August 2007

Anticompetitive practices

 The Chinese National People’s Congress adopts its first antimonopoly law
Pillsbury Winthrop Shaw Pittman (Beijing)
China 3 contributions 378 visits
,
Paul Hastings (Beijing)
Chine 1 contribution 114 visites
On August 30, the Standing Committee of the National People’s Congress adopted the Antimonopoly Law of the People’s Republic of China (the “AML”) after 13 years of drafting and deliberation and much anticipation by companies active in the Chinese market or competing against Chinese producers. (...)

A Hungarian Appeal Court upholds the NCA decision fining EUR 28 M construction companies in several public procurement procedures for motorway-construction (Betonút / Debmút / Egút / Hídépítő / Strabag)
Bassola (Budapest)
Hongrie 7 contributions 29373 visites
Facts of the case July, August 2002: the National Motorway Co Ltd (NM) issues invitations to motorway construction works February 2003: ex-officio proceedings of the GVH commenced in order to establish whether the construction companies committed collusive bidding September and October 2003: (...)

The Court of Appeal of Pau declares void a commissioning agreement containing a mutual exclusivity obligation on the basis of Art. 81 EC (Prim’Co)
Juliette Goyer Avocat (Paris)
France 22 contributions 61930 visites
,
Autorité de la concurrence (Paris)
France 10 contributions 45005 visites
In a case dated 28 August 2007, the Court of Appeal of the city of Pau confirmed a judgment by the Tribunal de Grande Instance of Mont de Marsan in which the first judge annulled a Commissioning contract for violation of Article L. 420-1 of the French Commercial Code, the French equivalent of (...)

The Belgian Competition Authority holds unlawful minimum tariffs imposed to members of a professional association on both national and EU provisions but without imposing any fine (Veterinaries Association)
Liège University
France 39 contributions 157985 visites
,
Cîme (Brussels)
Belgique 1 contribution 8322 visites
The Veterinarians’ Association (“VA”) is a professional order which represents all the veterinarians established in Belgium. Its primary task is to establish a code of conduct (“the code of conduct”) which regulates various aspects of the veterinarian profession in Belgium. It also holds (...)

The Higher Regional Court of Düsseldorf specifies the criteria for concluding non-competition clauses to the detriment of minority shareholders (AnzeigenblattGU)
Gleiss Lutz (Munich)
Allemagne 28 contributions 48935 visites
,
Milbank (Munich)
Allemagne 28 contributions 48935 visites
In three cases dated 15 August 2007 and 26 June 2008 the German Higher Regional Court of Düsseldorf decided on the compatibility with competition law of non-competition clauses to the detriment of minority shareholders. In two of the cases, appeals against denial of leave to appeal are pending (...)

The German Competition Authority prohibits insurance cartel for pecuniary loss liability risks of auditors and chartered accountants (Versicherungsstelle Wiesbaden)
Norton Rose Fulbright (Hamburg)
Allemagne 3 contributions 19275 visites
In a decision dated 10 August 2007, the German Federal Cartel Office (FCO) prohibited four of the major German insurance companies from continuing to insure the pecuniary loss liability risks of auditors and chartered accountants jointly via a joint insurance pool (with an exemption for (...)

The Bulgarian Supreme Administrative Court quashes an NCA decision penalising agreements thwarting parallel imports of premium branded beverages (Diageo Brands)
Dessislava Fessenko (unknown)
Royaume-Uni 32 contributions 85862 visites
The first two sections of the article are derived from another article by the same author concerning the NCA decision in the case ; see Dessislava Fessenko, The Bulgarian Commission for Protection of Competition fined foreign-based suppliers for thwarting parallel imports of premium branded (...)

The German Competition Authority holds that risk pooling by insurance companies for insuring liability risks of auditing firms violates Art. 81 EC but excludes insurance for "Big 4" (Allianz - Axa - R+V - Ergo)
CRA International (London)
Royaume-Uni 4 contributions 18929 visites
Summary Four large insurance companies active in the German market (Allianz, Axa, R+V and Ergo) had operated a joint venture for the purpose of insuring liability risks of auditing firms. The joint venture goes back to a state sponsored company founded in the 1930s, which the members of the (...)

