DOCSLIB.ORG

Annual Report on Concurrency

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report on Concurrency Annual report on concurrency 2015 1 April 2015 CMA43 Contents Page Foreword .................................................................................................................... 3 A. Introduction ........................................................................................................... 6 B. Airport operation services and air traffic services – the Civil Aviation Authority .. 21 C. Communications (broadcasting, electronic communications and postal services) – Office of Communications ............................................................... 27 D. Electricity and gas in Great Britain –Gas and Electricity Markets Authority ........ 35 E. Financial services – Financial Conduct Authority/Payment Systems Regulator . 46 E.1 Financial Conduct Authority ......................................................................... 46 E.2 Payment Systems Regulator ....................................................................... 54 F. Healthcare services in England – Monitor ........................................................... 62 G. Railway services – the Office of Rail Regulation ................................................. 70 H. Water and sewerage services in England and Wales – Water Services and Regulation Authority .......................................................................................... 81 I. Utility services (electricity, gas, and water and sewerage services) in Northern Ireland – the Northern Ireland Authority for Utility Regulation ............................ 94 2 Foreword by Alex Chisholm, Chief Executive, the Competition and Markets Authority This is the first annual concurrency report that the CMA is obliged by statute to publish, to assess – and be held accountable for – the ‘concurrency’ arrangements for enforcing competition law in this country's regulated sectors. Under those arrangements, in a number of essential services for which there are relevant sector regulators (such as energy, water and sewerage, telecoms, post, broadcasting, rail in Great Britain, airports, air traffic services, healthcare services in England and, from April 2015, financial services and payment systems), the CMA and the particular sector regulator responsible1 concurrently hold the power to apply competition law in the sector concerned. It is a year since, on 1 April 2014, the CMA acquired its functions as the United Kingdom’s primary competition and consumer authority. On the same day, newly- enhanced concurrency arrangements came into force, designed to strengthen co- operation between the CMA and sector regulators, with a view to greater competition law enforcement activity in these sectors, and more generally the promotion of com- petitive outcomes in respect of these key services that are essential to every house- hold and business in the country, and to the overall economy. The Government, in proposing the enhanced concurrency arrangements, had expressed concern that, until then, in the regulated sectors ‘competition law may not be being enforced as proactively as it could be’.2 When it established the CMA, the Government gave us a strategic steer which included a request that we ‘should engage in broad strategic dialogue with the regulators and look for opportunities to promote effective competition’.3 The aim is to make these markets work better, for the benefit of consumers. More effective competition in these markets, providing a downward pressure on price and a spur to quality and innovation, is particularly important given that these are key services on which virtually every household and every business in the country depends. They are important to the economy as a whole; in themselves they represent a significant proportion of our GDP, and, moreover, many of these essential services are part of the fundamental infrastructure underpinning overall economic activity. 1 See footnote 6 for a list of the relevant sector regulators. 2 Department for Business, Innovation and Skills, Growth, competition and the competition regime – Government response to consultation, March 2012, paragraph 8.1. 