable importance to the language included in the Vertical Guidelines which they consider as a very authoritative source. Hence, any clarification will be of considerable value to both the business and the legal community. 7 Opinion of Advocate General Trstenjak delivered on 30 June 2009, Joined Cases C 501/06P, C 513/06P, C 515/06P and C 519/06P, GlaxoSmithKline. 6
EUROPIA Contribution on Draft Amendments to the Vertical Restraints Block Exemption Regulation & Guidelines
Boulevard du Souverain 165 3rd Floor 1160 Brussels Belgium t +32 2 566 91 00 f +32 2 566 91 11 info@europia.com www.europia.com EUROPIA Contribution on Draft Amendments to the Vertical Restraints Block
More information(Non-legislative acts) REGULATIONS
23.4.2010 Official Journal of the European Union L 102/1 II (Non-legislative acts) REGULATIONS COMMISSION REGULATION (EU) No 330/2010 of 20 April 2010 on the application of Article 101(3) of the Treaty
More informationThe European Commission s Draft Motor Vehicle Block Exemption and accompanying Guidelines. Observations of Van Bael & Bellis
The European Commission s Draft Motor Vehicle Block Exemption and accompanying Guidelines Observations of Van Bael & Bellis 10 February 2010 Page 1 of 11 15 Bd des Philosophes CH-1205 Geneva Switzerland
More informationEU Commission Publishes New Regulations and Guidelines on the Application of EU Competition Law to Certain Categories of Commercial Contracts
September 22, 2010 EU Commission Publishes New Regulations and Guidelines on the Application of EU Competition Law to Certain Categories of Commercial Contracts Barry D. Glazer Partner Co-head of London
More informationThe European Commission s evaluation report on the operation of Regulation No. 1400/2002. Observations of Van Bael & Bellis
The European Commission s evaluation report on the operation of Regulation No. 1400/2002 Observations of Van Bael & Bellis 31 July 2008 Page 1 of 9 15 Bd des Philosophes CH-1205 Geneva Switzerland T +41
More informationCOMMISSION NOTICE. Guidelines on the effect on trade concept contained in Articles 81 and 82 of the Treaty (2004/C 101/07)
27.4.2004 Official Journal of the European Union C 101/81 COMMISSION NOTICE Guidelines on the effect on trade concept contained in Articles 81 and 82 of the Treaty (2004/C 101/07) (Text with EEA relevance)
More informationDiscussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting
International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Stockholm 9 January, 2014 Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting
More informationRESPONSE TO THE EUROPEAN COMMISSION S PUBLIC CONSULTATION: EU MERGER CONTROL DRAFT REVISION OF SIMPLIFIED PROCEDURE AND MERGER IMPLEMENTING REGULATION
RESPONSE TO THE EUROPEAN COMMISSION S PUBLIC CONSULTATION: EU MERGER CONTROL DRAFT REVISION OF SIMPLIFIED PROCEDURE AND MERGER IMPLEMENTING REGULATION 19 JUNE 2013 EU MERGER CONTROL DRAFT REVISION OF SIMPLIFIED
More informationCOMMISSION REGULATION (EU)
18.12.2010 Official Journal of the European Union L 335/43 COMMISSION REGULATION (EU) No 1218/2010 of 14 December 2010 on the application of Article 101(3) of the Treaty on the Functioning of the European
More informationDraft. COMMISSION REGULATION (EU) No /..
