The next step in the battle for data? EU Commission opens formal investigation into Ireland’s insurance market

On 14 May 2019, the EU Commission (“the Commission“) announced that it has opened a formal antitrust investigation into Insurance Ireland, an association of insurance companies active in Ireland (“Investigation“). The association administers a database (Insurance Link), to which its member companies contribute insurance claims data on an ongoing basis. Insurance Ireland makes this database … Read more

EU Commission publishes EURIBOR decision fining three banks €485 million

On 9 April 2019, the European Commission published the full text of its decision to fine Crédit Agricole, HSBC and JPMorgan Chase for participating in a cartel in the euro interest rate derivatives (“EIRD“) sector. While four of the seven participating banks settled the case with the Commission in December 2013, these three banks did … Read more

EU Commission Publishes Long-Awaited Report on Competition in Syndicated Lending

On 5 April 2019, the European Commission published a long-awaited report on loan syndication and its impact on competition in credit markets in the EU (the “Report“). The Report was prepared for the Commission by external consultants and focuses on syndicated loans connected with leveraged buyouts, project finance and infrastructure finance, in a sample of … Read more

FCA fines asset managers in first use of its competition powers

The FCA has announced its first decision under its competition enforcement powers, finding three asset management firms have breached competition law. The decision follows a statement of objections issued to Artemis Investment Management LLP (Artemis), Newton Investment Management Limited (Newton), Hargreave Hale Ltd, and River and Mercantile Asset Management LLP (RAMAM) in November 2017 alleging breaches of competition law. … Read more