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CWT Presentation Cadwalader, Wickersham & Taft LLP www.cadwalader.com New EU Competition Commissioner: Margrethe Vestager Webinar Alec Burnside, Charles F. (Rick) Rule, Rocky Lee 15 September 2014 Panelists Alec J. Burnside Charles F. (Rick) Rule Rocky T. Lee Partner – Brussels Partner – Washington, D.C. Partner – Beijing, Hong Kong +32 (0)2 891 81 81 +1 202 862 2420 +86 (10) 6599 7288 (China) [email protected] [email protected] +852 2946 1188 (Hong Kong) [email protected] Cadwalader, Wickersham & Taft LLP 2 The EU institutions Source: University of Portsmouth Cadwalader, Wickersham & Taft LLP 3 Key appointments Jean-Claude Juncker President of the European Commission (Luxembourg) Donald Tusk President of the European Council (Poland) Martin Schulz President of the European Parliament (Germany) Federica Mogherini High Representative for Foreign Affairs Vice-President of the Commission (Italy) Cadwalader, Wickersham & Taft LLP 4 The European Commission: College of Commissioners 2014-2019 Source: European Commission Cadwalader, Wickersham & Taft LLP 5 Vice-Presidents Frans Timmermans Better Regulation, Kristalina Georgieva Inter-Institutional Relations, Budget & Human Resources the Rule of Law and the (Bulgaria) Charter of Fundamental Rights (Netherlands) Alenka Bratušek Valdis Dombrovskis Energy Union Euro & Social Dialogue (Slovenia) (Latvia) Jyrki Katainen Andrus Ansip Jobs, Growth, Investment Digital Single Market and Competitiveness (Estonia) (Finland) Cadwalader, Wickersham & Taft LLP 6 Key Commissioners Margrethe Vestager Cecilia Malmström Competition Trade (Denmark) (Sweden) Jonathan Hill Elżbieta Bieńkowska Financial Stability, Internal Market, Industry, Financial Services and Entrepreneurship and SMEs Capital Markets Union (Poland) (United Kingdom) Pierre Moscovici Günther Oettinger Economic and Financial Affairs, Digital Economy & Society Taxation and Customs (Germany) (France) Cadwalader, Wickersham & Taft LLP 7 New Competition Commissioner – Margrethe Vestager • Until nomination, Denmark’s Deputy Prime Minister & Minister for Economic and Interior Affairs (2011-14) • Born 13 April 1968; married with three children • Education Masters in Economics from the University of Copenhagen (1993) • Career at the European Union Stagiaire in the European Parliament, Social Liberal Party (1991) Headed Ecofin Council during Denmark’s presidency (2012); Brokered deal on bank losses and capital requirements • Political career in Denmark facebook.com/margrethevestager Minister of Education and Ecclesiastic Affairs (1998-2001) @vestager Member of the Danish Social Liberal Party Chairwoman (2007-2011) and Party Leader (2011-14) • No prior involvement in the competition field Business exposure: Board of ID Sparinvest (1996-1998) and Royal Greenland (2004-2007) Head of Agency for Financial Management and Administrative Affairs Cadwalader, Wickersham & Taft LLP 8 Vestager’s Chef de Cabinet (Chief of Staff) – Ditte Juul Jørgensen • Previously at DG Trade, Head of Unit for Trade and Sustainable Development (2007-2014) • 13 years of trade policy experience Worked on WTO issues (1995-2002) EC Delegation to the United Nations, head of the economic section (2002-2006) • Education Graduate in law from the University of Copenhagen Post-graduate law degree from the College of Europe Cadwalader, Wickersham & Taft LLP 9 Juncker’s mission letter to Vestager • The Competition Commissioner shall closely liaise with and contribute to the work of three Vice-Presidents: Jobs, Growth, Investment & Competitiveness Digital Single Market Energy Union • Juncker would like Vestager to focus on: using competition policy tools to contribute to areas such as “the digital single market, energy policy, financial services, industrial policy and the fight against tax evasion” “developing an economic as well as a legal approach to the assessment of competition issues” “pursuing an effective enforcement” in all areas of competition law “maintaining and strengthening the Commission’s reputation world-wide and promoting international cooperation” Source: European Commission Cadwalader, Wickersham & Taft LLP 10 Role of the Vice-Presidents • Vice-Presidents will have the power to block any legislative proposals by Commissioners working under them. • Competition Commissioner decides many cases under the power of “habilitation” without the need to refer to other Commissioners. • So what will be the Vice-Presidents’ role in individual competition cases? Cadwalader, Wickersham & Taft LLP 11 Project team: A new boost for jobs, growth and investment Source: European Commission Cadwalader, Wickersham & Taft LLP 12 Project team: A connected digital single market Source: European Commission Cadwalader, Wickersham & Taft LLP 13 Project team: A resilient energy union