The Czech Competition Authority terminates proceedings on alleged anticompetitive non-compete provision without imposing any fine (CS Sport / Tipsport)
Wolf Theiss (Prague)
République tchèque 33 contributions 109721 visites
,
Czech Ministry of Justice (Prague)
République tchèque 30 contributions 80714 visites
On 8 August 2007, the Czech Office for the Protection of Competition terminated the proceedings in the Tipsport case, initiated in 2006, without adopting a final verdict. The case concerned an agreement entered into by Tipsport, a major Czech betting company, and Ceskoslovensky Sport (CS (...)

The Italian Competition Authority fines four ostomy device manufacturers for alleged bid rigging (Gare per la fornitura di dispositivi per stomia)
Ashurst (Brussels)
France 45 contributions 45495 visits
,
Legance - Studio Legale (Rome)
Italie 21 contributions 31046 visites
,
Alcon (Milan)
Italie 10 contributions 8167 visites
…
Introduction On 3 August 2007, the Italian Competition Authority (ICA) adopted a decision fining four ostomy device manufacturers for an alleged bid rigging. The decision is interesting as it shows the difficulty that pharmaceutical companies face when participating in a tender procedure. In (...)

The Italian Competition Authority enforces unfair commercial practice rules
BonelliErede (Rome)
Italie 41 contributions 53817 visites
Since Legislative Decree 146/2007 ("LD 146/2007") came into force last year, the Italian Competition Authority (the "ICA" or "AGCM") has mainly focused on promoting consumer welfare in terms of better prices, choice, quality, affordability, and safety, by enforcing the new rules on unfair (...)

The UK Competition Authority imposes its highest ever fine and applies leniency in the course of civil and criminal law proceedings (British Airways)
Sanoma (Helsinki)
Finlande 6 contributions 26882 visites
,
Clayton Utz (Sydney)
Australie 4 contributions 13968 visites
The United Kingdom’s Office of Fair Trading (OFT) recently confirmed that it had been investigating price coordination between British Airways plc (BA) and Virgin Atlantic plc (Virgin) in relation to long haul passenger and cargo businesses and flights to and from the UK. The OFT investigated (...)

Unilateral Practices

 The Hungarian Competition Authority’s first investigation based on the Hungarian Trade Act ends with undertakings imposed in the large retail distribution sector without final decision on alleged abuse of dominant position (Tesco)
Hogan Lovells (Budapest)
Hongrie 9 contributions 40677 visites
,
1 contribution 4882 visites
The Hungarian Competition Authority (“HCA”) ordered Tesco to give undertakings in the first proceedings based on the Hungarian Trade Act without concluding whether or not there had been an infringement of the prohibition of abuse of dominant position. Summary In July 2006, the Hungarian (...)

The Italian Competition Authority closes investigation on the conclusion of new electricity supply contracts by imposing remedies on the incumbent operator (Enel)
Municipality of Cagliari
158 contributions 131062 visits
The factual background On 18 October 2007 the Italian Competition Authority (AGCM) closed investigations on the Enel Distribuzione (ED) policy for the conclusion of new electricity supply contracts after ED committed to conform the above policy to competition rules. The market concerned is (...)

The Italian Competition Authority accepts commitments from the main mobile phone operators following investigations on alleged abuse of joint dominant position (Vodafone / TIM / Wind)
Studio Legale DDPV (Rome)
Italie 12 contributions 66771 visites
The Italian antitrust Authority closed an investigation against the main mobile phone operators in Italy (Telecom Italia Mobile SpA , Vodafone Omnitel and Wind) for an alleged abuse of their joint dominant position in the markets of telecommunication services in Italy. In particular, the (...)

The Italian Competition Authority accepts for the first time commitments but also imposes fines in the same case (Vodafone / TIM / Wind)
Herbert Smith Freehills (Milan)
Italie 7 contributions 29638 visites
,
Linklaters (Milan)
Italie 2 contributions 23861 visites
On 3 August 2007, the Italian Antitrust Authority ("IAA") closed proceedings initiated against three telecom companies (Tim, Vodafone and Wind) with a decision which affirmed important principles in Italian procedural competition law. There is, however, room for debate as to whether the (...)

The Bulgarian Competition Authority revisits the practices on the market for granulated slag, this time under the angle of abuse of dominance (Kremikovtzi)
US Federal Trade Commission (FTC) (Washington)
États-Unis 10 contributions 40011 visites
Commission for the Protection of Competition, 2 August 2007, Decision n° 628, Kremikovtzi (MSWord Doc.) In July 2006, the Bulgarian Commission for the Protection of Competition (CPC) prohibited a de facto exclusive agreement between Cemeco OOD (Cemeco), a cement producer, and the steel plant (...)

