Merger control in Ireland: overview

Transcription

1 GLOBAL GUIDE 2015/16 COMPETITION AND CARTEL LENIENCY Country Q&A Merger control in Ireland: overview Pat O'Brien and Richard Ryan Arthur Cox global.practicallaw.com/ REGULATORY FRAMEWORK 1. What (if any) merger control rules apply to mergers and acquisitions in your jurisdiction? What is the regulatory authority? Regulatory framework Irish merger control is governed by the Competition Act 2002, which has been amended a number of times, most recently by the Competition and Consumer Protection Act 2014 (2014 Act). The Competition and Consumer Protection Commission (CCPC) also publishes guidance documents on the merger control regime, including the Guidelines on Merger Analysis, which set out the key substantive elements of the CCPC's merger review function. Regulatory authority The Competition and Consumer Protection Commission took over the functions of the Competition Authority and the National Consumer Agency on 31 October See box, The regulatory authority. TRIGGERING EVENTS/THRESHOLDS 2. What are the relevant jurisdictional triggering events/thresholds? Triggering events For the purposes of the Competition Act 2002, as amended (Competition Act), a merger or acquisition occurs if any of the following occurs: Two or more undertakings, previously independent of one another, merge. One or more individuals who already control one or more undertakings, or one or more undertakings, acquire direct or indirect control of the whole or part of one or more other undertakings. The acquisition of part of an undertaking, although not involving the acquisition of a corporate legal entity, involves the acquisition of assets that constitute a business to which a turnover can be attributed, and for the purposes of this paragraph "assets" includes goodwill. A merger or acquisition within the meaning of the Competition Act is notifiable to the Competition and Consumer Protection Commission (CCPC) on a mandatory basis if either: It satisfies the financial thresholds under the Competition Act. It falls within a class of merger or acquisition that has been specified in an Order by the Minister for Jobs, Enterprise and Innovation (Minister) for the purposes of the Competition Act. To date, the Minister has specified that the following classes of media mergers are notifiable for the purposes of the Competition Act, either: A merger or acquisition in which two or more of the undertakings involved carry on a media business in the State (that is, the Republic of Ireland). A merger or acquisition in which one or more of the undertakings involved carries on a media business in the State and one or more of the undertakings involved carries on a media business elsewhere. Therefore, all "media mergers" are notifiable to the CCPC, regardless of the turnover of the undertakings concerned. Thresholds The financial thresholds are, in the most recent financial year: The aggregate turnover in the state of the undertakings involved is not less than EUR50 million. The turnover in the state of each or two or more of the undertakings involved is not less than EUR3 million. NOTIFICATION 3. What are the notification requirements for mergers? Mandatory or voluntary tification is mandatory where the financial thresholds are met. Media mergers that fall under the Competition Act are also notifiable on a mandatory basis, regardless of whether the financial thresholds are met. In addition, any party to a merger or acquisition that does not satisfy the financial thresholds can notify the Competition and Consumer Protection Commission (CCPC) of the transaction voluntarily. Timing The Competition Act provides that a notification must be made before the proposed merger or acquisition is put into effect, and may be made after any of the following events occurs: One of the undertakings involved has publicly announced an intention to make a public bid or a public bid has been made but not yet accepted. The undertakings involved demonstrate to the CCPC a good faith intention to conclude an agreement or a merger or acquisition is agreed. In relation to a scheme of arrangement, a scheme document is posted to shareholders. Formal/informal guidance Parties to a merger or acquisition can request a pre-notification meeting with the CCPC to discuss jurisdictional and other legal issues that may arise. The CCPC has stated in a notice that it welcomes the opportunity to have pre-notification discussions with Thomson Reuters 2015 This article was first published in the Competition and Cartel Leniency Global Guide 2015/16 and is reproduced with the permission of the publisher, Thomson Reuters. The law is stated as at 1 July 2015.

