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23 Dec 2020 B

The Japanese FTC and the Government propose draft guidelines for business collaboration between large companies and startups for the purpose of promoting open innovation and ensuring fair and free competitive environments

Takako Onoki, Hideo Nakajima, Toshio Dokei • January 2021

On December 23, 2020, the Japan Fair Trade Commission ("JFTC") and Ministry of Economy, Trade and Industry ("METI") proposed a draft of Guidelines for Business Collaboration with Startups ("Guidelines") for the purpose of promoting open innovation and ensuring fair and free competitive (...)

18 Dec 2020 B

The Australian Competition Authority proposes to authorise national dairy farmers association licensing scheme (Fair Go Dairy)

Australian Competition Authority • January 2021

ACCC proposes to authorise ’Fair Go Dairy’ licensing scheme* The ACCC is proposing to authorise the Queensland Dairyfarmers’ Organisation Limited’s (QDO) Fair Go Dairy licensing scheme for five years. Under the scheme, QDO will grant processors a licence to use the ‘Fair Go Dairy’ logo on (...)

9 Dec 2020 B

The EU Court of Justice annuls a Commission decision allowing a TV company to preserve competition on the markets of pay-TV services (Paramount / Sky / Groupe Canal +)

European Court of Justice • January 2021

The Court of Justice annuls a Commission decision making binding the commitments offered by a company in order to preserve competition on the markets* The fact that it is possible, for the contracting partners of a company which has made commitments not to comply with certain contractual (...)

9 Dec 2020 B

The EU Court of Justice annuls the Commission decision that made commitments legally binding for companies in the pay-TV services sector (Paramount / Sky / Groupe Canal +)

Lena Hornkohl • January 2021

Canal+ (C-132/19 P): The Court of Justice Annuls Commitment Decision – The Importance of Third Party Contractual Rights* Today, the Court of Justice annulled the Commission decision that made commitments legally binding for Paramount. This decision is the first annulment of a commitment (...)

9 déc. 2020 R

Engagements : La Cour de justice de l’Union européenne dit, dans l’affaire de l’accès transfrontière à la télévision payante, que le Tribunal de l’Union européenne n’a pas tenu compte de manière appropriée des intérêts des tiers et a violé le principe de proportionnalité (Groupe Canal +)

Alain Ronzano • N° 4-2020

Le 9 décembre 2020, la Cour de justice de l’Union a rendu son arrêt dans l’affaire C-132/19 (Groupe Canal + contre Commission). On se souvient que le 12 décembre 2018, le Tribunal de l’Union avait rendu un arrêt dans l’affaire T-873/16 (Groupe Canal +/Commission), à la faveur duquel il a rejeté le (...)

9 Dec 2020 B

The EU Court of Justice annuls commission’s settlement decision for its failure to consider adverse effects on third party interests (Paramount / Sky / Groupe Canal +)

Maria-Olga Papadopoulou • January 2021

On 9 December 2020, the European Court of Justice (“ECJ”) upheld Canal +’s appeal against the General Court’s (“GC”) judgment that had upheld the Commission’s commitments decision in the Paramount case, and annulled the GC’s judgment as well as the Commission decision (Case C-132/19 P). The ECJ, (...)

9 Dec 2020 B

The EU Court of Justice annuls the Commission decision on a pay TV service company’s commitments for breaching the principle of proportionality (Paramount / Sky / Groupe Canal +)

Paul Gilbert, François-Guillaume de Lichtervelde, Maurits Dolmans, Robbert Snelders, Wanjie Lin, Jeanne Lévy-Bruhl, Frédéric de Bure • January 2021

On December 9, 2020, the Court of Justice of the European Union granted Canal+’s application to annul the European Commission’s decision under Article 9 of Regulation No. 1/2003 to adopt commitments offered by Paramount (the “Commitments Decision”). The commitments prohibited Paramount from (...)

9 Dec 2020 B

The EU Court of Justice annuls a Commission’s decision accepting legally binding commitments offered by a company aimed at addressing an investigation into cross-border pay-TV in the EU (Paramount / Sky / Groupe Canal +)

Stephen Wisking, Daniel Vowden, Daniel Barrio, Agathe Célarié • January 2021

On 9 December 2020, the Court of Justice of the EU (“CJEU”) annulled a European Commission decision accepting legally binding commitments offered by Paramount aimed at addressing a Commission investigation into cross-border pay-TV in the EU (the “Paramount Commitment Decision”). The CJEU also set (...)