Mergers

 The French Minister of Economics cleared a merger in the sector of home equipment with remedies, including divestiture (CAFOM/FINCAR)
Paris Dauphine University
France 22 contributions 55842 visites
The operation By a letter dated 31 August 2007, the French Minister of Economy, Finance, and Employment following the French Competition Council’s opinion dated 16 June 2007, authorised the acquisition of the supply department of Financière Caraïbe (“FINCAR”) by Central d’Achat France Outre Mer (...)

The Spanish Court for the Defence of Competition proposes the clearance, with certain conditions, of a merger in the maritime transport sector (Balearia / Buquebus)
Herbert Smith Freehills (Madrid)
Espagne 22 contributions 31512 visites
The Court for the Defence of Competition has proposed the Government not to oppose a merger between two companies that provide fast-ferry services between the South of Spain and the North of Africa, including the Spanish city of Ceuta. This transaction consists in the acquisition of Buquebus, (...)

The Chinese MOFCOM issues rules regarding simple transactions to meet merger thresholds
Norton Rose Fulbright (Brussels)
Royaume-Uni 26 contributions 22453 visites
,
Covington & Burling (Washington)
United States 21 contributions 1587 visits
,
Covington & Burling (Washington)
France 20 contributions 1444 visites
…
China’s Anti-Monopoly Law (“AML”) has required review and approval of proposed transactions that meet the AML’s filing thresholds by the Ministry of Commerce (“MOFCOM”) since August 2008. MOFCOM has publicly acknowledged that its merger review process under the AML often results in delayed (...)

The Romanian Competition Council, after having rejected first remedies proposed, cleared in phase II a foreign to foreign merger with remedies similar to those accepted by the EC Commission (Kronospan-Constantia)
Fruth Oprisan (Bucharest)
Roumanie 6 contributions 14675 visites
The operation At the international level, the economic concentration took place by acquisition of sole control over some assets of the Group CONSTANTIA INDUSTRIES AG by the company KRONOSPAN HOLDING GmbH. Both the acquiring and the acquired undertakings achieve a certain turnover in Romania . (...)

The Turkish Competition Authority clears a merger in the chewing gum market subject to divestiture and limitation of the duration of the confidentiality obligation (Greencastle / Intergum)
Esin (Istanbul)
Turquie 51 contributions 94146 visites
The operation Greencastle is a wholly owned subsidiary of Cadbury Schweppes which is London based public company. Cadbury Schweppes is active in the business of production and marketing of confectionery and beverages. At the time of the notification, Cadbury was active in the Turkish (...)

The Turkish Competition Authority clears a merger in the chewing-gum market conditional on the transfer of a brand license and appoints a trustee (Greencastle / Intergum)
Karia Bodrum Group (Mugla)
Turquie 5 contributions 16617 visites
,
Derman Düren Akol (Istanbul)
Turquie 5 contributions 12466 visites
Greencastle Drinks Limited (“Greencastle Drinks”) applied on June 8, 2007 to the Turkish Competition Board (the “Board”) for obtaining the approval of the latter regarding the transfer of 100% of the shares in (i) Intergum Gida San. ve Tic. A.S . (“Intergum Gida”), (ii) Dandy Sakiz ve Sekerleme (...)

The Brussels Court of Appeal grants a stay of execution of a Competition Council decision to withdraw merger remedies (Kinepolis)
KBC Bank & Verzekering (Brussels)
Belgique 3 contributions 10552 visites
Background information In 1997, the Kinepolis Group was set up in a merger between Groep Bert and Groep Claeys to be active both as cinema operator and to a lesser extent as film distributor. Through the merger the Kinepolis Group would become the dominant player in cinema in Belgium facing (...)

The Brussels Court of appeal invalidates a decision by the Belgian Competition Council to lift the restrictions imposed on a cinema chain merger, and inter alia prohibition of exclusivity/priority clause (Kinepolis)
Autorité de la concurrence (Paris)
France 10 contributions 24175 visites
,
Oxera (Brussels)
Belgique 5 contributions 18778 visites
Introduction On the 23rd of August 2007, the Brussels Court of Appeal accepted the request of UGC, Utopolis and FCB to revoke a decision by the Belgian Competition Council concerning the cinema chain Kinepolis. This latter decision lifted the restrictions imposed on Kinepolis in 1997 when the (...)