2 Country Q&A parties who have expressed a good faith intention to proceed with a transaction. This can take place either in the form of a meeting or a teleconference call. Responsibility for notification Each of the undertakings involved must notify. In an asset acquisition the vendor is not obliged to notify. It is usual for the parties to notify the transaction jointly, although this is not a requirement under the Competition Act. Relevant authority The notification is made to the CCPC. Form of notification There is a standard merger notification form ( 0tification%20Form.pdf). Filing fee The notification must be accompanied by a fee of EUR8,000, which must be paid electronically. Obligation to suspend The parties must not implement the transaction until the CCPC makes a determination or the time limit for reaching a determination has passed without the CCPC having done so. Any notifiable transaction that is put into effect before a determination is made or the time limit has lapsed is void. PROCEDURE AND TIMETABLE 4. What are the applicable procedures and timetable? In an initial Phase I investigation, the Competition and Consumer Protection Commission (CCPC) issues a determination within 30 working days of the date of notification or the date of a complete response to questions raised by the CCPC following notification. The investigation period may be extended to 45 working days where proposals are made by notifying parties to overcome competition concerns. The CCPC may decide to clear the transaction or to proceed to a Phase II investigation. In an in-depth Phase II investigation, the CCPC issues a determination within 120 working days of the date of notification or the receipt by the CCPC of requested information. The period may be extended to 135 working days where proposals are made by the parties to overcome competition concerns. In its determination the CCPC may clear, prohibit, or permit the transaction with conditions. For an overview of the notification process, see flowchart, Ireland: merger notifications. PUBLICITY AND CONFIDENTIALITY 5. How much information is made publicly available concerning merger inquiries? Is any information made automatically confidential and is confidentiality available on request? Automatic confidentiality In general, all confidential information relating to the parties to a merger review will be kept confidential. The CCPC will keep information that qualifies as business secrets confidential. Examples of information that may qualify as business secrets include: technical and/or financial information relating to an undertaking's know-how, methods of assessing costs, production secrets and processes, supply sources, quantities produced and sold, market shares, customer and distributor lists, marketing plans, cost and price structure and sales strategy. Information other than business secrets may be considered as confidential insofar as its disclosure would significantly harm a person or business. Information that is already known outside of the person or business making the confidentiality claim will not normally be considered confidential. Confidentiality on request The parties can specify that certain information is confidential and request that it is redacted from CCPC publications. RIGHTS OF THIRD PARTIES 6. What rights (if any) do third parties have to make representations, access documents or be heard during the course of an investigation? Representations The notice of the transaction on the Competition and Consumer Protection Commission (CCPC) website requires third parties wishing to make submissions about the merger to do so within ten working days of publication of the notice. However, the CCPC may change this time limit by notice on its website in individual cases, if required. Submissions from third parties should clearly indicate any information that should be treated as confidential. If a Phase II investigation is initiated, any third party is entitled to make submissions and the CCPC must consider all submissions made. Submissions from third parties must be received in writing within 15 working days of the date of the determination to enable the CCPC to carry out a full investigation. The CCPC may change this time limit by notice on its website in individual cases, if required. Document access Access to the case file in the context of merger review applies only to the undertakings to whom an assessment has been addressed. These undertakings and the CCPC are the only parties that can access the case file. Be heard The CCPC is not required to hear third parties in the context of a merger investigation. During Phase II, third parties who have furnished submissions may be requested to make oral submissions, at the discretion of the CCPC. SUBSTANTIVE TEST Publicity Within seven days of the receipt of a notification (accompanied by the prescribed fee), the Competition and Consumer Protection Commission (CCPC) publishes a notice of the notification on its website and invites third parties to comment on the transaction. The text of the CCPC decision, which is usually redacted, is published on its website. 7. What is the substantive test? The Competition and Consumer Protection Commission (CCPC) examines whether the merger will lead to a substantial lessening of competition (SLC) in goods or services in Ireland. The CCPC's approach in applying the SLC test is based heavily on economic analysis. The CCPC has stated that the SLC test must be applied in terms of the effect that a proposal would have on consumer welfare, which, in its view, refers to a range of variables including price, output, quality, variety and innovation.