3 Dec 2020 B

The US FTC publishes its annual report on pharmaceutical patent settlements

Eric Grannon, Alison Hanstead, Adam Acosta • January 2021

On December 3, 2020, the Federal Trade Commission (FTC) published its annual report on pharmaceutical patent settlements filed with the FTC under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA)—its fourth annual review since the Supreme Court’s seminal decision in (...)

3 Dec 2020 B

The US FTC issues a FY 2017 report on branded drug firms’ patent settlements with generic competitors

US Federal Trade Commission • January 2021

FTC Staff Issues FY 2017 Report on Branded Drug Firms’ Patent Settlements with Generic Competitors* The number of reverse-payment agreements remains low; for the first time since FY 2004, no agreement contains a no-AG commitment. According to a new FTC staff report, the total number of final (...)

26 Nov 2020 B

The EU Commission fines two pharmaceutical companies for "pay-for-delay" patent settlement agreement (Cephalon / Teva)

Peter L’Ecluse, Catherine Longeval, Koen T’Syen • November 2020

On 26 November 2020, the European Commission (the Commission) brought to an end a long running competition case by finding against Cephalon and Teva on account of a “pay-for-delay” patent settlement agreement involving modafinil, the active substance of a sleeping disorder medicine (see, attached (...)

26 Nov 2020 B

The Regional Court of Düsseldorf refers questions regarding the licensing of standard essential patents in multi-layered supply chains to the EU Court of Justice (Nokia / Daimler)

Katharina Bongs • November 2020

On 26 November 2020, the Regional Court of Düsseldorf (“Düsseldorf Court”) decided to request a preliminary ruling from the Court of Justice of the European Union (“ECJ”) in patent infringement proceedings involving Nokia and Daimler. The questions give the ECJ the opportunity to offer guidance on (...)

26 Nov 2020 B

The Regional Court of Düsseldorf questions the EU Court of Justice on standard essential patents licensing in supply chains (Nokia / Daimler)

Lars Mesenbrink, Jay Jurata, Julius Schradin • November 2020

In a decision of November 26, 2020 in a patent infringement case of Nokia Technologies Oy against Daimler AG, the Düsseldorf Regional Court (file number 4c O 17/19) referred several questions to the European Court of Justice (ECJ) regarding the licensing of standard essential patents (SEPs) (...)

26 Nov 2020 B

The EU Commission fines pharmaceutical companies for pay-for-delay agreement (Teva / Cephalon)

Duncan Liddell, Steven Vaz • November 2020

On 26 November 2020, the European Commission ("Commission") announced that it had fined the pharmaceutical companies Teva and Cephalon EUR 60.5 million for agreeing to delay for several years the market entry of a cheaper generic version of Cephalon’s drug for sleep disorders, modafinil, after (...)

26 Nov 2020 B

The EU Commission fines 2 pharmaceutical companies €60.5 million for delaying the entry of cheaper generic medicine for sleep disorders (Teva / Cephalon)

European Commission • November 2020

Antitrust: Commission fines Teva and Cephalon €60.5 million for delaying entry of cheaper generic medicine* The European Commission has fined the pharmaceutical companies Teva and Cephalon €60.5 million for agreeing to delay for several years the market entry of a cheaper generic version of (...)

25 Nov 2020 B

The EU Commission presents the pharmaceutical strategy for Europe

Peter L’Ecluse, Catherine Longeval, Koen T’Syen • November 2020

On 25 November 2020, the European Commission (the Commission) unveiled its Pharmaceutical Strategy for Europe (PSE), a wide-ranging document that discusses a series of broad policy statements, tentative considerations and concrete measures to tackle the many challenges faced by the (...)

25 Nov 2020 B

The EU Commission adopts an action plan for intellectual property to promote recovery and resilience

Martin Sura, Elena Wiese • November 2020

On November 25, 2020, the EU Commission adopted an action plan for intellectual property to promote recovery and resilience in the EU – its plan for a new IP strategy. The focus is not only on the protection of, but the access to innovation. Companies from all sectors have realized that in this (...)