3 Department for Business, Innovation and Skills, ‘Strategic steer for the Competition and Markets Authority 2014-17’, in Annex 1 to its ‘Response to consultation on statement of specific priorities for the CMA’, 1 October 2013, paragraphs 6 and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x 7KHEXLOGLQJEORFNVIRUPRUHHIIHFWLYHFRPSHWLWLRQHQIRUFHPHQWLQWKH UHJXODWHGVHFWRUVKDYHEHHQSXWLQSODFH x 7KHUHLVJRRGDQGSURGXFWLYHFRRSHUDWLRQEHWZHHQWKH&0$DQGVHFWRU UHJXODWRUVDQGWKH8.&RPSHWLWLRQ1HWZRUNLVZRUNLQJZHOO x 7KHUHLVDVHULRXVFRPPLWPHQWWRFRPSHWLWLRQFDVHZRUNDQGWRFRPSHWLWLYH RXWFRPHVLQWKHUHJXODWHGVHFWRUVDVDFRUHHOHPHQWLQSURWHFWLQJFRQVXPHUV x 7KHUHKDVEHHQLQFUHDVHGIRFXVRQFDVHZRUNLQWKHUHJXODWHGVHFWRUV WKHUHKDYHEHHQPDMRUPDUNHWVWXGLHVDQGPDUNHWLQYHVWLJDWLRQVLQWRHQHUJ\ LQYROYLQJ2IJHPDQGWKH&0$ DQGLQWRUHWDLOEDQNLQJ ZLWKWKH)LQDQFLDO &RQGXFW$XWKRULW\KDYLQJZRUNHGDORQJVLGHWKH&0$LQWKHPDUNHWVWXG\ LQWR60(EDQNLQJ WKHVWDWLVWLFVIRUWKH\HDUXQGHUUHYLHZVKRZDPDWHULDOLQFUHDVHLQ HQIRUFHPHQWDFWLYLW\XQGHUWKHSURKLELWLRQVRQDQWLFRPSHWLWLYHDJUHHPHQWV DQGDEXVHRIGRPLQDQFHLQWKH&RPSHWLWLRQ$FWFRPSDUHGZLWK SUHYLRXV\HDUV$VUHFRUGHGLQWKHEDVHOLQHFRQFXUUHQF\UHSRUWRI$SULO LQWKHSHULRGWRDQDYHUDJHRI&RPSHWLWLRQ$FW &0$µ%DVHOLQH¶DQQXDOUHSRUWRQFRQFXUUHQF\±&0$$SULO 2WKHUPDUNHWLQYHVWLJDWLRQVKDYHLQYROYHGWKHUHJXODWHGVHFWRUVLQFOXGLQJRXUZRUNRQLPSOHPHQWLQJWKH ILQGLQJVRIWKHPDUNHWLQYHVWLJDWLRQVRQSULYDWHPRWRULQVXUDQFH ILQDOUHSRUW6HSWHPEHU DQGRQSD\GD\ OHQGLQJ ILQDOUHSRUW)HEUXDU\ RQERWKRIZKLFKWKHUHKDVEHHQFORVHOLDLVRQZLWKWKH)LQDQFLDO&RQGXFW $XWKRULW\ investigations per year were launched, whereas in this first year of the new concurrency arrangements, six Competition Act investigations have been launched, and there have been a total of five ongoing Competition Act investigations, including in the water, airports, rail, post, broadcasting, telecoms, energy and healthcare sectors. There remains much to be done to embed these improvements and build on them, with a view to achieving the fundamental change the legislation intended. It is a positive start, and a sound basis for moving forward, in the interests of consumers, business and the economy that these key sectors serve. Alex Chisholm Chief Executive, Competition and Markets Authority April 2015 5 This annual concurrency report, in respect of the CMA’s financial year to 31 March 2015, is prepared and published pursuant to section 25(4) of the Enterprise and Regulatory Reform Act 2013, read with paragraph 16 of Schedule 4 to that Act. A. Introduction 1. This annual concurrency report assesses how the ‘concurrency arrange- ments’ for competition law enforcement in the regulated sectors have operated in the period 1 April 2014 to 31 March 2015. 2. The ‘concurrency arrangements’ are the arrangements for co-operation between the Competition and Markets Authority (CMA) and certain sector regulators6 in respect of competition law functions exercisable concurrently by the CMA and those sector regulators. 3. The period concerned, the year from 1 April 2014 to 31 March 2015, has been the first year of operation of the CMA, which took over the competition law functions of the former Office of Fair Trading and the former Competition Commission. It has also been the first year in which the enhanced concurrency arrangements in the Enterprise and Regulatory Reform Act 2013 (ERRA13) have had effect. 4. The background to the enhanced concurrency arrangements in ERRA13 was the policy position set out in a March 2012 paper issued by the Department for Business, Innovation and Skills concerning the Government’s proposals to reform the UK competition system. The paper said: There have been few Competition Act 1998 cases7 or Market Investigation References8 in the regulated sectors, and the Government is concerned that general competition law may not 6 The sector regulators for this purpose are: the CAA (Civil Aviation Authority), in respect of air traffic services and airport operation services; Ofcom (Office of Communications), in respect of communications (telecommunications, broadcasting and postal services); Ofgem (Gas and Electricity Markets Authority), in respect of electricity and gas in Great Britain; the FCA (Financial Conduct Authority), in respect of financial services; the PSR (Payment Systems Regulator), in respect of participation in payment systems (from April 2014 for Enterprise Act 2002 market studies and market investigation references and from April 2015 for enforcement of the prohibitions in the Competition Act 1998); Monitor, in respect of health care services in England; the ORR (Office of Rail Regulation), in respect of railway services; Ofwat (Water Services Regulation Authority), in respect of water and sewerage services in England and Wales; and the NIAUR (Northern Ireland Authority for
