The Linklaters Podcast

Global Antitrust Enforcement Index 2024 // Antitrust & Foreign Investment

Global Antitrust Enforcement Index 2024

Global antitrust enforcement has rocketed post-pandemic, with steep rises in investigations, dawn raids and fines in recent years. 

But enforcement priorities have shifted. The last few years have seen considerable changes in the sectors and areas investigated, not to mention how antitrust investigations are conducted. 

Our 2024 publication breaks down the impact of this on companies (including penalty types, the role of leniency and the risk of private enforcement). It distills five key trends, based on the experience of our market-leading practices in Asia, Europe and the US, to help companies protect their business and respond to new risk areas.

To download a copy of the publication, visit our website.

Antitrust & Foreign Investment Legal Outlook 2024 // Antitrust & Foreign Investment

Antitrust & Foreign Investment Legal Outlook 2024 - A broader approach to competition

As 2024 draws near, undercurrents of economic and political pressure will continue to shape - and increase - competition regulation.

In our Antitrust and Foreign Investment Legal Outlook 2024, we explore the key global trends across antitrust enforcement, foreign investment screening, merger control review and more, with practical calls to action for your business to best prepare for the year ahead. You can download a copy, or listen to the audio version on the move.

To download a copy of the guide, visit our website.

Southeast Asia Merger Control Updates // Antitrust & Foreign Investment

Episode 3: Asia Bitesize Antitrust Podcast Series 2023

Six out of ten ASEAN members already have active cross-sector merger control. With mature systems becoming more sophisticated and newer jurisdictions taking shape, it is time to get up to speed with what you should know when investing in the world’s most bustling region. In this episode, Linh Bui from Allens’ Ho Chi Minh City office and our Bangkok partner Sutthipong Koohasaneh join Marcus Pollard in bringing you the latest merger control trends in Southeast Asia. Diving into key antitrust jurisdictions such as Thailand and Vietnam, our experts share their insights on their distinctive characteristics and recent developments, as well as ASEAN’s information-sharing portal for merger reviews that might arrive as soon as this quarter. Come with us on our tour around Southeast Asia.

To watch all episodes in Asia Bitesize Antitrust Podcast 2023, visit our website.

European Union Foreign Investment Operational Practice // Foreign Investment

Episode 6: Global Foreign Investment Podcast Series

Christoph Barth sits down with Damien Levie, who heads up the unit on Technology & Security, FDI Screening in the Directorate-General for Trade at the European Commission, to discuss how the EU FDI Screening Mechanism is working in practice, and prospects for reform. 

Topics covered include:

• The organisational set-up of the EU FDI Screening Mechanism and how it has developed in practice
• Interaction between the European Commission and the Member States
• Process, transparency and duration of reviews
• Potential harmonisation of activities which should / should not be caught by FI regimes
• Possible reforms as a result of the Commission’s current consultation

To listen to all episodes in this series, visit our Linklaters Global Foreign Investment Podcast Series webpage.

The Evolving Investment Canada Act: Practical Tips for Parties and Counsel // Foreign Investment

Episode 5: Global Foreign Investment Podcast Series

Neil Hoolihan sits down with Katherine Burke, Director General of Canada’s Investment Review Branch; and Julie Soloway, Co-chair of the Competition, Antitrust, and Foreign Investment practice at Canadian law firm Blake, Cassels & Graydon; to discuss forthcoming changes to the Investment Canada Act and the practical implications for parties and counsel.

Topics covered include:

• Anticipated changes to the Investment Canada Act
• Transparency of the ICA review process
• Ways parties can help make the process more efficient and effective
• Issues to be considered at the outset of a transaction and addressed in transaction agreements 

Asia Bitesize Antitrust Podcast 2022 // AFIG // Episode 6: Mainland China

Episode 6 – China

Fay Zhou and Arthur Peng discuss with Marcus Pollard about the key amendments made to China’s 14-year-old anti-monopoly law. Zooming into merger control, anti-competitive agreements, and penalties, our experts share their insights into the rationale and implications of the revisions, such as the introductions of a “stop-the-clock” mechanism for merger review, a safe harbour for vertical agreements and personal liability for substantive violations, to name a few. Listen now to stay on top of these exciting developments that transform the country’s competition law landscape and stay ahead of the compliance curve in ever changing times.