19 Nov 2020 B

The Belgian Competition Authority imposes interim measures requested by a football club following an appeal judgment (Virton / RBFA)

Peter L’Ecluse, Valerie Lefever • November 2020

On 19 November 2020, the Competition College (Mededingingscollege / Collège de la concurrence) of the Belgian Competition Authority (Belgische Mededingingsautoriteit / Autorité belge de la Concurrence - the BCA) imposed interim measures on the Royal Belgian Football Association (the RBFA) at the (...)

11 Nov 2020 B

The Finnish Competition Authority publishes its pharmacy market study and proposes measures to reduce the costs of medicines for consumers and society

Finnish Competition Authority • November 2020

The FCCA pharmacy market study proposes measures to reduce the costs of medicines for consumers and society* The Finnish Competition and Consumer Authority (FCCA) has published an extensive study on the pharmacy market. The study produced a list of proposals that can reduce the pharmaceutical (...)

26 oct. 2020 R

Test de marché : L’Autorité de la concurrence rejette les engagements visant à rendre l’octroi de licences officielles pour la fabrication et la commercialisation de manettes compatibles avec une console de jeux plus transparent et non discriminatoire, et renvoie le dossier à l’instruction (Sony)

Alain Ronzano • N° 4-2020

Par un communiqué quelque peu laconique daté du 26 octobre 2020, l’Autorité de la concurrence a annoncé que le collège avait décidé de ne pas accepter et donc de ne pas rendre obligatoires les engagements proposés il y a un an par Sony, ceux-là mêmes qui visaient à rendre l’octroi de licences officielles (...)

20 Oct 2020 B

The Swiss Competition Authority fines cable operator for abusing broadcasting rights (UPC)

Swiss Competition Authority • October 2020

COMCO: UPC abused ice hockey broadcasting rights* The Competition Commission (COMCO) fines UPC by around CHF 30 million. In 2016, UPC acquired broadcasting rights for games of the Swiss Ice Hockey Championship. It refused to supply Swisscom with broadcasts of live ice hockey for years. This (...)

15 Oct 2020 B

The German Federal Court of Justice rules on burden of proof for showing exhaustion of trade mark right (Amazon / Costy)

Katharina Bongs • October 2020

On 15 October 2020, the German Federal Court of Justice (“FCJ”) issued a judgment on the burden of proof for showing the exhaustion of trademark rights in a case pitting Coty against Amazon. After having made a test purchase from Amazon of two bottles of a perfume bearing the “JOOP!” trademark on (...)

2 Oct 2020 B

The US Court of Appeals for the Federal Circuit reverses a judgment that upheld “skinny labels” and allowed a generic to launch on uses not covered by a patent (GlaxoSmithKline / Teva)

Michael A. Carrier • October 2020

On October 2, 2020, the U.S. Court of Appeals for the Federal Circuit vacated a district court’s judgment in favor of defendant Teva in a case involving “skinny labels.” GlaxoSmithKline LLC v. Teva Pharm. USA, Inc., 976 F.3d 1347 (Fed. Cir. 2020). When a drug can be used to treat multiple (...)

25 Sep 2020 B

The US FTC requests rehearing en banc by the US Court of Appeals for the Ninth Circuit in the case of global semiconductor company’s standard-essential patent licensing practices (Qualcomm)

US Federal Trade Commission • September 2020

FTC Requests Rehearing En Banc of Qualcomm Appeals Panel Decision* The Federal Trade Commission today filed a petition with the U.S. Court of Appeals for the Ninth Circuit requesting rehearing en banc of the August 11, 2020, decision of a panel of that court in the matter of FTC v. Qualcomm (...)

18 Sep 2020 R

Spain: The Spanish competition authority (CNMC) imposes symbolic fines on an association of stevedoring companies and six trade unions for including provisions which have been considered restrictive of competition in a collective bargaining agreement organising the recruitment of stevedores (IV Framework Agreement for the Dock Work Sector or “IV Acuerdo para la regulación de las relaciones laborales en el sector de la estiba portuaria”) (Acuerdo Marco de la estiba)

Paloma Martínez-Lage Sobredo • N° 4-2020 • pp. 251-252

Stevedoring services have had a special regime in Spain since 1986, when they were historically qualified as an essential state-owned public service. According to this regime, only those professionals who were employees of the public stevedoring company of each port (“Sociedades Estatales de (...)

