Applicable law


Institution Definition

Applicable Law means any and all laws, ordinances, constitutions, regulations, statutes, treaties, rules, codes, licenses, certificates, franchises, permits, principles of common law, requirements and Orders adopted, enacted, implemented, promulgated, issued, entered or deemed applicable by or under the authority of any Governmental Body having jurisdiction over a specified Person or any of such Person’s properties or assets. © Law insider

The Treaty on the Functioning of the European Union (TFEU) includes rules to ensure that competition within the EU is not restricted or distorted inter alia by cartels or anti-competitive agreements, abuses of market power, certain mergers and acquisitions or unfair State aid. These European competition rules have the force of law throughout the European Economic Area (EEA). They are enforced by the European Commission and, in certain circumstances, by the Member States’ national competition authorities (NCAs). The countries in the EEA each also have their own domestic competition rules that tend to be modelled on the EU rules. The EU’s general antitrust rules are set out at Articles 101 and 102 TFEU. Article 101 prohibits any agreement or concerted practice – formal or informal, written or unwritten – that is made between two or more “undertakings” (independent businesses) that may affect trade between Member States and that has the object or effect of preventing, restricting or distorting competition. Article 102 makes it illegal for dominant companies to abuse their market power in a way that may affect trade between Member States. Agreements caught by the Article 101 or 102 prohibitions are unenforceable and expose the parties to third party actions for damages in national courts within the EEA. In addition, the European Commission and NCAs can investigate and they may impose substantial fines for serious breaches (of up to 10% of worldwide group turnover). These European competition rules apply even to conduct or agreements entered into outside the EEA if they have effects within the EEA (the “effects doctrine”). The EU Merger Regulation complements Articles 101 and 102 by allowing the European Commission to control certain “concentrations” (mergers, acquisitions and joint ventures) involving companies operating in Europe. Where a merger is not subject to notification under the Merger Regulation, national merger control regimes may instead be applicable at the Member State level. © Slaughter and May

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