The detection and punishment of illegal cartels are at the top of the European Commission's enforcement agenda. In 2001, the Commission meted out record fines in cartel cases totaling $ 1.6 billion, eclipsing the U.S. single-year record of $ 1.1 billion. Historically, the Commission's fabled « dawn raids » have been the most effective means at its disposal to uncover illegal activity. More recently, however, the Commission's leniency policy — which provides an incentive for participants to blow the whistle on cartel activities — has become an increasingly important tool in its enforcement arsenal. In February, the Commission amended its 1996 Notice on the Non-Imposition of Fines in Cartel Cases [1] to provide an even greater incentive for cartel members to break ranks. The new Notice
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The European Commission adopts a new Leniency Notice
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