European Competition Law Compliance
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1 European Competition Law Compliance Intertanko / Istanbul Tanker Event 2008 Matthew Levitt Angus Coulter 21 April 2008
2 Overview The new regime Compliance Commission Guidelines Pools and case study Conclusion 2
3 The new regime Regulation 1419/2006 of 28 September 2006 Repeals the exclusion for tramp shipping and cabotage Immediate (18 October 2006) exposure to direct application of EC competition law and investigation and enforcement powers Commission Guidelines still to be finalised 3
4 Compliance in the new regime What is at stake and who is at risk? The basic rules Classic infringements What is collusion? What is an agreement? Precautionary measures for meetings with competitors Dawn raid training Compliance manuals and training 4
5 Compliance: what is at stake? Fines Civil damages Criminal liability Extradition Disqualification of directors Reputational damage Share price Relations with customers Management time and distraction Legal fees 5
6 Compliance: who is at risk? Carriers Within a pool context: pool managers pool members Parent companies 6
7 Ten largest anti-trust fines imposed by the European Commission Euro millions Microsoft, 2008, 899m 2 Microsoft, 2004, 497m 3 ThyssenKrupp, 2007, 480m 4 Hoffmann-La Roche, 2001, 462m 5 Siemens, 2007, 397m 6 Microsoft, 2006, 280.5m 7 Eni, 2006, 272m Updated: 27 February 2008 Fine levels shown include any adjustments made on appeal 8 Lafarge, 2002, 250m 9 BASF AG, 2001, 237m 10 Otis, 2007, 225m 7
8 The basic competition rules Article 81(1) EC prohibits restrictive agreements and concerted practices, eg: discussing or fixing rates agreeing levels of capacity and utilisation rationalisation of capacity allocating customers or regions exchanging confidential information Article 82 EC prohibits the abuse of a dominant positions, eg: predatory pricing discrimination tying 8
9 Article 81 Safe Harbour (I) Agreement or concerted practice between actual or potential competitors? Must be an "appreciable" restriction of competition, ie hardcore restrictions or exceeding 10% market share Market definition product market geographical market 9
10 Oil/gas shipping markets Oil and gas tankers probably separate from containerised shipping, chemical tankers and pipelines CoA, T/C, broker services part of same market Division by vessel capacity (eg VLCC, Aframax) possible due to port restrictions, canal capabilities, costs unless: all sizes compete on spot market for all shipments regardless of cargo quantity and competitive pressure between all vessel sizes Geographical scope may be broad 10
11 Article 81 Safe Harbour (II) Caught by Article 81(1) but possibly exempted under Article 81(3) if resulting benefits outweigh the restrictive effects Block exemptions: Consortia (<35% market share): Exempts pools but not price fixing, limited to liner consortia (extension?) Specialisation agreements (<20% market share): Exempts joint production and may exempt price fixing Individual exemption: Self-assessment Hurdle of indispensability 11
12 Collusion with competitors Every meeting and telephone call with a competitor may raise suspicion Discussion of competitive matters is presumed illegal, such as: prices, charges, surcharges, discounts and rebates other terms and conditions of sale relations with particular customers or suppliers planned service launches and service characteristics 12
13 Unlawful agreements Need not be in writing Need not be legally binding No such thing as "off the record" discussions A simple question followed by a response can be an "agreement" 13
14 Best practice - meetings Do not go to meetings with competitors without a clear agenda if necessary check that the agenda items are lawful do not discuss "off agenda" items Be sure you can account for your time before and after the meeting If illegal matters are raised: protest leave the meeting or end the telephone call report the matter to the compliance team 14
15 Best practice written documents All written records and communications, internal and external, should always be as clear as possible to avoid any misunderstandings This applies to drafts, notes, minutes, marginal annotations, diary entries, electronic documents etc, as well as to final documents 15
16 Best practice industry events Authorities can be suspicious of trade associations and their meetings Exercise same caution at such events as in purely commercial contacts 16
17 Dawn raids Dawn raids on any business premises, vehicles and private homes in the EEA The inspectors must identify the nature of the alleged infringement they are investigating and must stay within this scope Electronic documents Limitation: No access to documents which are legally privileged or outside the scope of the investigation 17
18 Dawn raids - three golden rules Keep a copy of all documents copied by the inspectors Each inspector must be accompanied at all times Keep a written record of all questions and answers 18
19 Dawn raid training Dawn raid training is not an admission of guilt Preparation is key File audits and mock dawn raids Everyone from reception and security staff, IT specialists to the CEO needs to be familiar with the procedures applicable to them 19
20
