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The Inside Track on Competition Law and Regulatory Change 2018 An An Acuris Company The inside track on competition law and regulatory change 2018 Global Trends Monitor PaRR-Global.com An Acuris Company Table of Contents Edited by Sylwester Gumienny Raymond Barrett Research Editor & Managing Editor Introduction 01 USA 37 APAC 04 2017 Year in Review Most Active Jurisdictions, Sectors & Fines PaRR Statistics: M&A China 07 Sectors 2017 Year in Review 2018 Outlook PaRR Statistics: M&A Americas (excluding USA) 41 Sectors & Fines Sectors & fines Most active regional enforcers 2018 Outlook 2018 Outlook EMEA 44 APAC 22 Most Active Jurisdictions, Sectors & Fines APAC 2017 Year in Review EU & NCAs PaRR Statistics: M&A in India 2017 Year in Review Sectors PaRR Statistics: M&A Americas 32 PaRR Statistics: Abuse of Dominance Most Active Jurisdictions, Sectors & Fines 2018 Outlook – EU NCAs Sectors 2018 Outlook PaRR-Global.com PaRR Global Trends Monitor 2018 Introduction 3 Introduction Raymond Barrett, Managing Editor PaRR Further information If 2017 was a year of surprises, 2018 promises While the US is still debating the merits of Another spectre looming on the horizon Get in touch or read more to be the year when a “new normal” takes “hipster antitrust”, the rest of the world has is protectionism. In Washington, Brussels, shape. Billion-dollar antitrust fines no longer moved ahead and grasped the nettle. The Berlin and Canberra there are moves afoot to have the same shock value as before. Vertical European Commission’s Margrethe Vestager reassess how foreign investment is screened, Raymond Barrett deals that in the past would have received oversaw a EUR 2.42bn fine against Google to account for more opaque concerns a cursory review are being challenged. Tech for abusing its dominance in online search, such as national security. Elsewhere, cries Cross navigation content giants with cutting–edge patent portfolios have while a probe of its Android operating system of discriminatory enforcement are heard, requires an internet connection. seen their entire business model questioned. is also expected to yield a hefty fine this year. whereby nation states stand accused of using Amidst this climate of change, impartial and Meanwhile, China, South Korea and Taiwan competition law as a tool of industrial policy. actionable insight from the regulatory capitals have all looked at Qualcomm’s patent licensing The idea that the antitrust and merger control of the globe has never been more valuable. in recent years—they did not like what they saw. worlds are somehow immune from these forces is wishful thinking. Therefore, it is my pleasure to share with you Numerous jurisdictions across the globe once again this year’s edition of PaRR’s Global have recently passed competition laws and We hope you find our report useful and, as Trends Monitor. Our global team has dissected are in the process of setting up enforcement always, your feedback is most welcome. the major developments and data points of agencies and a doctrine of active intervention the past twelve months while flagging many appears to be the ascendant philosophy. of the most pressing issues in the year ahead. Companies accustomed to relatively The digital economy is by far the dominant restrained enforcement must be conscious concern of antitrust enforcers around the that these new agencies will be keen to globe. From binge watching TV shows online to follow the lead of their more established the role of data in a merger review, the growth counterparts. Inaction is unlikely. of e-commerce and related industries has left antitrust enforcers with more questions than answers. Advocates of change insist that the old ways of looking at markets and competition are outmoded and need revision. PaRR-Global.com PaRR Global Trends Monitor 2018 APAC 4 Most Active Jurisdictions APAC - Most Active Jurisdictions* Y/Y Change 0 0 0 0 -2 1 1 -1 -5 2 1. China 2. India 3. Australia 4. South Korea 5. Hong Kong 6. Japan 7. Indonesia 8. Philippines 9. Taiwan 10. Malaysia * Competition rules are enforced in a variety of different ways Y/Y Change across the globe, and the level of fines imposed or number of 0 0 3 -1 2 -2 1 -1 2 0 investigations opened in a given jurisdiction is often used as a benchmark measure to indicate the strength of enforcement. Our ranking of enforcers considers other factors too: settlements, commitments, market studies and investigations as well—to a certain extent— as private actions, which are supposed to complement public enforcement, particularly in Europe. As fines are important, 11. New 12. Singapore 13. Pakistan 14. Thailand 15. Vietnam 16. Cambodia 17. Myanmar 18. Bangladesh 19. Sri Lanka 20. Nepal we present these separately. Zealand Together with the other factors they map out antitrust risk across