Load more

Recommended publications
  • Enhancing the Role of Competition in the Regulation of Banks (1998)
    Enhancing the Role of Competition in Regulation of Banks 1998 The OECD Competition Committee the role of competition in the regulation of banks in February 1998. This document includes an executive summary and submissions from Australia, Austria, Canada, the Czech Republic, Denmark, the European Commission, Finland, France, Germany, Greece, Hungary, Italy, Japan, Mexico, Norway, Poland, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States, as well as an aide-memoire of the discussion. The banking sector is one of the most closely regulated sectors of OECD economies. A reason advanced for this close regulation is that small depositors cannot compare risks (or have no incentive to do so, because of deposit insurance), so competition would lead banks to take excessive risks. Controls on risk taking are considered essential to ensure that competition between banks promotes efficient outcomes. Public policy concerns focus on how bank failures could affect small depositors, the payments system and the stability of the financial system as a whole. The goal of promoting or preserving competition might conflict with some actions to deal with bank failures, emergency measures or state aid for failing banks or implicit state support for large banks. In most OECD countries bank regulators and competition authorities are jointly responsible for bank mergers, so interaction and coordination between them are necessary. Because of the political and economic sensitivity of the banking sector, it is perhaps not surprising that some countries apply special competition regimes to it. OECD Council Recommendation on Merger Review (2005) Mergers in Financial Services (2000) Relationship between Regulators and Competition Authorities (1998) Failing Firm Defense (1995) Unclassified DAFFE/CLP(98)16 Organisation de Coopération et de Développement Economiques OLIS : 07-Sep-1998 Organisation for Economic Co-operation and Development Dist.
    [Show full text]
  • VIII EUROSAI Congress Theme II the Audit of the Independent Regulatory
    VIII EUROSAI Congress Theme II The audit of the Independent Regulatory Agencies by SAIs Discussion Paper REGULATORS AND THEIR ROLE IN REGULATED SECTORS 1. As governments divest themselves of businesses providing goods and services for their peoples, independent regulators grow in importance as institutions which can control monopolistic or dominant sectors and those important for national economic security. The input provided by SAIs points out to the significance of regulators not only to the regulated sectors, but also to the national economy as a whole. SAIs' answers confirm that regulators exist in all the countries. 2. Three primary groups have been identified across regulated sectors: general competition, financial and infrastructure. a. General competition – regulation of competition, consumer protection, and general trade. b. Financial – central banks, financial supervision authorities, securities market authorities, insurance supervision authorities, stock exchange commissions, pension fund supervisory authorities. c. Infrastructure: i. Energy: (gas, electricity, heating, water, oil, other fuels regulators, power plant regulators, mining and petrol pumping regulators, energy industries regulators, energy and water regulators, nuclear security regulators). ii. Transport (infrastructure and services) (train, bus, ferry service regulators, railway, airport, port and road infrastructure regulators) iii. Communications (post, electronic communication, telecom regulators). Regulators for general-competition sectors were established in 12 countries, for financial sectors – in 20 countries, for energy sectors – in 19 countries, for transport sectors – in 11 countries, for communications sectors – in 15 countries. 3. The number of the regulated sectors is not equivalent to the number of regulators, as in some cases one regulator deals with more than one sector (e.g. Germany –– Federal Network Agency regulates three sectors: energy, communication, transport), whereas in others one sector is regulated by more than one authority (e.g.