Asia Bitesize Antitrust Podcast 2022 // AFIG // Episode 4: Thailand

Episode 4 – Thailand

Conversations on ASEAN continue in this episode, where Marcus Pollard joins our Bangkok team, Sutthipong Koohasaneh and Sonya Kalnin to share their views on the enforcement focus of the Trade Competition Commission of Thailand – zooming into issues in the digital economy and updates on Thai merger control regime. Our experts on the ground share their insights on some distinctive characteristics of the regulator’s enforcement, against the backdrop of the ongoing consultations to enhance the country’s Trade Competition Act. Tune in and stay on top of the developments that keep the TCCT busy as Thailand has emerged as one of the key competition law jurisdictions in Asia.

Asia Bitesize Antitrust Podcast 2022 // AFIG // Episode 3: ASEAN

In this episode, Linh Bui from Allens’ Ho Chi Minh City office and Yolanda Hutapea from our formal association firm in Indonesia, Widyawan & Partners, joins Kathleen Gooi in bringing you an overview of the antitrust developments in the ASEAN region. Zooming into Vietnam, Indonesia, Malaysia and Singapore, our experts share their insights into the common themes antitrust regulators are actively looking at, including the anti-competitive conduct in the livelihood and digital sectors, as well as the notable features and trends of these very diverse merger control regimes. Listen now and get up to speed with the countries’ latest competition law landscape as they emerge as the key antitrust jurisdictions in Asia.

Asia Bitesize Antitrust Podcast 2022 // AFIG // Episode 2: India

In this episode, Sonam Mathur from TT&A shares with Marcus Pollard India’s recent antitrust trends and CCI’s strong enforcement focus in the digital sector which goes beyond big tech’s behavioural conduct and increasingly targets their use of consumer data. Our experts share their insights into the Competition Amendment Bill and how it will substantially modernise India’s competition law regime. Tune in and get up to speed with what you need to know about the exciting developments in India, the world’s most robust emerging market that is becoming investors’ new-found favourite.

Implementing Change at the Committee on Foreign Investment in the United States (CFIUS) // Foreign Investment

Episode 4: Global Foreign Investment Podcast Series

Since 1988, the Committee on Foreign Investment in the United States (CFIUS) has been a leader in conducting national security-focused reviews of inbound foreign investments. In 2018, the scope and process of CFIUS reviews changed dramatically with the enactment of the Foreign Investment Risk Review Modernization Act (FIRRMA), the first change to the law governing CFIUS since 2007.

In the fifth podcast in our series with the leaders implementing foreign investment review processes around the world, Jonathan Gafni, head of Linklaters US Foreign Investment practice in Washington and former member of CFIUS, welcomes Thomas Feddo, founder and principal of Rubicon Advisors. Previously, as Assistant Secretary of the Treasury for Investment Security, Mr. Feddo led CFIUS during its implementation of FIRRMA.

Topics discussed during the podcast include:

• The effectiveness of FIRRMA in meeting CFIUS’s substantive and administrative objectives
• Hurdles encountered during the development of the regulations implementing FIRRMA
• Challenges facing Paul Rosen, Mr. Feddo’s recently confirmed successor as Assistant Secretary for Investment Security
• Proposed U.S. legislation to create a “reverse CFIUS” reviewing national security implications of outbound U.S. investments
• The interplay between sanctions regimes and CFIUS

Insights and top tips for French foreign investment proceedings from the French Ministry for the Economy // Foreign Investment

Episode 4: Global Foreign Investment Podcast Series

In the past decade, the number of sectors subject to foreign investment control in France has consistently increased, along with the severity of sanctions. This has led to a steady growth of cases reviewed by the Ministry for the Economy, with a new record set in 2021.

In the fourth podcast in our series with global FI regulators, Pierre Guillot, partner at our Energies and Infrastructures Group in Paris, welcomes Marie-Anne Lavergne, Head of the Office in charge of Foreign Investments control at the French Treasury Department of the Ministry in charge of the Economy and Clémence Largé, Deputy to the Head of Office, to discuss recent changes, procedural questions and perspectives.