EN EN EN EUROPEAN COMMISSION Brussels, xxx C(20...) yyy final Draft COMMISSION REGULATION (EU) No /.. of [ ] on the application of Article 101(3) of the Treaty on the Functioning of the European Union
More informationShearman & Sterling LLP s Response to the Commission s Consultation on Merger Simplification Project
Shearman & Sterling LLP s Response to the Commission s Consultation on Merger Simplification Project 1. On 27 March 2013 the European Commission launched a consultation seeking stakeholders views on a
More informationOfficial Journal of the European Union
27.4.2004 L 123/11 COMMISSION REGULATION (EC) No 772/2004 of 27 April 2004 on the application of Article 81(3) of the Treaty to categories of technology transfer agreements (Text with EEA relevance) THE
More informationMain changes to the EU Vertical Block Exemption Francesca R. Turitto
Introduction On April 20, 2010 the Commission has adopted a new Block Exemption Regulation for agreements between manufacturers and distributors for the sale of products and services (VBER) and accompanying
More information8 June Re: FEE Comments on IASB/FASB Phase B Discussion Paper Preliminary Views on Financial Statement Presentation
8 June 2009 Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom E-mail: commentletters@iasb.org Ref.: ACC/HvD/LF/SR Dear Sir David, Re: FEE
More information2.2 Basic Aspects of Distributorship Agreements under UK Law and Court Practice
2. DISTRIBUTION 2.1 Definition A distributor buys goods from a supplier or manufacturer and resells them to his customers. In contrast to the agency model, there is no contract of sale between the supplier
More informationGENERAL GROUNDS 1 FOR THE BLOCK EXEMPTION COMMUNIQUÉ ON VERTICAL AGREEMENTS AND CONCERTED PRACTICES IN THE MOTOR VEHICLE SECTOR
GENERAL GROUNDS 1 FOR THE BLOCK EXEMPTION COMMUNIQUÉ ON VERTICAL AGREEMENTS AND CONCERTED PRACTICES IN THE MOTOR VEHICLE SECTOR The distribution and repair of motor vehicles are crucial with regard to
More informationAmCham EU s response to the European Commission s consultation on the draft revision of simplified procedure and merger implementing regulation
AmCham EU s response to the European Commission s consultation on the draft revision of simplified procedure and merger implementing regulation simplified procedure and merger implementing regulation Page
More informationOur congratulations go also to the other Officers of the Conference.
OPENING STATEMENT BY THE REPRESENTATIVE OF THE INTERNATIONAL TRADEMARK ASSOCIATION (INTA) TO THE DIPLOMATIC CONFERENCE FOR THE ADOPTION OF A NEW ACT OF THE LISBON AGREEMENT ON APPELLATIONS OF ORIGIN AND
More informationESMA consultation on the review of the technical standards on reporting under Article 9 of EMIR
Amstelveenseweg 998 1081 JS Amsterdam Phone: + 31 20 520 7970 Email: secretariat@efet.org Website: www.efet.org ESMA consultation on the review of the technical standards on reporting under Article 9 of
More informationThe New EU Rules On Vertical Restraints
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@portfoliomedia.com The New EU Rules On Vertical Restraints Law360,
More informationEN 1 EN TABLE OF CONTENTS
EN EN EN TABLE OF CONTENTS Supplementary guidelines on vertical restraints in agreements for the sale and repair of motor vehicles and for the distribution of spare parts for motor vehicles (Text with
More informationArticle 101 TFEU D R K A R O L I N A M O J Z E S O W I C Z E U A N T I T R U S T A N D M E R G E R S UJ
Article 101 TFEU D R K A R O L I N A M O J Z E S O W I C Z E U A N T I T R U S T A N D M E R G E R S UJ Article 101(I) TFEU Objectives: each economic operator must determine independently the policy, which
More informationANNEX II. SHORT FORM CO FOR THE NOTIFICATION OF A CONCENTRATION PURSUANT TO REGULATION (EC) No 139/2004
ANNEX II SHORT FORM CO FOR THE NOTIFICATION OF A CONCENTRATION PURSUANT TO REGULATION (EC) No 139/2004 1. INTRODUCTION 1.1. The purpose of the Short Form CO The Short Form CO specifies the information
More informationAmCham EU s position on the new proposed rules for horizontal co-operation agreements in the EU
HORIZONTAL CO-OPERATION AGREEMENTS IN THE EU P 1 OF 3 25 June 2010 AmCham EU s position on the new proposed rules for horizontal co-operation agreements in the EU The American Chamber of Commerce to the
More information28 July Re.: FEE Comments on IASB Discussion Paper Preliminary Views on Revenue Recognition in Contracts with Customers
28 July 2009 Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street GB - LONDON EC4M 6XH E-mail: commentletters@iasb.org Ref.: ACC/HvD/SS/LF/ID Dear Sir David, Re.: FEE Comments
More informationCommission Notice on a simplified procedure for treatment of certain concentrations under. under Council Regulation (EC) No 139/2004 (2013/C 366/04)
14.12.2013 Official Journal of the European Union C 366/5 Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2013/C 366/04) I.