3 IRELAND: MERGER NOTIFICATIONS Is the transaction a merger or acquisition within the meaning of the Competition Act? tification not required. In the most recent financial year: The aggregate turnover in the State of the undertakings involved was not less than EUR50 million. The turnover in the State of each of two or more of the undertakings involved was not less thaneur3 million. Is the transaction a media merger within the meaning of the Competition Act? Compulsory notification to the CCPC. tification not required. A voluntary notification may be submitted to the Competition and Consumer Protection Commission (CCPC). Phase I investigation by the CCPC. Test: would the transaction result in a substantial lessening of competition in markets for goods or services in the State? The CCPC must issue a determination within 30 working days of the receipt of the notification or of the date of a complete response to questions raised by the CCPC. The investigation period may be extended to 45 days where proposals are made by the parties to overcome competition concerns. Merger cleared. For a media merger, the transaction will then be assessed by the Minister for Communications. Phase II investigation by the CCPC. Test: would the transaction result in a substantial lessening of competition in markets for goods or services in the State? The CCPC must issue a determination within 120 working days of the date of notification or the receipt by the CCPC of requested information. The investigation period may be extended to 135 working days where proposals are made by the parties to overcome competition concerns. Merger cleared. For a media merger, the transaction will then be assessed by the Minister for Communications. The transaction may be prohibited or cleared subject to conditions. A media merger cleared with conditions will then be assessed by the Minister for Communications. An appeal may be taken by the notifying parties on a point of fact or law to the High Court. The appeal must be taken within 40 days. There is no third party right of appeal. This was first published in the Competition and Cartel Leniency Global Guide 2015/16 and is reproduced with the permission of the publisher, Thomson Reuters.

4 In the context of media mergers, the Minister for Jobs, Enterprise and Innovation reviews whether the result of the media merger will be "contrary to the public interest in protecting the plurality of the media in the State". 8. What, if any, arguments can be used to counter competition issues (efficiencies, customer benefits)? The Competition and Consumer Protection Commission (CCPC) may take efficiencies into account in its merger analysis. The CCPC's analysis of efficiencies focuses on whether verifiable efficiencies will mitigate any adverse competitive effects and prevent a substantial lessening of competition (SLC). The burden is on the parties to demonstrate that claimed efficiencies are: Merger-specific. Verifiable. Sufficiently benefit consumers in order to prevent an SLC. 9. Is it possible for the merging parties to raise a failing firm defence? The Competition and Consumer Protection Commission (CCPC) will consider a failing firm defence. The CCPC has outlined its "failing firm test" in its Guidelines for Merger Analysis. The onus is on the merging parties to demonstrate that the firm meets the failing firm test and all four elements of the test must be met: The firm must be unable to meet its financial obligations in the near future. There must be no viable prospect of reorganising the business through the process of receivership, examinership or otherwise. The assets of the firm would exit the relevant market in the absence of the merger. There is no credible less anti-competitive outcome than the merger. REMEDIES, PENALTIES AND APPEAL 10. What remedies (commitments or undertakings) can be imposed as conditions of clearance to address competition concerns? At what stage of the procedure can they be offered and accepted? The Competition and Consumer Protection Commission (CCPC) may enter into discussions with the undertakings involved in the transaction "with a view to identifying measures which would ameliorate any effects of the merger or acquisition on competition". Proposals can be submitted to the CCPC in Phase I or Phase II and if agreed between the parties and the CCPC they will become binding on the parties as a commitment decision. The CCPC has a preference for divestment or other structural remedies. The CCPC is reluctant to accept behavioural remedies but it has done so in a few cases. In its determination in M/04/051: Grafton Group plc/ Heiton Group plc, the Competition Authority (predecessor to the Competition and Consumer Protection Commission (CCPC)) cleared the transaction subject to the condition that the Grafton Group would notify the Competition Authority of all proposed mergers or acquisitions in the builders' merchants sector in Ireland in which it was involved for a period of three years. In its determination M/05/50: eircom/meteor the Competition Authority approved the proposed acquisition of Meteor Mobile Communications (trading as Meteor) by eircom Group subject to a series of conditions. The eight conditions attached to this transaction were designed to address concerns about the transparency of cost allocation and internal transfers within eircom. Specifically these conditions will allow the Communications Regulator (ComReg) to obtain: Specific accountancy statements for Meteor. Specific accountancy statements for any future mobile phone entity established within eircom. Details on the allocation of costs and internal transfers between eircom's fixed-line business and Meteor. Details on the allocation of costs and internal transfers between eircom's fixed-line business and any future mobile phone entity established within eircom. Details on the allocation of costs and internal transfers between Meteor and any future mobile phone entity established within eircom. The Competition Act provides for the enforcement of obligations arising from proposals (commitments) accepted by the CCPC. The High Court can grant an injunction to enforce compliance with the terms of the commitments. A person who contravenes such commitments is guilty of an offence and liable to fines and/or imprisonment. 