 

Topics covered include:

• Recent developments of the foreign investment regulation
• Interaction with the EU screening mechanism
• Enforcement rules for foreign investment control
• Perspectives on future changes, including possible guidelines

Insights and top tips from the German Ministry of Economic Affairs and Climate Action // Foreign Investment

Episode 3: Global Foreign Investment Podcast Series

In our third podcast Christoph Barth, partner at our Antitrust and Foreign Investment Group in Dusseldorf, welcomes Florentine Kessler-Grobe, Head of Unit for Foreign Investment Screening of the Ministry of Economic Affairs and Climate Action (“MoE”). Together they discuss recent trends, procedural questions and top tips for investors following a record year for German foreign investment control.

Topics covered include:

• Procedural questions and organisation of the MoE’s review process, including the engagement with the EU Screening mechanism
• The likelihood to end-up in an in-depth review and the reasons to open in-depths proceedings
• The interpretation of the newly introduced threshold of atypical control
• The most seen “customers” seen by the MoE in 2021 by industry sector and outlook for 2022
• Top tips from the MoE to navigate through foreign investment cases

Foreign investment control in 2022 // Antitrust & Foreign Investment

Episode 5: Antitrust & Foreign Investment Outlook for 2022

2021 was a record year for FDI developments, with expectations that the current proliferation of regimes will continue at pace over the course of 2022. It is ever more important for parties to prepare thoroughly, including by having a detailed understanding of a target’s activities, and consider deal conditionality very carefully whilst watching out for the impact of politics on deals, particularly in hotly contested regional disputes.

Antitrust enforcement and key issues in 2022 // Antitrust & Foreign Investment

Episode 4: Antitrust & Foreign Investment Outlook for 2022

Competition authorities are slowly adjusting their rules to keep pace with on-line consumer rights, with businesses facing more guidance and consistency in their activities. In 2022 we anticipate agencies will start deciding on policy changes and putting them into practice. However, it’s still unclear how far-reaching (and useful) the changes will be for businesses considering collaborative sustainability initiatives with competitors.

Digital antitrust regulation in 2022 // Antitrust & Foreign Investment

Episode 3: Antitrust & Foreign Investment Outlook for 2022

As the world ‘builds back better’ from the pandemic, there has been a renewed push to ensure that markets function effectively. As a result, the lockdown-induced slowdown in enforcement activity has already come to an abrupt end. The tech sector in particular is under pressure, and it is a truth universally acknowledged that a tech giant must be in want of regulation. So reads the hymn sheet for 2022 for virtually every major antitrust authority, who consider them “largely unconstrained” by competition.

 

Merger control in 2022 // Antitrust & Foreign Investment

Episode 2: Antitrust & Foreign Investment Outlook for 2022

Deal making is facing new uncertainties, as acquisitions that can be perceived as stifling future competition are increasingly called-in for merger review, even in the absence of compulsory notifications. Regulators are reacting to a debate on alleged “underenforcement” – in particular, those known as ‘killer acquisitions’. In jurisdictions with a mandatory turnover threshold regime, residual call-in rights are seen as part of the solution to bridge the enforcement gap.

Outlook for 2022 // Antitrust & Foreign Investment

Epsiode 1: Antitrust & Foreign Investment Outlook for 2022

Listen to our Outlook for 2022 podcast, in which partners from across the globe discuss the most important developments and issues we expect to see in 2022. From key trends in merger control and antitrust enforcement to upcoming rule changes for tech businesses, sustainability initiatives and online sales, our expert team share their insights and predictions on some of the main challenges facing your business in 2022.

A deep dive into BEIS and the new UK NSI Act // Foreign Investment

Episode 1: Global Foreign Investment Podcast Series

Our first podcast features Nicole Kar, Head of London & Dublin Antitrust & Foreign Investment Group, alongside Chris Blairs, Deputy Director, and Andy Ormerod-Cloke, Head of Policy at the new Investment Security Unit (ISU), BEIS. Together they discuss the operational aspects of the ISU and filings from 4 January once the NSIA takes effect. Topics covered include:

• a deep-dive into the Investment Security Unit – the operational unit within BEIS that will be the front office in handling notifications and call ins under the NSI Act
• the practicalities of filing and how the system will operate to ensure advisors and investors are ready to go from day 1
• remedies and mitigation for ‘problem’ deals
• nuances for e.g. funds that would affect their filings