the world. PaRR-Global.com PaRR Global Trends Monitor 2018 APAC 5 Sectors in Focus in 2017 APAC -Sectors in Focus in 2017* Top 10 Sectors in Focus Telecomm- Computer Telecomm- Consumer: Consumer: Construction Automotive Transportation unications Semi- unications Medical Media Foods Retail Hardware Conductor Carriers * Graph represents 2017 antitrust enforcement (excluding merger control) by industry. PaRR-Global.com PaRR Global Trends Monitor 2018 APAC 6 Fines Fines Fines for 2017 Fines Since 2014 Australia, Singapore, China, Japan & Taiwan Japan $1,000 China $66,380,000 $92,500,000 $800 Taiwan $777,800,000 $600 Millions $400 $200 Australia $26,900,000 0 2014 2015 2016 2017 *2017 does not include fines imposed in Singapore PaRR-Global.com PaRR Global Trends Monitor 2018 China 7 2017 Year in Review China 2017 Year in Review Further information In January, the Ministry of Commerce (MOFCOM) fined Canon Get in touch or read more for failing to notify its acquisition of Toshiba Medical Systems. In February, the government Apple’s local unit sued Qualcomm the same month, accusing Yuxuan Li the chipmaker of abusing its dominance and unfair patent announced new heads for MOFCOM licensing practices. and the National Development and Cross navigation content In February, the government announced new heads for requires an internet connection. MOFCOM and the National Development and Reform Reform Commission (NDRC). Commission (NDRC). The NDRC said in March that 11 shipping firms had reduced In July, the Auto Sales Management Measures were enforced. their terminal handling charges. A Lanzhou court reportedly found Nestle’s employees in In April, MOFCOM announced penalties against Cummins’ local the province of Gansu guilty of illicitly obtaining personal unit and its Chinese joint venture partner for failure to notify. information from hospital staff. The agency also green-lighted ChemChina’s USD 43bn JD.com and VIP.com criticized Alibaba’s Tmall for allegedly acquisition of Switzerland-based Syngenta. abusing its dominance. MOFCOM fined Meinian Onehealth Healthcare for failing to The NDRC fined two drugmakers for abuse of dominance in the notify its acquisition of Ciming Health Checkup. market for isoniazid active pharmaceutical ingredients (APIs). In May, MOFCOM conditionally approved Dow and DuPont’s The regulator of Luoyang city fined a pharmaceutical company USD 130bn merger of equals. for bribing a public hospital. In June, the Cybersecurity Law took effect. Meanwhile, government agencies published a catalog of key network devices and special security products that require inspection. The Beijing municipal unit fined the local property management association and its members for implementing price monopoly agreements. PaRR-Global.com PaRR Global Trends Monitor 2018 China 8 2017 Year in Review The NDRC released industry association pricing guidance to MOFCOM cleared with conditions, in two separate orders, the help plug the gaps in the Anti-monopoly Law and Price Law. combination of Agrium and PotashCorp, and Danish shipping giant Maersk Line’s takeover of Hamburg Süd. The Zhejiang Provincial Price Bureau fined 17 paper manufacturers for colluding to hike the prices of whiteboard Meanwhile, several local ports committed to rectifying their sheet rolls. anticompetitive practices following an investigation by the NDRC. In August, the NDRC penalized 23 Shanxi power generators and the industry group for anticompetitive conduct. Also in November, the agency proposed to ‘comprehensively’ deepen price reforms in monopolistic industries, and published The Guangdong high court upheld a ruling against the price guidance on APIs and drugs prone to shortages. local education department, bringing to an end China’s first administrative monopoly case. MOFCOM conditionally approved Advanced Semiconductor Engineering’s acquisition of Siliconware Precision Industries. MOFCOM cleared with conditions Broadcom’s takeover of Brocade Communications Systems. In December, MOFCOM cleared Becton Dickinson’s USD 24bn takeover of C.R. Bard subject to conditions. In September, the NDRC fined 18 PVC manufacturers USD 69m for entering into agreements to hike product prices. The Hainan price bureau won a review appeal against a ruling in an RPM penalty case against Hainan Yutai Scientific Feed. The Beijing cyberspace administrator imposed penalties on Sina Weibo and Baidu for not fulfilling their obligations in regard to user content. Separately, its Guangdong counterpart fined Tencent over similar breaches. The NDRC published rules for the government’s pricing In September, the NDRC fined 18 PVC activities. manufacturers USD 69m for entering In October, MOFCOM conditionally approved HP’s USD 1.05bn acquisition of Samsung Electronics’ printing division. into agreements to hike product
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