11. What are the penalties for failing to comply with the merger control rules? Failure to notify correctly If there is a failure to notify a notifiable transaction within the specified period or a failure to supply information within the period specified, the relevant undertaking, or the person in control of that undertaking, will be guilty of an offence and liable: On summary conviction, to a fine not exceeding EUR3,000. On conviction on indictment, to a fine not exceeding EUR250,000. In addition, if the failure continues one or more days after the date of its first occurrence, the undertaking or person is guilty of a separate offence for each day that the breach occurs and liable: On summary conviction, to a fine not exceeding EUR300. On conviction on indictment, to a fine not exceeding EUR25,000. For the purposes of those offences, the person in control of an undertaking is: In the case of a body corporate, any officer of the body corporate who knowingly and wilfully authorises or permits the contravention. In the case of a partnership, each partner who knowingly and wilfully authorises or permits the contravention. In the case of any other form of undertaking, any individual in control of that undertaking who knowingly and wilfully authorises or permits the contravention. Implementation before approval or after prohibition A merger or acquisition that purports to be put into effect before approval is void. There is no provision for fines or other sanctions in the event a transaction is implemented before approval. Country Q&A

5 Country Q&A Failure to observe A person who contravenes a determination or commitment decision (or any person who aids, abets or assists another person, or conspires with another person to contravene such determination or commitment decision) is guilty of an offence and will be liable: On summary conviction, to a fine not exceeding EUR3,000 or to imprisonment for a term not exceeding six months or to both such fine and such imprisonment. On conviction on indictment, to a fine not exceeding EUR10,000 or to imprisonment for a term not exceeding two years or to both a fine and imprisonment. In addition, if the breach continues one or more days after the date of its first occurrence, the undertaking or person is guilty of a separate offence for each day that the breach occurs and liable: On summary conviction, to a fine not exceeding EUR300. On conviction on indictment, to a fine not exceeding EUR25, Is there a right of appeal against the regulator's decision and what is the applicable procedure? Are rights of appeal available to third parties or only the parties to the decision? Rights of appeal An appeal on a point of fact or law may be taken by the notifying parties in relation to a Phase II determination prohibiting a transaction or allowing it subject to conditions. Procedure An appeal on a point of fact or law must be taken within 40 working days, only to the High Court. An appeal may be taken from a decision of the High Court to the Supreme Court on a point of law only. There is no time limit for appeals to the Supreme Court. Third party rights of appeal There is no right of appeal for third parties. AUTOMATIC CLEARANCE OF RESTRICTIVE PROVISIONS 13. If a merger is cleared, are any restrictive provisions in the agreements automatically cleared? If they are not automatically cleared, how are they regulated? A media merger is defined in the Competition Act as: A merger or acquisition in which two or more of the undertakings involved carry on a media business in the State (that is, the Republic of Ireland). A merger or acquisition in which one or more of the undertakings involved carries on a media business in the State and one or more of the undertakings involved carries on a media business elsewhere. A media business is defined in the Competition Act as: The publication of newspapers or periodicals consisting substantially of news and comment on current affairs, including the publication of such newspapers or periodicals on the internet. Transmitting, re-transmitting or relaying a broadcasting service. Providing any programme material consisting substantially of news and comment on current affairs to a broadcasting service. Making available on an electronic communications network any written, audio-visual or photographic material, consisting substantially of news and comment on current affairs, that is under the editorial control of the undertaking making available such material. "Carries on a media business in the State" is defined in the Competition Act as: Having a physical presence in the State, including a registered office, subsidiary, branch, representative office or agency, and making sales to customers located in the State. Having made sales in the State of at least EUR2 million in the most recent financial year. 15. Has the regulatory authority in your jurisdiction issued guidelines or policy on its approach in analysing mergers in a specific industry? The Minister for Jobs, Enterprise and Innovation has published draft guidelines on media mergers (see Question 14). The deadline for receipt of submissions on the draft guidelines was 22 January The guidelines are expected to be formally adopted in JOINT VENTURES 16. How are joint ventures analysed under competition law? Ancillary restraints that constitute restrictions that are directly related and necessary to the implementation of the merger or acquisition that is approved and are referred to in the notification, will also benefit from the approval of the merger or acquisition. REGULATION OF SPECIFIC INDUSTRIES 14. What industries (if any) are specifically regulated? Media mergers are not subject to the usual financial thresholds and may be assessed on the basis of their impact on the plurality of views in the media. The Competition Act provides that "the creation of a joint venture to perform, on a lasting basis, all the functions of an autonomous economic entity" will constitute a merger under the Competition Act. In interpreting this concept, the Competition and Consumer Protection Commission (CCPC) will generally follow by analogy the approach of the European Commission to full-function joint ventures under Regulation (EC) 139/2004 on the control of concentrations between undertakings (Merger Regulation). The CCPC tends to follow the analysis in the notice issued by the European Commission (Consolidated Jurisdictional tice). Where a joint venture does not qualify as full-function, it may be assessed under the rules on restrictive agreements under the Competition Act, which are based on Article 101 of the Treaty on the Functioning of the European Union. The European Commission's guidelines (Guidelines on horizontal cooperation agreements and Guidelines on vertical restraints) are instructive.