21 Compliance teams, compliance manuals and training Identify compliance officers Establish a compliance programme Compliance manuals: accessible, practical, nontechnical Compliance training: Regular refreshers Training seminars Internet based training Employee obligations 21
22 Commission Guidelines on Maritime Transport Guidelines published in draft September 2007 Finalised Commission Guidelines due by no later than 18 October
23 What will the Guidelines cover? General issues on maritime transport effect on trade within the EEA market definition calculation of market share Agreement between competitors technical agreements liner shipping information exchanges pool agreements in tramp shipping 23
24 CASE STUDY the pool Three carriers want to pool all of their Panamax oil tankers. Each will continue to operate larger oil tankers outside the pool, as well as various product tankers. The carriers would like the pool vessels to be managed by a pool management company under the control of the three carriers and profits to be distributed on a traditional pool points basis. Can the carriers set up this pool under the current law? 24
25 CASE STUDY self assessment Assessment based on: Commission Guidelines general EC competition law Self assessment is the norm 25
26 CASE STUDY basic facts to gather Who is involved? What are the parties' activities? inside the pool outside the pool 26
27 CASE STUDY EU jurisdiction? Must have effect on trade between EU Member States Test easily met Guidelines: any vessel calling at any EU port may meet this test 27
28 CASE STUDY product market Which market(s) are involved? Guidelines on demand side factors start with main terms of individual transport request, eg cargo, volume, ports division by vessel size possible Guidelines on supply side factors start with physical and technical conditions of cargo and vessel type can vessels be adapted? 28
29 CASE STUDY geographic market What geographic market(s) are involved? Guidelines: starting points are ports or regions of loading/discharging consider repositioning, ballast voyages etc 29
30 CASE STUDY market shares Need to consider most likely and worst case Guideline examples: number of voyages volume or value share of cargo type share of time charter contracts share of capacity Particular issue tankers: self supply by oil companies Consider markets other than pool market 30
31 CASE STUDY Assessment 1 The pool may fall safely outside Article 81(1) because: participants are not actual or potential competitors this includes pools where participants could not provide the pool service alone but this may be construed narrowly pool is of minor importance (below 10% market share and no "hardcore" restrictions) 31
32 CASE STUDY Assessment 2 Pool agreements involving joint selling will be caught by Article 81(1) Hard to see how any pool could not include joint selling and price setting 32
33 CASE STUDY Assessment 3 If a pool does not involve joint selling, it may or may not be caught by Article 81(1), based on analysis of its effects on competition Guidelines on the market: market share of participants, pool market and related markets overall market structure, eg competitors, barriers to entry, membership of other pools Guidelines on the pool rules restrictions on activities outside pool information exchanges links to other pools 33
34 CASE STUDY Assessment 4 If Article 81(1) does apply, are the Article 81(3) exemption criteria met? All four tests must be met for exemption: does the pool achieve efficiency benefits? are these shared with customers and consumers? are the restrictions of competition indispensible to achieving these benefits? check that the pool does not allow elimination of competition Little help from Guidelines 34
35 CASE STUDY What might be needed next? Changes to documentation Limiting activities, eg: keeping market share low not becoming involved in concentrated markets breaking links between pools Approach to Commission for guidance Restructuring of the pool 35
36 CASE STUDY Two forms of restructuring Full function joint venture a full function joint venture is one which performs on a lasting basis all the functions of an autonomous economic entity requires independent management and arm's length relationship between manager and owners may require merger clearance myths about joint ventures Consortia-type arrangement no price fixing (rates and charges) restrictions on length of termination provisions joint bidding at customer s request may be possible 36
37 Conclusion: The need for realism Guidelines will not provide all of the answers The Commission is a political body (not a court) The Commission is likely to launch investigations to establish limits of law in this area 37
38 Conclusion: What should tanker operators be doing now? Competition law compliance compliance training review of agreements and relationships with competitors, particularly pools Consider broader commercial impact will these legal changes affect current business models? are individual carriers equipped to face a more competitive environment? 38
39 European Competition Law Compliance Intertanko / Istanbul Tanker Event 2008 Matthew Levitt matthew.levitt@lovells.com Angus Coulter angus.coulter@lovells.com Telephone: +32(0) April 2008
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