In Short The Background: The European Commission ("Commission") recently unveiled long-awaited draft revisions to its Vertical Block Exemption Regulation ("VBER") and Vertical Guidelines. The VBER includes safe harbors that exempt some agreements in the vertical supply chain from antitrust challenges. To qualify, neither party's market share can exceed 30% and the agreement may not contain a so-called "hardcore restriction." The Development: Following a long evaluation, the drafts reveal, for the first time, the Commission's specific changes. The current VBER expires in May 2022. The revisions are aimed at adapting the current rules, adopted in 2010, to marketplace developments, including the growth of e-commerce and online platforms and recent EU case law. Looking Ahead: If

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