More informationDistribution agreements
Distribution agreements Recent decisions of the Swiss Competition Authority Hubert Orso Gilliéron, Baker & McKenzie Geneva Baker & McKenzie International is a Swiss Verein with member law firms around
More informationOn behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY
On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY 31 March 2016 Response to the ESMA Consultation Paper on Draft Guidelines on the Market Abuse
More informationREVISED RULES FOR THE ASSESSMENT OF HORIZONTAL COOPERATION AGREEMENTS
25 JUNE 2010 RECOMMENDATIONS OF HOGAN LOVELLS INTERNATIONAL LLP ON THE EUROPEAN COMMISSION'S REVISED RULES FOR THE ASSESSMENT OF HORIZONTAL COOPERATION AGREEMENTS 1. INTRODUCTION Hogan Lovells is an international
More informationThe IASB s Exposure Draft Hedge Accounting
Date: 11 March 2011 ESMA/2011/89 IASB Sir David Tweedie Cannon Street 30 London EC4M 6XH United Kingdom The IASB s Exposure Draft Hedge Accounting The European Securities and Markets Authority (ESMA) is
More informationCESR s draft advice on possible implementing measures of the Transparency Directive: Part II
IPMA INTERNATIONAL PRIMARY MARKET ASSOCIATION 36-38 Cornhill London EC3V 3NG Tel: 44 20 7623 9353 Fax: 44 20 7623 9356 4 March 2005 Mre Fabrice Demarigny CESR (Committee of European Securities Regulators)
More informationRevenue from Contracts with Customers
International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom commentletters@iasb.org cc: info@efrag.org cc: main@businesseurope.eu Stockholm, 18 October 2010 Exposure Draft
More informationContract Modifications
Brief 38 Public Procurement September 2016 Contract Modifications CONTENTS Introduction Permitted or non-substantial modifications of contracts during their term no procurement procedure required o Modifications
More informationDraft R&D Block Exemption Regulation Draft Specialisation Block Exemption Regulation Draft Horizontal Guidelines. Observations of Van Bael & Bellis
Draft R&D Block Exemption Regulation Draft Specialisation Block Exemption Regulation Draft Horizontal Guidelines Observations of Van Bael & Bellis 25 June 2010 Page 1 of 14 15 Bd des Philosophes CH-1205
More informationCOUNCIL OF AUDITORS GENERAL. IASB Discussion Paper DP/2013/1 - A Review of the Conceptual Framework for Financial Reporting
ACAG AUSTRALASIAN COUNCIL OF AUDITORS GENERAL 8 November 2013 Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Mr Hoogervorst IASB
More informationDraft decisions on remedies in the market for the minimum set of leased lines. Contents
Draft decisions on designating an undertaking with significant market power and imposing specific obligations in the retail markets for the minimum set of leased lines (Market 7) 19. February 2007 Contents
More information2 EFAMA's reply to ESMA's Consultation on the revised Transparency Directive
EFAMA Reply to the Draft Regulatory Technical Standards on major shareholdings and indicative list of financial instruments subject to notification requirements under the revised Transparency Directive
More informationChanges to technology licensing in Europe: New competition law analysis will affect existing licences and new negotiations
90 Changes to technology licensing in Europe: New competition law analysis will affect existing licences and new negotiations LAURA BALFOUR, ELLEN LAMBRIX AND SUSIE MIDDLEMISS Slaughter and May, London
More informationQuestions in the cover letter EIOPA
Name of Association/Stakeholder: Question number Q1 Groupe Consultatif Actuariel Européen Please follow the following instructions for filling in the template: Do not change the numbering in the columns
More informationSUMMARY. Error! Unknown document property name. Page 1
EUROPEAN COMPETITION LAWYERS FORUM RESPONSE TO EUROPEAN COMMISSION PROPOSALS TO AMEND THE MERGER REGULATION IN RELATION TO MINORITY SHAREHOLDINGS AND CASE REFERRALS I. INTRODUCTION 1. The European Competition
More informationEC Competition Policy Overhaul for R&D Agreements Finally Freeing Joint Innovation from its EU Antitrust Straitjacket?