6 INTER-AGENCY CO-OPERATION 17. Does the regulatory authority in your jurisdiction co-operate with regulatory authorities in other jurisdictions in relation to merger investigations? If so, what is the legal basis for and extent of co-operation (in particular, in relation to the exchange of information, remedies/settlements)? The Competition and Consumer Protection Commission (CCPC) cooperates with competition authorities in other jurisdictions. The CCPC is a member of the European Competition Network (ECN), which facilitates co-operation in the consistent application of the European competition rules through arrangements for information sharing, assistance and consultation. The CCPC merger notification form asks whether the transaction will be notified to competition authorities in other jurisdictions. If the transaction has been notified to another regulator, the parties can expect them to contact each other. CCPC practice is to seek a waiver from the parties if it intends to contact a merger control authority in another jurisdiction. RECENT MERGERS 18. What notable recent mergers or proposed mergers have been reviewed by the regulatory authority in your jurisdiction and why is it notable? Recent mergers include: M/14/026: Valeo/Wardell/Robert Roberts. This was the only Phase II review of a merger notified in The transaction was cleared in February 2015 after binding divestiture proposals were submitted by Valeo. Valeo agreed to divest one of the brands that had been included in the transaction. The Competition and Consumer Protection Commission (CCPC) concluded that the proposals were sufficient to address its competition concerns. M/15/004: Blackstone/Atrium Buildings. The determination for this transaction confirmed the CCPC's revised approach to "pure property" transactions. The Competition and Consumer Protection Act 2014 (2014 Act) introduced a revised provision in relation to asset acquisitions, which provides that a transaction is notifiable where "the acquisition of part of an undertaking, although not involving the acquisition of a corporate legal entity, involves the acquisition of assets that constitute a business to which a turnover can be attributed, and for the purposes of this paragraph 'assets' includes goodwill". In this case, the transaction involved the acquisition of the Atrium Buildings (two office buildings with large corporate tenants) by the Blackstone Group and the CCPC concluded that the acquisition constituted a notifiable transaction. The new lower financial thresholds introduced by the 2014 Act appear to make it easier for such pure property transactions to be caught by the merger control rules, because the acquisition of property in Ireland with a rent roll in excess of EUR3 million will be notifiable if the combined turnover of the parties in Ireland is EUR50 million or more and the purchaser has turnover in Ireland of at least EUR3 million. M/15/020: Topaz/Esso. The transaction was notified to the European Commission under an Article 4(4) of Regulation (EC) 139/2004 on the control of concentrations between undertakings (Merger Regulation) referral request. The parties requested that the CCPC examine the transaction in its entirety. The CCPC confirmed that it agreed to the proposed referral and the European Commission decided to refer the transaction in its entirety. The transaction was notified to the CCPC on 14 April PROPOSALS FOR REFORM 19. Are there any proposals for reform concerning merger control? There are currently no proposals for reform concerning the Irish merger control regime. Country Q&A ONLINE RESOURCES Competition and Consumer Protection Commission (CCPC) W Description: The official website of the CCPC. THE REGULATORY AUTHORITY Competition and Consumer Protection Commission Mergers Division T F E cormac.keating@ccpc.ie W Outline structure. The CCPC was formed on 31 October 2014 following the amalgamation of the Competition Authority and the National Consumer Agency. The CCPC is led by five members, including the Chairperson. Responsibilities. The CCPC has extensive legal powers and a broad mandate. The CCPC's competition responsibilities include: Bringing anti-competitive behaviour and practices that are harmful to consumers to an end, where necessary via court actions. Examining mergers and acquisitions that fall under the Competition Act to ensure that there is not a substantial lessening of competition in Ireland. Procedure for obtaining documents. The CCPC provides detailed information about completed investigations and court cases, merger decisions and guidance, and competition legislation, market studies and guidance notes.