The Italian Competition Authority clears a merger between stock exchange markets without imposing conditions (London Stock Exchange/Borsa Italiana)
European University Institute (Florence)
Italie 17 contributions 53145 visites
Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato, ’“AGCM”), 22 August 2007, London Stock Exchange/Borsa Italiana, Case C8699, Provvedimento n° 17132, Bollettino n° 30/2007 On 22 August 2007, the Italian Competition Authority authorised the acquisition of the control of (...)

The EU Commission clears a merger between two US providers of electronic travel distribution services (GDS) (Travelport / Worldspan)
European Commission - DG COMP (Brussels)
Belgique 1 contribution 399 visites
"Bargaining and two-sided markets: the case of Global Distribution Systems (GDS) in Travelport’s acquisition of Worldspan"* As emphasised in a series of recent articles, the two- (or multi-)sided nature of a market should explicitly be considered in evaluating the existence and magnitude of (...)

The EU Commission clears a merger in the electronic travel distribution services through a global distribution system (GDS) (Travelport / Worldspan)
JG Associates (Brussels)
193 contributions 62746 visites
,
European Commission - DG COMP (Brussels)
Belgique 148 contributions 49493 visites
Article originally published in DG Competition’s Competition Policy Newsletter, as Competition Policy Newsletter 2007-3, p. 57 (click here), under the title "Mergers: Main developments between 1 May and 31 August 2007". Please note that all articles published in the CPN are subject to a (...)

The Dutch Competition Authority clears merger after having serious doubts in first phase decision (Aalsmeer flower auction / FloraHolland)
Netherlands Authority for Consumers & Markets- ACM (The Hague)
Pays-Bas 10 contributions 3413 visites
,
13 contributions 3936 visites
1. Introduction On 21 August 2007, the Dutch Competition Authority (Nederlandse Mededingingsautoriteit,hereinafter "NMa") cleared a merger between Coöperatie Bloemenveiling Aalsmeer U.A. ("Bloemenveiling Aalsmeer") and Coöperatieve Bloemenveiling FloraHolland U.A. ("FloraHolland"). Both (...)

The European Commission refers the examination of a proposed acquisition in the satellite communications services to the UK OFT (Apax Partners /Telenor Satellite)
JG Associates (Brussels)
193 contributions 62746 visites
,
European Commission - DG COMP (Brussels)
Belgique 148 contributions 49493 visites
"Merger control: Main developments between 1 May and 31 August 2007"* In May the UK Office of Fair Trading (OFT) formally requested the Commission, pursuant to Article 22 of the Merger Regulation, to examine the proposed acquisition of Norwegian Telenor Satellite Services, a company providing (...)

The Dutch Competition Authority clears an acquisition of a radio while reviewing exclusive broadcasting rights (Radio 538 / Talpa / RTL)
NautaDutilh (Amsterdam)
Pays-Bas 1 contribution 3287 visites
The Dutch Competition Authority (NMa) cleared on 13 August 2007 the proposed acquisition because it concluded that the transaction will not result in the creation or strengthening of a dominant position. The transaction entailed the creation of a new entity ‘Newco’ by RTL NL . Talpa would (...)

The German Higher Regional Court of Düsseldorf specifies the requirements and the procedure for granting an exemption to the merger non-consummation rule before Competition Authority clearance (Phonak / GN ReSound)
Daimler (Brussels)
Belgique 4 contributions 13421 visites
Facts of the case A Swiss undertaking and a Danish one, both producing technology for hearing aids, intended to merge, and notified the concentration to the German competition authority, the Federal Cartel Office (FCO), due to the facts that the participating undertakings reached the turnover (...)

The Dutch Competition Authority sets out a brisk pace in the mental healthcare sector (AMC De Meren - Jellinek Mentrum)
Netherlands Authority for Consumers & Markets- ACM (The Hague)
Pays-Bas 15 contributions 46973 visites
Healthcare providers, such as general practitioners, pharmacists, physiotherapists, providers of exceptional medical care under the Exceptional Medical Expenses Act, hospitals and convalescent centres are undertakings. The same applies to suppliers of medical aids, pharmaceutical wholesalers (...)