EC Competition Policy Overhaul for R&D Agreements Finally Freeing Joint Innovation from its EU Antitrust Straitjacket? Simon Topping Bird & Bird, Brussels The author can be contacted by e-mail at simon.topping@twobirds.com
More informationThe application of the Mutual Recognition Regulation to non-ce marked construction products
EN EUROPEAN COMMISSION ENTERPRISE AND INDUSTRY DIRECTORATE-GENERAL Guidance document 1 Brussels, 13.10.2011 - The application of the Mutual Recognition Regulation to non-ce marked construction products
More informationEUROPEAN UNION. Brussels, 10 October 2013 (OR. en) 2011/0307 (COD) PE-CONS 37/13 EF 115 ECOFIN 439 DRS 107 CODEC 1296
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 10 October 2013 (OR. en) 2011/0307 (COD) PE-CONS 37/13 EF 115 ECOFIN 439 DRS 107 CODEC 1296 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: DIRECTIVE
More informationPage 75 ANTITRUST GUIDELINES, 27 January ETSI Guidelines for Antitrust Compliance. Version adopted by Board#81 (27 January 2011)
Page 75, 27 January 2011 A ETSI Guidelines for Antitrust Compliance Introduction Version adopted by Board#81 (27 January 2011) ETSI, with over 700 member companies from more than 60 countries, is the leading
More informationOn behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY
On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY September 27, 2012 To Re ESMA Response to ESMA Consultation Paper: Guidelines on sound remuneration
More informationTwelfth Meeting of the IMF Committee on Balance of Payments Statistics Santiago, Chile, October 27-29, 1999
BOPCOM99/37 Twelfth Meeting of the IMF Committee on Balance of Payments Statistics Santiago, Chile, October 27-29, 1999 Accounting for Interest on Debt Securities: Why the Creditor Approach Should be Preferred
More information(recast) (Text with EEA relevance)
29.3.2014 Official Journal of the European Union L 96/107 DIRECTIVE 2014/31/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 February 2014 on the harmonisation of the laws of the Member States relating
More informationOfficial Journal of the European Union. (Legislative acts) REGULATIONS
2.3.2018 L 60 I/1 I (Legislative acts) REGULATIONS REGULATION (EU) 2018/302 OF THE EUROPEAN PARLIAMT AND OF THE COUNCIL of 28 February 2018 on addressing unjustified geo-blocking and other forms of discrimination
More informationAN ASSOCIATION ON THE MOVE
European Association of Co-operative Banks Groupement Européen des Banques Coopératives Europäische Vereinigung der Genossenschaftsbanken Sent to: markt-consult-substiprod@ec.europa.eu EACB Answer to the
More informationTutorial 1. European Private Law Ms. Monika Prusinowska
Tutorial 1 European Private Law Ms. Monika Prusinowska Compulsory Reading Communication from the Commission to the European Parliament, the Council, The European Committee of the Regions - A Common European
More informationPAPER No. 11 : International Business MODULE No. 39: Multinational Corporations (MNCs in
Subject Commerce Paper No and Title Module No and Title Module Tag 11: International Business Module 34: Multinational Corporations (MNCs in Com_P11_M34 TABLE OF CONTENTS 1) Learning Outcomes 2) Conceptual
More informationEXTENDING UNFAIR CONTRACT TERMS (UCT) PROTECTIONS TO GENERAL INSURANCE CONTRACTS