    [Show full text]
  • 3.4. the Japan Fair Trade Commission 22 3.5
    INTERNATIONAL COMPETITION NETWORK Advocacy Working Group Report prepared by the subgroup n°3 : case studies Mérida, Mexcio June 2003 1. PREFACE The mandate of the Subgroup on Advocacy in Specific Sectors of the Advocacy Working Group of the ICN, as established at its first Annual Conference in Naples last year, was to undertake studies about advocacy efforts in specific regulated sectors in member countries with a focus on the principles involved, advocacy techniques employed, the role of the competition agency in those sectors, the interface between competition authorities and regulatory bodies, and the successes and failures of the advocacy efforts. It was suggested that the subgroup would invite ICN members to share their experiences in this field by submitting brief contributions on the sectors to be selected. In order to maintain the work within manageable proportions, it was decided at an early stage to limit the scope of the efforts of the subgroup to the following four sectors: (i) telecommunications, (ii) energy, (iii) airline industry and (iv) legal professions. Early this year the agency that chaired the subgroup (France) sent out an invitation to members asking them to contribute on each of these sectors with a small paper setting out their experiences. Responses were received from eleven countries, some provided responses covering all four sectors while others responded to only some of them. The total number of contributions was 24. The purpose of this report is to present the results of the exercise. Apart from this introduction it comprises a list of documents, a table classifying the contributions by sector and country and four sectoral chapters.
    [Show full text]
  • UK Competition Regulator Announces Wide Ranging Competition Inquiry Into Retail Sector
    Retail Team Antitrust and Competition Client Service Group To: Our Clients and Friends April 2015 UK competition regulator announces wide ranging competition inquiry into retail sector On 27 March 2014, the UK Competition and Markets Authority (CMA) announced an unspecified, wide ranging competition law investigation into the clothing, footwear and fashion sector. Whilst the CMA has released few details of the investigation, it has specified that it will carry out the investigation under the Competition Act 1998 using personnel from its civil cartel team. The focus of the investigation will therefore likely be in relation to civil cartel behaviour such as price fixing or market sharing between competitors, rather than any criminal investigation under Section 188 of the Enterprise Act 2002. Civil cartel infringements can include market or customer sharing, bid rigging, price-fixing and attempts to restrict production. Unconfirmed reports circulating are that the investigation may relate to geo-blocking. Geo-blocking is the practice of blocking online sales across borders by redirecting international customers back to their own domestic websites or blocking the use of foreign delivery addresses or credit cards. This may be done to prohibit customers from benefitting from favourable exchange rates or lower prices for the same product in less affluent countries. Today, nearly half of EU customers buy goods on-line. As a consequence, the theory goes that any restrictive practices in internet commerce will have a particularly pronounced effect on competition in the retail sector. However, this is not the first time the CMA has targeted the retail sector. We reported a similar investigation in late 2013 into alleged retail price maintenance for sports bras by a number of retail stores.
    [Show full text]
  • What Needs to Be Done to Deliver an EU Compatible Competition Regulatory Framework in Ukraine? Antitrust and Competition Client
    Antitrust and Competition Client Service Group To: Our Clients and Friends August 2014 What needs to be done to deliver an EU compatible competition regulatory framework in Ukraine? Introduction Despite the geopolitical turmoil that has affected the east of the country nothing should mask the highly significant step that Ukraine took on 27 June 2014, when it signed up to the economic section (the Deep and Comprehensive Free Trade Area sections (DCFTA)) of its controversial Association Agreement with the European Union (the Agreement). The political section of the Agreement was signed on 21st March earlier this year. Background Ukraine is a key partner in the Eastern Partnership, part of the EU’s European Neighbourhood Policy. Since 1998 the Partnership and Cooperation Agreement has allowed the EU and Ukraine to cooperate with one another on all major aspects of reform. This will now be replaced by the Agreement including DCFTA which will hopefully put Ukraine on the path to eventual EU membership bringing with it political stability, territorial security and economic prosperity. One of the key foundations of that economic prosperity will be the establishment of an effective, non-discriminatory and transparent competition enforcement regime. The Agreement contains important obligations upon Ukraine to approximate its competition laws with those of the European Union. In this article we look at a number of steps Ukraine can take to achieve that. The Agreement The key provisions in the Agreement which relate to competition policy are set out in Chapter 10, Articles 253 to 267. (i) Competition and Mergers The Agreement prohibits and sanctions certain practices and transactions which could distort competition and trade (see Article 254).