The EU Commission clears, subject to divestiture, a merger in the components manufacturing industry (Luvata / Eco)
JG Associates (Brussels)
193 contributions 62746 visites
,
European Commission - DG COMP (Brussels)
Belgique 148 contributions 49493 visites
Merger control: Main developments between 1 May and 31 August 2007* On 3 August the Commission approved the proposed acquisition of the Italian company Eco by the Finnish group Luvata. The Commission’s decision was conditional upon the divestiture of one of Luvata‘s plants in Europe. Luvata is (...)

The French Minister of Economy reviews the risk of coordinated effects and grants second-phase clearance to a concentration in the press sector, following the annulment by the Supreme Administrative Court of a previous authorisation decision that failed to find joint control (L’Est Républicain / BFCM / Socpresse)
Jules Verne University of Picardie (Amiens)
France 3 contributions 6540 visites
Letter of the Minister of Economy of 28 August 2007 authorising a concentration in the publishing sector - BFCM / L’ Est Républicain / EBRA / Delaroche, C2007-27 (Lettre du ministre de l’économie, des finances et de l’emploi du 28 août 2007, au conseil de la BFCM et de L’ Est Républicain, relative à (...)

The French Minister of Economy grants clearance to a merger in the markets for milk collection and milk supply (Orlait / Comalait)
Darrois Villey Maillot Brochier (Paris)
France 23 contributions 92164 visites
,
Viguié Schmidt & Associés (Paris)
France 4 contributions 26755 visites
In its decision dated 2 August 2007, the French Minister granted clearance of Orlait’s acquisition of direct sole control of Comalait and indirect sole control of all Comalait’s subsidiaries. Orlait is active in the sectors of long-keeping milk trading and supply, and of long-keeping cream (...)

The Spanish Competition Authority cleared in phase II with remedies a merger in the maritime freight and passenger transport sector, after review and acceptance of the remedies by the Council of Ministries (Balearia / Buquebus)
PwC (Madrid)
Espagne 24 contributions 53292 visites
The operation The merger involved the acquisition of 100% of Buquebus shares by Gestión Naviera, the parent company of Balearia. The transaction agreement contained a non-compete clause, which committed the selling party not to compete with the merged company in the market for freight and (...)

State Aid

 The Danish Competition Authority orders municipalities to re-calculate and adjust the settlement prices in relation to municipal services (Fritvalgspriser på ældreområdet)
Honoré, Fallesen & Andersen - HFA Law (Copenhagen)
Danemark 31 contributions 36605 visites
Factual Background The Danish Competition Authority (DCA) has received a number of complaints from private companies which provide eldercare services to the Danish municipalities. The complaints concern in particular the fact that the prices paid by the municipalities (the “settlement prices”) (...)

The Romanian Competition Authority approves a regional State aid scheme aimed to support environmentally friendly investments
European Security Transport Association (ESTA)
Belgique 4 contributions 19309 visites
The Romanian Competition Council (the “Council”) has approved an investment scheme targeted at granting regional state aids for the promotion of clean, environmental friendly, technologies and for the production of energy using renewable resources. The Council has informed the European Commission (...)

The Dutch District Court holds that the reimbursement of stranded costs qualified by the EU Commission as State Aid is included in the scope of an earlier positive Commission decision (Demkolec)
Adyen (Amsterdam)
Pays-Bas 17 contributions 39962 visites
Factual Background In 1989, four electricity producers decided to collaborate on a demonstration project for coal gasification. The company incorporated to implement the project was named Demkolec and was a subsidiary of N.V. SEP (SEP), which was jointly owned by the collaborating electricity (...)

Procedures

 The Austrian Cartel Court opposes to damages action ruling that an application seeking a declaratory judgement on a past infringement lack legitimate interest (MGE-RB Parndorf)
Salzburg University
Autriche 8 contributions 23709 visites
On 31 August, 2007, the Austrian Cartel Court rejected an application seeking a declaratory judgement on a past infringement of Austrian and EC provisions on the grounds that the applicants failed to prove a legitimate interest. Background MGE-RB Parndorf GmbH (“MGE-RB”) operates a factory (...)