Manager Insurance and Financial Services Unit Financial System Division The Treasury Langton Crescent PARKES ACT 2600 Email: UCTinsurance@treasury.gov.au 24 August 2018 Dear Sir/Madam EXTENDING UNFAIR
More informationThe future of the Car Block Exemption Regulation. Etienne Kairis & Emmerik Van Parys Loyens & Loeff September 2009
The future of the Car Block Exemption Regulation Etienne Kairis & Emmerik Van Parys Loyens & Loeff September 2009 TABLE OF CONTENT I. Context II. III. IV. Basic policy orientations for the future legal
More informationCARS 21 WG 4 Vertical agreements
CARS 21 WG 4 Vertical agreements 15 February 2012 Bernard Lycke Director General 1 Vertical agreements Art 2-6 Commission s decision re-launching CARS 21: the group s tasks shall be (...) : To develop
More informationFinal Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1)
Final Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) 26 March 2018 ESMA70-156-354 Table of Contents 1 Executive Summary... 3 2 Prices reflecting prevailing market conditions...
More informationOnly the Bulgarian language version is authentic
Only the Bulgarian language version is authentic Official Statement of the Bulgarian Competition Authority regarding the White Paper Towards more effective EU merger control and the Commission Staff Working
More informationOfficial Journal of the European Union
10.1.2018 L 5/27 COMMISSION IMPLEMTING REGULATION (EU) 2018/28 of 9 January 2018 re-imposing a definitive anti-dumping duty on imports of bicycles whether declared as originating in Sri Lanka or not from
More informationMain points: 1 P a g e
ECSDA RESPONSE TO THE CONSULTATION ON THE IMPLEMENTING REGULATION ON SHAREHOLDER IDENTIFICATION, THE TRANSMISSION OF INFORMATION AND THE FACILITATION OF THE EXERCISE OF RIGHTS ECSDA represents 38 national
More informationDifferent classes of merger
Merger Control Different classes of merger Horizontal Vertical Conglomerate ICN Merger Working Group, Analytical Framework Sub-group The Analytical Framework for Merger Control (Final paper for ICN annual
More information(Articles 15-18) Economic Concentration Chapter 6. Subject of Audits on the Issues Related to the RK
Source: Yurist Reference Database, 10.01.2007 LAW OF THE REPUBLIC OF KAZAKHSTAN ON COMPETITION AND RESTRICTION OF MONOPOLISTIC ACTIVITIES Chapter 1. General Provisions (Articles 1-3) Chapter 2. Functions,
More informationCOMMUNICATION FROM THE COMMISSION European Union framework for State aid in the form of public service compensation (2011) (2012/C 8/03)
11.1.2012 Official Journal of the European Union C 8/15 COMMUNICATION FROM THE COMMISSION European Union framework for State aid in the form of public service compensation (2011) (Text with EEA relevance)
More information(recast) (Text with EEA relevance)
29.3.2014 Official Journal of the European Union L 96/45 DIRECTIVE 2014/29/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 February 2014 on the harmonisation of the laws of the Member States relating
More informationGeneral Comments. Action 6 on Treaty Abuse reads as follows:
OECD Centre on Tax Policy and Administration Tax Treaties Transfer Pricing and Financial Transactions Division 2, rue André Pascal 75775 Paris France The Confederation of Swedish Enterprise: Comments on
More informationConsultation Paper Review of the technical standards on reporting under Article 9 of EMIR