    [Show full text]
  • Practical Competition/Antitrust Law Issues and Brexit
    Practical Competition/Antitrust Law Issues and Brexit Matthew Hall Solicitor (England & Wales/Republic of Ireland), Brussels Bar (E List) Vice Chair, ABA Section of Antitrust Law, International Committee McGuireWoods LLP Brussels, Belgium [email protected] ABA Section of Antitrust Law Spring Meeting February 2017 1 Practical Competition/Antitrust Law Issues and Brexit Following the “Brexit” referendum vote in June 2016, the exact timing of the United Kingdom’s exit from the European Union (EU), not to mention the form it will take, remains unknown. However, the outline of the final position is reasonably certain. Brexit will be a so-called “hard Brexit” and the UK is likely to have left the EU by March 2019. “Hard Brexit” means that the UK will not be a member of the EU’s Single Market and will not be a European Economic Area (EEA1) Member State. It will be outside the jurisdiction of the European Court of Justice (ECJ), the EU’s highest court. The level playing field for business within the EU/EEA, including EU competition/antitrust law2, will no longer apply to/in the UK. It will also be outside the EU Customs Union3. Companies operating in or trading into the UK should be, and many are, actively carrying out a risk identification and assessment exercise. This is essentially an audit, which needs to consider both broad structural issues (the scope and location of a business) and its operations and activities (contracts, trading and the like). It allows a company to identify the steps which it should be taking now (pre-Brexit4) and might take in the future both to protect its business and to take advantage of the undoubted business opportunities which arise in the UK and the rest of the EU.
    [Show full text]
  • Chapter 2 Cyprus
    Chapter 2 Cyprus TABLE OF CONTENTS A. The General Approach toward Relevant Market Definition in Competition Law in Cyprus 5 I. Introduction 5 1. Relevant Legislation 5 2. Relevant Competition Authorities 5 II. Relevant market definition in competition law in Cyprus 6 1. Definition of relevant product market 7 a) Demand side substitutability tests 8 aa. Characteristics of the product 9 bb. Intended use 10 cc. The price of the product 10 dd. SSNIP Test 11 b) Supply side substitutability tests 11 2. Definition of relevant geographic market 12 3. Entry barriers 13 4. Other tests 14 B. Repertoire of relevant product and geographic markets in the media sector in Cyprus 15 I. Publishing 15 II. Music-copyright 15 III. Broadcasting and associated rights 15 1. The upstream market for television broadcasting rights of football matches organized by the Cyprus Football Federation 16 2. The downstream market for securing advertising revenue on the basis of audience rates, and/or pay-TV subscribers 17 3. The upstream and downstream markets for the sale and acquisition of broadcasting rights of football matches for the new media (wireless/3G/UMTS and Internet) 18 IV Film sector 18 V. Internet 20 C. Comparative analysis of methodologies of the European Commission and the Commission for the Protection of Competition on market definition, and the findings of the both institutions 20 I. Broadcasting and associated rights 20 II. Film Sector 21 III. Internet markets 22 Conclusions 23 Table of relevant markets identified in Cyprus with regard to media sectors 24 D. Impact of Different Regulatory Frameworks on Market Definitions 26 Introduction 26 I Regulatory frameworks in Cyprus having an impact on the media sector 31 1.