An Austrian Court awards for the first time damages to the customers of cartel members ("Driving schools cartel")
Becker Günther Polster
Autriche 8 contributions 29257 visites
,
OBB (Vienna)
Autriche 5 contributions 17625 visites
Regional Civil Court of Graz as Appellate Court, 17 August 2007, Case n° 17 R 91/07p, "Grazer Fahrschulen", not yet published Background For several years the Austrian Federal Chamber of Workers and Employees ("AK") has closely monitored prices of driving schools in different regions of (...)

A Portuguese Court of Commerce declares as partially extinct the infringement procedure against owner of a television channel and cable television operator which gave rise to the imposition of a € 3 M fine (PT Multimédia, CATVP and SIC)
Huawei Technologies (Lisbon)
Portugal 5 contributions 4368 visites
On 10 August 2007, the Lisbon Court of Commerce (Court) declared as partially extinct the infringement procedure regarding SIC (owner of a Portuguese private television channel), PT Multimédia and TV Cabo (cable television operator) within the appeal of the decision issued by the Portuguese (...)

A Portuguese Court of Commerce declares as partially extinct the infringement procedure against owner of a television channel and cable television operator which gave rise to the imposition of a € 3 M fine (PT Multimédia, CATVP and SIC)
Huawei Technologies (Lisbon)
Portugal 5 contributions 4368 visites
On 10 August 2007, the Lisbon Court of Commerce (Court) declared as partially extinct the infringement procedure regarding SIC (owner of a Portuguese private television channel), PT Multimédia and TV Cabo (cable television operator) within the appeal of the decision issued by the Portuguese (...)

The Higher Regional Court of Thuringia analyses Art. 81 EC and § 1 of the German Act against Restraints of Competition as part of the public order with respect to the enforcement of foreign arbitral awards (Schott)
Eberhard Karls University of Tübingen
Allemagne 14 contributions 41965 visites
I. Preliminary remarks and facts of the case The field of civil antitrust litigation is much debated about with respect to the enforcement of national and European competition laws before the German courts. Yet also important and even more complex in some way is the question how and to what (...)

The UK Office of Fair Trading inflicts a record penalty of € 175 M - highest penalty ever imposed - for price fixing over long-haul surcharges following criminal and civil investigations (British Airways)
Innovate Finance (London)
France 29 contributions 89974 visites
Office of Fair Trading, August 1st 2007, British Airways PLC , not yet published OFT Press Release, August 1st2007, n° 113/07, British Airways to pay record £121.5m penalty in price fixing investigation British Airways PLC (“BA”) has been hit with a £121.5 mln (€174.40 mln) fine by the Office of (...)

The Dutch District Court holds that a State aid to a coal gasification plant notified to the EU Commission is included in the scope of a former positive Commission decision and refuses to await the second Commission’s decision (Demkolec)
European Commission - DG COMP (Brussels)
Belgique 46 contributions 199151 visites
,
European Court of Justice (Luxembourg)
Luxembourg 23 contributions 87194 visites
The case at hand concerns an experimental coal gasification plant, Demkolec, owned by NV SEP, the legal predecessor of Nederlands Elektriciteit Administratiekantoor (NEA). The Dutch public authorities decided to support the building of Demkolec for environmental reasons. Since the beginning, (...)

Regulatory

 The Chinese Parliament adopts a new Anti-Monopoly Law
Jones Day (Shanghai)
China 51 contributions 23323 visits
,
Winston & Strawn (Washington)
United States 27 contributions 23040 visits
After 14 years of consultation, deliberation, and delays, China finally adopted a new Anti-Monopoly Law (« AML ») on August 30, 2007, which became effective on August 1, 2008. The first comprehensive antitrust law in China, it presents serious compliance challenges and risks for Chinese and (...)

The Chinese National People’s Congress adopts an anti-monopoly law implementing wide-ranging reforms across Chinese antitrust and merger controls
Jones Day (Shanghai)
China 51 contributions 23323 visits
,
Jones Day (Beijing)
China 44 contributions 20267 visits
,
Winston & Strawn (Washington)
United States 27 contributions 23040 visits
China’s National People’s Congress (« NPC ») finally adopted a new Anti-Monopoly Law (« AML ») in August after more than 10 years of drafting. The law will take effect on August 1, 2008. I. Overview The new AML is a tremendous leap forward for China, bringing it squarely into the modern world of (...)

Tous les numéros

  • Latest News issue 
  • Tous les News issues
  • Latest Special issue 
  • Tous les Special issues