The EU General Court annuls a decision due to the Commission’s failure to sufficiently explain the methodology relied upon in calculating the fine (HSBC)

Euro interest rate derivatives cartel case On 24 September 2019, the General Court issued a judgment on an appeal lodged by HSBC against the European Commission’s (the “Commission”) decision fining HSBC € 33.6 million for its involvement in the Euro Interest Rate Derivatives cartel case (Case T-105/17, HSBC v. Commission). In its judgment, the General Court upheld the Commission’s finding that HSBC had participated in a single and continuous infringement with the object of distorting the normal course of pricing on the market for Euro interest rate derivatives. In particular, the General Court concluded that the manipulation of Euribor, in which HSBC participated on 19 March 2019, was an infringement by object. However, the General Court found that the Commission had not established that

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  • Van Bael & Bellis (Brussels)

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Richard Burton, The EU General Court annuls a decision due to the Commission’s failure to sufficiently explain the methodology relied upon in calculating the fine (HSBC), 24 September 2019, e-Competitions Bulletin September 2019, Art. N° 92151

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