Consultation Paper Review of the technical standards on reporting under Article 9 of EMIR 10 November 2014 ESMA/2014/1352 Date: 10 November 2014 ESMA/2014/1352 Annex 1 Responding to this paper ESMA invites
More informationHans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street EC4M 6XH LONDON United Kingdom
German Savings Banks Association Charlottenstrasse 47 10117 Berlin Germany Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street EC4M 6XH LONDON United Kingdom Contact: Diana
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Proposal for a COUNCIL DIRECTIVE
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 17.10.2003 COM(2003) 613 final 2003/0239 (CNS) Proposal for a COUNCIL DIRECTIVE amending Directive 90/434/EEC of 23 July 1990 on the common system of taxation
More informationHans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH. To: Date: 14 January 2014
To: Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH Date: 14 January 2014 DP/2013/1: A Review of the Conceptual Framework for Financial Reporting Dear
More informationLast of Its Kind: The Review of the Technology Transfer Block Exemption Regulation, The Symposium on European Competition Law
Northwestern Journal of International Law & Business Volume 24 Issue 3 Spring Spring 2004 Last of Its Kind: The Review of the Technology Transfer Block Exemption Regulation, The Symposium on European Competition
More informationUseful Simplifications versus New Difficulties
Useful Simplifications versus New Difficulties ESMA has made good suggestions, but unfortunately might also create new difficulties. The result of Level 1 and 2 should improve the current prospectus regime.
More informationWe welcome the work achieved by IFRIC to develop accounting guidance applicable to service concession contracts.
Date Le Président Fédération Av. d Auderghem 22-28 des Experts 1040 Bruxelles 20 June 2005 Comptables Tél. 32 (0) 2 285 40 85 Européens Fax: 32 (0) 2 231 11 12 E-mail: secretariat@fee.be Mr. Robert Garnett
More informationTechnical Rules: Exposure Draft and Interim Guidance for the Performance of Assurance Work on Benchmarks and Indices
09 April 2013 ICAEW Attn: Philippa Kelly Technical Strategy PO Box 433 Chartered Accountants Hall Moorgate Place London EC2P 2BJ Submitted to philippa.kelly@icaew.com Re: Technical Rules: Exposure Draft
More informationSecretariat of the Basel Committee on Banking Supervision. The New Basel Capital Accord: an explanatory note. January CEng
Secretariat of the Basel Committee on Banking Supervision The New Basel Capital Accord: an explanatory note January 2001 CEng The New Basel Capital Accord: an explanatory note Second consultative package
More informationVAN BAEL & BELLIS. Avenue Louise, 165 B-1050 Brussels. Telephone: (32-2) Telefax: (32-2) Website:
VAN BAEL & BELLIS Avenue Louise, 165 B-1050 Brussels Telephone: (32-2) 647 73 50 Telefax: (32-2) 640 64 99 Website: www.vanbaelbellis.com M E M O R A N D U M Proposal for a new regulation on the implementation
More informationReasoned Opinion of the House of Commons. Concerning a draft Regulation on a Common European Sales Law for the European Union 1
Reasoned Opinion of the House of Commons Submitted to the Presidents of the European Parliament, the Council and the Commission, pursuant to Article 6 of Protocol (No 2) on the Application of the Principles
More informationNon-Paper from the Danish Government on the future EU company law