15 sept. 2020 R

Ventes passives : La Cour d’appel de Paris sanctionne la tête d’un réseau pour avoir exigé d’un distributeur exclusif qu’il prohibe une commercialisation via un site internet et, ce faisant, interdise les ventes passives (Pierre Cardin)

Alain Ronzano • N° 4-2020

À la faveur d’un arrêt rendu le 15 septembre 2020, la Chambre 5-1 de la Cour d’appel de Paris est venue confirmer pour l’essentiel les constatations opérées par le TGI de Paris dans un jugement du 23 Février 2018, notamment celles concernant l’existence de pratiques anticoncurrentielles mises en œuvre (...)

10 Sep 2020 B

The US DoJ updates its business review letter to the Institute of Electrical and Electronics Engineers concerning their patent policy

US Department of Justice Antitrust Division • September 2020

Justice Department Updates 2015 Business Review Letter To The Institute Of Electrical And Electronics Engineers* The Justice Department today issued a supplement to its Feb. 2, 2015 Business Review Letter from the Antitrust Division to the Institute of Electrical and Electronics Engineers, (...)

10 Sep 2020 B

The Australian Competition Authority is not opposed to a pharmaceutical merger after offered divestments overcome competition concerns (Mylan / Upjohn)

Australian Competition Authority • September 2020

Divestments overcome strong competition concerns with pharmaceutical merger* The ACCC will not oppose Mylan NV’s proposed merger with Pfizer’s Upjohn Inc division, after Mylan and Upjohn offered a court-enforceable undertaking to divest three off-patent branded pharmaceuticals in response to the (...)

10 Sep 2020 B

The Australian Competition Authority accepts a proposed merger between two pharmaceutical companies despite concerns of a significant reduction in competition in the supply of the products (Mylan / Upjohn)

Ross Zaurrini • September 2020

On 10 September 2020, the Australian Competition and Consumer Commission ("ACCC") decided to not oppose Mylan NV’s ("Mylan") proposed merger with Pfizer’s Upjohn Inc division ("Upjohn"), despite concerns that competition in the supply of pharmaceutical products to treat cardiovascular conditions (...)

10 Sep 2020 B

The Regional Court of Munich rules in favor of an electronic manufacturer in standard essential patent proceeding (Sharp / Daimler)

Katharina Bongs, Peter L’Ecluse • September 2020

On 10 September 2020, the Regional Court of Munich (“Munich Court”) ruled in favour of Sharp that Daimler had infringed a standard essential patent (“SEP”) of Sharp. Sharp is the patent holder of EP 2667676B1 which is standard essential for the Long-Term Evolution (“LTE”) telecommunications (...)

9 Sep 2020 B

The French Competition Authority fines three laboratories for abusive practices (Novartis / Roche / Genentech)

French Competition Authority • September 2020

Treatment for AMD: the Autorité fines 3 laboratories for abusive practices* The Autorité de la concurrence has imposed fines worth a total of €444 million on three pharmaceutical companies, Novartis, Roche and Genentech, for abusive practices designed to sustain the sales of Lucentis for AMD (...)

9 Sep 2020 B

The French Competition Authority imposes a fine worth a total of €444 million on three pharmaceutical companies for collective abuse of dominance practices designed to sustain the sale of an expensive drug (Novartis / Roche / Genentech)

Michaël Cousin • September 2020

The French Competition Authority ("FCA") has issued a rare decision sanctioning three laboratories active in treatment of age-related macular degeneration on the basis of collective abuse of dominance practices designed to sustain the sale of an expensive drug, Lucentis, to the detriment of a (...)

9 Sep 2020 B

The French Competition Authority fines 3 laboratories for abusive efforts to segment market (Novartis / Roche / Genentech)

Samuel Hall • September 2020

Background On 9 September 2020, the French Competition Authority (the “FCA”) imposed a fine of € 444 million on Genentech, Novartis and Roche for abusing their collective dominant position on the market for the commercialisation of drugs for the treatment of age-related macular degeneration (AMD) (...)