    [Show full text]
  • The UK Competition Regime
    Report by the Comptroller and Auditor General UK competition authorities The UK competition regime HC 737 SESSION 2015-16 5 FEBRUARY 2016 Our vision is to help the nation spend wisely. Our public audit perspective helps Parliament hold government to account and improve public services. The National Audit Office scrutinises public spending for Parliament and is independent of government. The Comptroller and Auditor General (C&AG), Sir Amyas Morse KCB, is an Officer of the House of Commons and leads the NAO, which employs some 810 people. The C&AG certifies the accounts of all government departments and many other public sector bodies. He has statutory authority to examine and report to Parliament on whether departments and the bodies they fund have used their resources efficiently, effectively, and with economy. Our studies evaluate the value for money of public spending, nationally and locally. Our recommendations and reports on good practice help government improve public services, and our work led to audited savings of £1.15 billion in 2014. UK competition authorities The UK competition regime Report by the Comptroller and Auditor General Ordered by the House of Commons to be printed on 4 February 2016 This report has been prepared under Section 6 of the National Audit Act 1983 for presentation to the House of Commons in accordance with Section 9 of the Act Sir Amyas Morse KCB Comptroller and Auditor General National Audit Office 3 February 2016 HC 737 | £10.00 This report examines the UK competition regime since our report in 2010 and in the light of the government’s reforms to the regime in 2013.
    [Show full text]
  • THE PROTECTIONIST INTENT BEHIND ANTITRUST LAWS: an ASSESSMENT of the EUROPEAN UNION's COMPETITION POLICY by Gabriella Beaumont-Smith
    No. 18-51 Spring 2019 MERCATUS GRADUATE POLICY ESSAY THE PROTECTIONIST INTENT BEHIND ANTITRUST LAWS: AN ASSESSMENT OF THE EUROPEAN UNION'S COMPETITION POLICY by Gabriella Beaumont-Smith The opinions expressed in this Graduate Policy Essay are the author’s and do not represent Abstract Competition and antitrust laws are naturally protectionist in that they serve to protect those who would naturally be forced to exit the market. This paper explores how the European Commission (EC) has used its competition laws to increase the costs of firms with a large market share in the European technological and digital sectors. Using a public choice analysis and Cranston and Winston’s framework for evaluating antitrust policy, the paper examines the incentives of the EC and firms participating in antitrust cases. The case studies analyze proceedings against Microsoft, Intel, and Google. The EC relies on its competition policy to punish dominant, competing firms as evidenced by the vagueness of the competition laws that have allowed for a culture of pursuing cases in the European Union (EU). The EC exhibits an overreliance on market share for competition and allows it to take advantage of the protectionist nature of the laws to bring competition cases. This paper argues that the EC is incentivized to bring competition cases to increase its popularity as the fines can be used to fund the EU budget, subtracting from the contributions made by Member States. Author Bio Gabriella Beaumont-Smith is a Policy Analyst at the Heritage Foundation Center for Data Analysis. She is an alumna of the MA program in the Department of Economics at George Mason University and was also a Mercatus Center MA Fellow.
    [Show full text]
  • Competition and Related Regulation Issues in the Insurance Industry 1998
    Competition and Related Regulation Issues in the Insurance Industry 1998 The OECD Competition Committee debated competition and regulation in the insurance industry in June 1998. This document includes an executive summary, an analytical note by Mr. Darryl Biggar for the OECD and written submissions from Australia, the Czech Republic, the European Commission, Germany, Hungary, Italy, Japan, Korea, Netherlands, Norway, Spain, the United Kingdom, the United States, BIAC and CEA, as well as an aide-memoire of the discussion. Competition has long played an uneasy role in the insurance industry. If consumers cannot easily observe the financial health of their insurers, competition between insurers may drive premiums down to the point where the risk of failure is high. For several decades the regulatory response was to limit entry and constrain premiums. In addition, special exemptions were granted to this sector under the competition laws. More recently, however, regulatory reform has lead to a substantially greater reliance on competition and a greater regulatory focus on prudential regulation. Against this background, the round-table explores regulatory reform and competition policy issues in the insurance sector. To what extent is it possible to rely on competition in the insurance market? What regulatory controls remain necessary? What should be the limits to the antitrust exemption for this industry? Should insurers be allowed to share information on claims and the magnitude of risks? When does such information- sharing facilitate cartelisation?