NOTE 11 May 2012 Non-Paper from the Danish Government on the future EU company law Introduction This non-paper has been drafted on the basis of the recommendations of the Reflection Group, the subsequent
More informationEUROPEAN UNION. Brussels, 13 May 2011 (OR. en) 2009/0064 (COD) PE-CONS 60/10 EF 181 ECOFIN 738 CODEC 1293
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 13 May 2011 (OR. en) 2009/0064 (COD) PE-CONS 60/10 EF 181 ECOFIN 738 CODEC 1293 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: DIRECTIVE OF THE
More informationAPPLICATION AND INTERPRETATION OF ARTICLE 24 (NON-DISCRIMINATION) Public discussion draft. 3 May 2007
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT APPLICATION AND INTERPRETATION OF ARTICLE 24 (NON-DISCRIMINATION) Public discussion draft 3 May 2007 CENTRE FOR TAX POLICY AND ADMINISTRATION 1 3
More informationTHE PANEL ON TAKEOVERS AND MERGERS DEALINGS IN DERIVATIVES AND OPTIONS
RS 2005/2 Issued on 5 August 2005 THE PANEL ON TAKEOVERS AND MERGERS DEALINGS IN DERIVATIVES AND OPTIONS STATEMENT BY THE CODE COMMITTEE OF THE PANEL FOLLOWING THE EXTERNAL CONSULTATION PROCESSES ON DISCLOSURE
More informationCONSULTATION ON DRAFT REGULATIONS: WORKPLACE PENSION REFORM - COMPLETING THE PICTURE COMMENTS OF SACKER & PARTNERS LLP
CONSULTATION ON DRAFT REGULATIONS: WORKPLACE PENSION REFORM - COMPLETING THE PICTURE COMMENTS OF SACKER & PARTNERS LLP Note: Where required for information purposes, we have explained the relevant background
More informationAssociation of Accounting Technicians response to the Financial Reporting Council (FRC) consultation document Improving the Statement of Cash Flows
Association of Accounting Technicians response to the Financial Reporting Council (FRC) consultation document Improving the Statement of Cash Flows 1 Association of Accounting Technicians response to the
More informationKey Implications of the EU s new PRIIPs and MiFID II Regimes for Offerings of Debt Securities
May 3, 2018 Key Implications of the EU s new PRIIPs and MiFID II Regimes for Offerings of Debt Securities Introduction Two new European regulatory regimes came into force in January 2018, bringing about
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES COMMUNICATION FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 2.7.2009 COM(2009) 325 final COMMUNICATION FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT on the VAT group option provided for
More informationVALUE ADDED TAX COMMITTEE (ARTICLE 398 OF DIRECTIVE 2006/112/EC) WORKING PAPER NO 921 REV
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration Value added tax taxud.c.1(2017)1395441 EN Brussels, 6 March 2017 VALUE ADDED TAX COMMITTEE (ARTICLE
More informationThe Government of the UK s response to the European Commission s White Paper Towards more effective EU merger control
The Government of the UK s response to the European Commission s White Paper Towards more effective EU merger control Introduction and Summary 1. This is the response of the UK Government (the UK) to the
More information(Legislative acts) REGULATIONS
10.11.2017 Official Journal of the European Union L 293/1 I (Legislative acts) REGULATIONS REGULATION (EU) 2017/1991 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 October 2017 amending Regulation
More informationDoes the definition of AIF in Article 4(1)(a) include REITs or real estate companies?