8 Sep 2020 B

The Russian Competition Authority reaches an agreement with the HSE Technology Transfer Center to further simplify the terms of technology transfer in the breeding sector after negotiating with a pharma company (Bayer)

Russian Competition Authority • September 2020

Bayer offered more favorable conditions for transfer of germplasm to russian breeders* Russian breeding companies that receive germplasm transferred by Bayer as part of the FAS Russia’s ruling based on the result of the Bayer&Monsanto transaction will be fully exempt from paying royalties (...)

3 Sep 2020 B

The New Zealand Competition Authority clears merger of two IP professional service businesses (AJ Park / Baldwins)

New Zealand Competition Authority • September 2020

Commission clears AJ Park’s acquisition of Baldwins* The Commerce Commission has granted clearance for AJ Park IP Limited, in conjunction with AJ Park Law Limited (together, AJ Park), to acquire the assets of Baldwins Intellectual Property, Baldwin Holdings Limited, Baldwins Intellectual (...)

1 Sep 2020 R

Antitrust, intellectual property, and dynamic efficiency: An essay in honor of Herbert Hovenkamp

Thomas Cotter • N° 3-2020

Article to be published in Herbert Hovenkamp Liber Amicorum, N. Charbit and al. (eds.), Concurrences, 2021. This essay argues that, while intellectual property (IP) and antitrust often operate as complementary bodies of law, in some residuum of cases there will be widespread disagreement among (...)

26 Aug 2020 B

The UK Supreme Court hands down a judgement between a software and a telecommunication company, providing answers on questions concerning the English Courts’ approach to FRAND disputes (Unwired Planet / Huawei)

Ian Moss, Katie McConnell, Paul Brown • August 2020

The UK Supreme Court has handed down its long-awaited judgment in the Unwired Planet v Huawei and Conversant v Huawei & ZTE proceedings ([2020] UKSC 37), providing answers on several key questions concerning the English Courts’ approach to FRAND disputes. In a unanimous judgment, the (...)

26 Aug 2020 B

The UK Supreme Court rules in a licence dispute between a software and a telecommunication company and clarifies the English Courts’ approach to FRAND royalty cases (Unwired Planet / Huawei)

Steve Ross • August 2020

On 26 August 2020, the UK Supreme Court issued a judgment in a licence dispute involving Standard Essential Patents (“SEPs”) pitting Unwired Planet, a US based patent assertion entity, against Huawei, a Chinese telecommunications company that produces smartphones. Unwired Planet brought an (...)

26 Aug 2020 B

The UK Supreme Court confirms that English courts may set the terms of global licences to portfolios of standard essential patents (Unwired Planet / Huawei)

Pat Treacy, Edwin Bond • August 2020

English courts given green light to set terms of global FRAND licences* On 26 August 2020, the UK Supreme Court (UKSC) gave its eagerly awaited judgment in Unwired Planet v Huawei and Conversant v Huawei & ZTE. In a unanimous policy-driven decision, the Court dismissed the appeals brought (...)

26 Aug 2020 B

The UK Supreme Court confirms that it is possible to set global FRAND rates and global licences to portfolios of standard essential patents (Unwired Planet / Huawei)

Paul Lugard, Daniel Vasbeck • August 2020

The U.K. Supreme Court’s 26 August ruling on standard-essential patents (SEPs) is the latest in a series of recent decisions that are likely to have a profound effect on FRAND license negotiations across the globe, in particular for the next generation 4G and 5G mobile telecommunication (...)

18 Aug 2020 B

The Mannheim Regional Court grants injunctive relief to a telecommunication provider and clarifies the application of FRAND in the supply chain (Daimler / Nokia)

Katharina Bongs • August 2020

According to a press release of the Mannheim Regional Court of 18 August 2020 in the matter Nokia v Daimler, the Regional Court of Mannheim (the “Court”) ruled in favour of Nokia that Daimler had infringed Nokia’s patent and could not invoke a FRAND objection. The Court held that Daimler and a (...)

17 Aug 2020 B

The EU Commission approves acquisition of a payment solution provider’s account-to-account payment business by global payment card company, subject to conditions (Nets / Mastercard)

European Commission • August 2020

Mergers: Commission approves acquisition of Nets’ account-to-account payment business by Mastercard, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Nets’ account-to-account payment business by Mastercard. The decision is (...)