with a forward- looking climate change policy Source: European Commission Cadwalader, Wickersham & Taft LLP 14 Joaquín Almunia and Alexander Italianer remain pro tem Joaquín Almunia o Outgoing Competition Commissioner remains in his role until new Commissioner is in place. Alexander Italianer – Director-General, DG Competition Is due to move jobs under mandatory rotation rule, but timing and successor unknown. Cadwalader, Wickersham & Taft LLP 15 DG Competition Cadwalader, Wickersham & Taft LLP 16 Source: European Commission Almunia’s legacy • Antitrust Continuing vigorous cartel enforcement resulted in 3 of the top 4 highest cartel fines levied on Philips, LG Electronics and Deutsche Bank AG Initiated the Google and Gazprom investigations but did not close them Secured the adoption of the Antitrust Damages Directive Adopted the Visa decision and the MasterCard prohibition of the application of multilateral interchange fees Action on Standard Essential Patents (SEPs) – Samsung and Motorola • Mergers 30 (3 pending) Phase II merger cases 3 prohibition decisions: Ryanair/Aer Lingus, UPS/TNT Express and Deutsche Börse/NYSE Euronext • State Aid Undertook the modernisation of the entire state aid rulebook Redesigned DG Comp’s state aid control instruments to help the rescue and restructuring of financial institutions in light of the financial crisis Cadwalader, Wickersham & Taft LLP 17 Vestager’s in-tray • Google: abuse of dominance in Search, Android and others • Gazprom investigation into abusive terms of supply – on hold pending international crisis • Cartels, especially in financial services (Libor, Forex, CDS), and autoparts • Reforms to merger control, especially minority shareholdings • Unfair tax competition • National protectionism • International dimension, especially relations with MOFCOM Cadwalader, Wickersham & Taft LLP 18 A sample of Vestager’s politics On economic matters • “There are clear signs the euro area and the EU economy as a whole is growing. It’s not flashy in any way but the economy is nonetheless slowly expanding out of the crisis.” Source: Bloomberg, Denmark Meets Fiscal Limits in Bet on Elusive European Recovery (29 August 2014) • “We can’t just stimulate our way out of structural problems. We shouldn’t engage in stop-go policies; they only create uncertainty.” Source: Bloomberg, Denmark Criticizes Stimulus Addiction Missing Structural Fix (15 August 2013) • “Basically what we are doing discussing capital requirement is to make sure that the financial sector is sound and solid both in order to avoid crisis but of course also in order to enable the financial sector to provide guarantees, loans, whatever for businesses in order to make them create jobs.” Source: Euractiv, Ecofin highlights EU divisions on bank capital rules (2 May 2012) Cadwalader, Wickersham & Taft LLP 19 Talk around town… • “She has been criticized for coming across as being too forceful. But keeping in mind that the last commission was often and rightfully criticised for lack of action on a number of key issues, I am confident that she can turn this into strength as well.” Source: Jeppe Kofod (MEP), in MLex’s Vestager brings economic nous, political resolve to EU competition post (10 September 2014) • “She is a very bright and strong politician. In Denmark, many saw her as the real leader of the government.” Source: Morten Messerschmidt (MEP), Mlex (as above) (10 September 2014) • “She is thus extremely well qualified for the role of competition commissioner. It’s a good appointment though the Danish government will be worse for her departure.” Source: Christian Karhula Lauridsen, in GCR’s Denmark’s Vestager given competition job in reorganised commission (10 September 2014) Cadwalader, Wickersham & Taft LLP 20 Juncker promises greater focus on digital agenda • Juncker has called for a greater focus and a new direction in markets related to technology, telecoms, and digital media. • With “500 million potential customers for new digital products and services,” Juncker sees the benefits of a strong ICT sector and need for reform. • “To make better use of the opportunities offered by digital technologies, national silos in telecoms regulation, in copyright and data protection legislation, in the management of radio waves and in the application of competition law need to be broken down.” Source: European Commission Memo Questions and Answers: The Juncker Commission (10 September 2014) Cadwalader, Wickersham & Taft LLP 21 Key challenge – managing the rise of national protectionism • Pfizer/AstraZeneca and the “public interest test” (UK) “One of our options as the government would be to consider using our public interest test powers. This would be a serious step and not one that would be taken lightly but I'm open-minded
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