    [Show full text]
  • 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
    1 FEDERAL TRADE COMMISSION 2 3 4 COMPETITION AND CONSUMER PROTECTION 5 IN THE 21ST CENTURY 6 7 8 9 10 11 12 Tuesday, March 26, 2019 13 9:00 a.m. 14 15 16 FTC Headquarters 17 600 Pennsylvania Avenue, NW 18 Washington, D.C. 19 20 21 22 23 24 25 2 First Version Competition and Consumer Protection in the 21st Century 3/26/2019 1 FEDERAL TRADE COMMISSION 2 I N D E X 3 PAGE: 4 Welcome 3 5 6 Introductory Remarks 7 7 8 Implications of Different Legal Traditions 9 and Regimes for International Cooperation 16 10 11 Panel: Implications of Different Legal 12 Traditions and Regimes for International 13 Cooperation 32 14 15 Promoting Sound Polices for the Next Decade 82 16 17 Panel: Promoting Sound Polices for the New 18 Decade 91 19 20 Panel: Effective International Engagement: 21 Foreign Agency Perspectives 145 22 23 The FTC’s Role in a Changing World 203 24 25 Panel: The FTC’s Role in a Changing World 217 For The Record, Inc. (301) 870-8025 - www.ftrinc.net - (800) 921-5555 3 First Version Competition and Consumer Protection in the 21st Century 3/26/2019 1 WELCOME 2 (8:59 a.m.) 3 MS. WOODS BELL: Good morning. Before we 4 start the day, a few nonsubstantive reminders. Please 5 make sure to silence your cell phones. If you want to 6 go out for lunch, please remember you will have to go 7 back through the security protocol. We do have a very 8 lovely café upstairs, so feel free to go up to the 9 café, as you do not want to exit the building.
    [Show full text]
  • Asia-Pacific Competition Update
    Asia-Pacific Competition Update November 2015, Issue 15 CompetitionCompetition PProgrammerogramramme OECDOECD KOREAKOREA PolicyPoliclicyy CentreCentntrtrere Asia-Pacific Competition Update IN THIS ISSUE EntryEntrryy pointpoint - EditorialEdE Note p. 3 NewsNewsws from Asia-Pacific Competition Authorities p. 4-6 WorkshopWorWorkrkkssshop on TelecommunicationsTeT and ICT Sectors p. 7-12 WorkshopWorkrks for Judges – The Use of Competition Economics p. 13-15 OECDOECDCD CompetitionCompetiCompetiiti Committee Meetings p. 16-18 Calendar of Events 2016 p. 19 The Competition Programme of the OECD/Korea Policy Centre provides education and training to officials of Asia-Pacific competition authorities in the field of competition law and policy. This newsletter includes information about our work and the work of the OECD, as well as news, case studies and reports from competition authorities in the Asia-Pacific region. A publication of the OECD/Korea Policy Centre Competition Programme. The Asia-Pacific Competition Update may be reproduced with appropriate source attribution. This Newsletter is provided for information purposes only. The views expressed do not necessarily represent the views of the OECD or the Korea Policy Centre. To subscribe, or cease subscribing to Asia-Pacific Competition Update, please send an email with your contact details to [email protected]. Further information about the Competition Programme at the OECD/Korea Policy Centre can be found at www.oecdkorea.org and www.oecd.org/competition/seoulrcc. Asia-Pacific Competition Update Reaching out towards the last month of another great year officials, the other a workshop for judges from the Region at the OECD-Korean Policy Centre Competition Programme, on the use of economics in abuse of dominance and merger it’s also a full year now since I have had the opportunity to be cases.
    [Show full text]