11 Aug 2020 B

The US Court of Appeals for the Ninth Circuit rules that there is no antitrust violation in a multinational semiconductor company’s licensing of its standard-essential patents (Qualcomm)

Joseph M. Miller, Michael T. Renaud, Richard M. Gervase Jr., Tinny Song • August 2020

Ninth Circuit Reverses FTC Win in FTC v. Qualcomm, Finding No Antitrust Violations from Qualcomm’s Licensing of its Standard-Essential Patents* In a reversal that came as no surprise to many observers, on Tuesday, August 11, 2020, a unanimous panel of the U.S. Court of Appeals for the Ninth (...)

11 Aug 2020 B

The US Court of Appeals for the Ninth Circuit strikes down sweeping injunction against semiconductor company and reins in expansive interpretation of Sherman Act (Qualcomm)

Matthew Martino, Tara L. Reinhart, Steven C. Sunshine, Julia K. York • August 2020

On August 11, 2020, the U.S. Court of Appeals for the Ninth Circuit decisively reversed the Federal Trade Commission’s (FTC or Commission) controversial district court win challenging Qualcomm’s licensing practices. In rejecting every aspect of the lower court’s decision, the Ninth Circuit panel (...)

11 Aug 2020 B

The US Court of Appeals for the Ninth Circuit overturns a ruling finding that a semiconductor company’s licensing practice abused dominant position (Qualcomm)

Logan M. Breed, Edith Ramirez, Suparna Reddy, Labeat Rrahmani • August 2020

On 11 August 2020, a panel of the U.S. Court of Appeals for the Ninth Circuit (“Ninth Circuit”), in a unanimous opinion by Judge Callahan, reversed the U.S. Federal Trade Commission’s (“FTC’s”) win in the district court against Qualcomm Inc. (“Qualcomm”) and upheld Qualcomm’s licensing practices, (...)

11 Aug 2020 B

The US Court of Appeals for the Ninth Circuit reverses a ruling finding that a semiconductor company abuses its dominant position regarding its standard-essential patents (Qualcomm)

Maurits Dolmans, Daniel P. Culley, David Herrington, Jessica Hollis, Alexandra Theobald • August 2020

On August 11, 2020, a Ninth Circuit panel reversed the District Court for the Northern District of California’s judgment in FTC v. Qualcomm, Inc. The panel held that Qualcomm’s conduct—(a) refusing to license its standards essential patents (SEPs) to rival chipset manufacturers; (b) refusing to (...)

7 Aug 2020 B

The US District Court for the Southern District of New York terminates long-standing Paramount consent decrees, thereby allowing after 7 decades the classic movie studios to form closer agreements with movie distributors (Paramount Pictures)

US Department of Justice Antitrust Division • August 2020

Federal Court Terminates Paramount Consent Decrees* A federal court in the Southern District of New York today terminated the Paramount Consent Decrees, which for over seventy years have regulated how certain movie studios distribute films to movie theatres. The review and termination of these (...)

6 Aug 2020 B

The Chinese State Administration for Market Regulation releases IP antitrust guidelines

Cheng Liu, Audrey Yumeng Li, Nick Torres • August 2020

China’s IP Antitrust Guidelines Released to the Public* Preface Recently, the Anti-Monopoly Guidelines for the Intellectual Property (“IP Guidelines”) was published in the Collection of Antitrust Regulations and Guidelines in 2019 released by the Anti-Monopoly Bureau of the State Administration (...)

6 Aug 2020 B

The Chinese State Administration for Market Regulation publishes anti-monopoly guidelines on intellectual property

Peter J. Wang, Yizhe Zhang, Qiang Xue, Geoffrey D. Oliver, Alexandre G. Verheyden, Haifeng Huang • August 2020

In August 2020, the Anti-Monopoly Bureau of China’s State Administration for Market Regulation released four long-awaited sets of anti-monopoly guidelines addressing issues relating to leniency, commitments, the automobile industry, and intellectual property rights. The subjects of this White (...)

23 Jul 2020 B

The UK Competition Authority reaches its final price control determination on a dispute between the aviation regulator and air traffic control service provider without taking into account the effects of COVID-19 until they are more definitely known (Civil Aviation Authority / NERL)

UK Competition Authority • July 2020

CMA final decision on air traffic control charges* The CMA has sent the CAA its final price control determination on a dispute between the aviation regulator and NERL regarding air traffic control charges. The Competition and Markets Authority (CMA) has acted as the independent body charged (...)

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