The EU Court of Justice partially overturns the General Court’s judgment on procedural grounds, and clarifies the presumption of innocence in hybrid investigations and scope of restrictions by object in information exchanges (HSBC)

On 12 January 2023, the European Court of Justice (“ECJ”) published its long-awaited judgment in C 883/19 P HSBC v Commission. The ECJ confirmed that HSBC had engaged in anti-competitive conduct but partially overturned the General Court’s (“GC”) judgment on procedural grounds. The judgment provides critical guidance on the nature of anticompetitive information exchanges in the financial services sector and sets out important procedural aspects regarding “hybrid” cartel investigations. The ECJ, having considered the points of appeal, exercised its discretion to issue a final judgment, in place of the GC’s judgment. Background In 2016, the Commission fined HSBC and others for participating in a cartel relating to the manipulation of Euro Interest Rate Derivatives (“EIRDs”). HSBC had