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009
More informationJUDGMENT OF THE COURT (Fifth Chamber) 15 March 2001 *
SPI JUDGMENT OF THE COURT (Fifth Chamber) 15 March 2001 * In Case C-108/00, REFERENCE to the Court under Article 234 EC by the Conseil d'état (France) for a preliminary ruling in the proceedings pending
More informationQuestions and answers
Questions and answers Transparency Directive (2004/109/EC) 31 January 2019 ESMA31-67-127 Date: 31 January 2019 ESMA31-67-127 Content I. Background... 4 II. Purpose... 4 III. Status... 5 IV. Questions and
More informationComment Letter on the Discussion Paper: A Review of the Conceptual Framework for Financial Reporting
Verband der Industrie- und Dienstleistungskonzerne in der Schweiz Fédération des groupes industriels et de services en Suisse Federation of Industrial and Service Groups in Switzerland 14 January 2014
More informationInternational Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom
International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Via email & web: commentletters@ifrs.org http://eifrs.ifrs.org/eifrs/cluserform?project=27 14January 2013 Re: A
More informationDECISION AND ANALYSIS OF THE EXTERNAL REVIEW PANEL OF THE U.S. DETERMINATIONS COMMITTEE DC ISSUE (Sears)
DECISION AND ANALYSIS OF THE EXTERNAL REVIEW PANEL OF THE U.S. DETERMINATIONS COMMITTEE DC ISSUE 2018101502 (Sears) The External Review Panel of the U.S. Determinations Committee (the DC Committee ) considered
More informationUNITED STATES FINAL DUMPING DETERMINATION ON SOFTWOOD LUMBER FROM CANADA. Recourse to Article 21.5 of the DSU by Canada (AB )
WORLD TRADE ORGANISATION Third Participant Submission to the Appellate Body UNITED STATES FINAL DUMPING DETERMINATION ON SOFTWOOD LUMBER FROM CANADA (AB-2006-3) THIRD PARTICIPANT SUBMISSION OF NEW ZEALAND
More informationRe: CCWG-Accountability Work Stream 2 (WS2) Recommendations on ICANN Jurisdiction
655 Third Avenue, 10th Floor, New York, NY 10017-5646, USA t: +1-212-642-1776 f: +1-212-768-7796 inta.org esanzdeacedo@inta.org Submitted to: comments-jurisdiction-recs-14nov17@icann.org January 12, 2018
More information1 di 6 05/11/ :55
1 di 6 05/11/2012 10:55 JUDGMENT OF THE COURT (Second Chamber) 27 January 2011 (*) (Failure of a Member State to fulfil obligations Article 49 EC Freedom to provide services Non reimbursement of costs
More informationINNOVATION FRIENDLY? YVES VAN COUTER 1
THE (ENVISAGED) EUROPEAN COMPETITION LAW APPROACH TO TECHNOLOGY TRANSFERS : INNOVATION FRIENDLY? YVES VAN COUTER 1 1 Attorney-at-law, member of the Brussels Bar, Partner with Loyens & Loeff. Special thanks
More informationSecurities and Markets Stakeholder Group Date: 26 May 2014 ESMA/2014/SMSG/030
Securities and Markets Stakeholder Group Date: 26 May 2014 ESMA/2014/SMSG/030 Advice to ESMA Response to ESMA s Consultation Paper on Draft Regulatory Technical Standards on major shareholdings and indicative
More informationFINANCIAL SERVICES AGENCY GOVERNMENT OF JAPAN Kasumigaseki Chiyoda-ku Tokyo Japan
FINANCIAL SERVICES AGENCY GOVERNMENT OF JAPAN 3-1-1 Kasumigaseki Chiyoda-ku Tokyo 100-8967 Japan 27 May 2005 Mr. Fabrice Demarigny Secretary General Committee of European Securities Regulators 11-13 avenue
More information(Text with EEA relevance)
L 341/8 COMMISSION DELEGATED REGULATION (EU) 2017/2359 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to information requirements and
More informationAFG s response to the European Commission s questionnaire on cross border distribution of investment funds
CT Réglementation européenne et internationale 28.06.2017 AFG s response to the European Commission s questionnaire on cross border distribution of investment funds Industry questionnaire As a preliminary
More informationNOTE OF DG ENERGY & TRANSPORT ON DIRECTIVES 2003/54/EC AND 2003/55/EC ON THE INTERNAL MARKET IN ELECTRICITY AND NATURAL GAS THE UNBUNDLING REGIME
NOTE OF DG ENERGY & TRANSPORT ON DIRECTIVES 2003/54/EC AND 2003/55/EC ON THE INTERNAL MARKET IN ELECTRICITY AND NATURAL GAS THIS DOCUMENT IS NOT BINDING ON THE COMMISSION THE UNBUNDLING REGIME 16.1.2004
More information