7 Country Q&A Practical Law Contributor profiles Pat O'Brien, Partner Arthur Cox T F E pat.obrien@arthurcox.com W Richard Ryan, Partner Arthur Cox T E Richard.ryan@arthurcox.com W Professional qualifications. Ireland, Solicitor, 1993 Areas of practice. EU and competition; cartel and anti-trust investigations; abuse of dominance; merger control; state aid; competition litigation. n-professional qualifications. BCL, University College Cork, Ireland, 1987; Diploma in Advanced European Law, College of Europe, Bruges, Belgium, 1988 Recent transactions Advising Irish Cement Ltd in relation to an unannounced inspection (dawn raid) by the CCPC at its premises. Advising a software company in Irish competition law investigation alleging use of its platform for sharing of competitive information. Advising CRH on Irish aspects of EU merger control notification concerning acquisition of disposal assets from Lafarge/Holcim. Advising Roadstone in on-going Irish High Court and Supreme Court competition litigation instigated by Goode Concrete and Framus. Advising Vodafone Ireland on EU merger control involving a joint venture with the Irish electricity incumbent ESB. Advising Centrica on EU merger control involving an acquisition of the supply and generation business of Bord Gais Eireann. Advising Beef Industry Development Society before the High Court of Ireland, the Supreme Court of Ireland and the European Court of Justice in a legal challenge taken by the CCPC of a proposed rationalisation scheme for the beef processing sector in Ireland. Languages. English, some French Professional associations/memberships. Law Society of Ireland, Irish Society for European Law, ABA. Publications EU Competition Law Handbook, Sweet & Maxwell, annual Irish contributor. Public Enforcement of Competition Law, Law Business Research, joint author of the Irish chapter. Professional qualifications. New York, US, 2000; Ireland, Solicitor, 2003 Areas of practice. Competition litigation; EU and Irish merger control; competition aspects of commercial agreements; competition compliance programmes; EU state aid law; regulated industries; sectoral studies by regulators. n-professional qualifications. LLB, Trinity College, Dublin, 1998; Diploma in Applied Finance Law, Law Society of Ireland, 2003; Diploma in Economics for Competition Law, King's College London, 2008 Recent transactions Advising the Department of Finance of Ireland and the National Treasury Management Agency on state aid, competition and merger control issues arising in relation to the support measures taken by Ireland in the banking sector since September 2008 in response to the financial crisis, including the State bank guarantee schemes, the recapitalisations of banks, the establishment of the National Asset Management Agency (NAMA) to acquire and manage impaired assets of banks, bank mergers, the reorganisation of the Irish banking sector and the restructuring of banks. Advising Irish Cement in relation to an unannounced inspection (dawn raid) by the CCPC at its premises. Advising the Central Bank of Ireland on state aid and competition law issues arising in relation to proposals for the reorganisation of the credit union sector in Ireland and on obtaining court orders to transfer credit unions for financial stability purposes. Advising the Minister for Finance in relation to a challenge before the High Court of the EUR2.7 billion recapitalisation of Irish Life & Permanent Group Holdings in July Advising Vodafone Ireland on securing merger control clearance for the establishment with ESB of a joint venture to build and operate a high capacity fibre-to-the-building network to homes and businesses in Ireland. Advising CRH on securing merger control clearance for its acquisitions of Ancon Group (construction accessories), Carson Industries (grade-level enclosures), Halfen (construction accessories), Synotec (construction accessories) and Secil (cement and building materials). Advising Beef Industry Development Society before the High Court of Ireland, the Supreme Court of Ireland and the European Court of Justice in a legal challenge taken by the CCPC of a proposed rationalisation scheme for the beef processing sector in Ireland. Languages. English, some French, Spanish Professional associations/memberships. Law Society of Ireland; Irish Society for European Law; European Lawyers' Union; Institute of European Affairs; American Bar Association. Publications Enhancement of Competition Law Enforcement under the Competition and Consumer Protection Act 2014, Client Briefing, January The EU Directive on Damages Actions for Breaches of Competition Law, Client Briefing, January The New Cartel Immunity Programme, Client Briefing, Collective Actions and Punitive Damages in Ireland, XXVIII European Lawyers' Union General Congress, June The Irish Banking Crisis: A Special Case, XXVII European Lawyers' Union General Congress, June Quarterly reports on competition law developments in Ireland for the European Competition Journal.