In this issue:
Financial institutions are under regulatory scrutiny like never before, and competition authorities are front and center. Editorial Board Member Nicolas Petit has assembled a premier group of European experts to look at all areas of the attack: LiBOR; the potential conflicts between the EU and U.S. approaches; CDS Investigations; a case study of the British approach; debt-for-equity swaps; and a broad look at the EU focus. Enjoy!
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Antitrust and Financial Regulations
Credit Rating Agencies and Competition Law
Can CRAs recent downgrading of sovereign ratings trigger antitrust liability? Nicolas Petit & Norman Neyrinck (Univ. of Liege)
Libor Litigation and the Role of Screening: The Need for Enhanced Compliance Programs
Could the banks themselves have used screens to help avoid the current investigations some are now facing? Rosa Abrantes-Metz (AFE Consulting)
U.S. And EU Antitrust Enforcement: What Role In A More Heavily Regulated Financial Sector?
At least in the EU and the United States, there is no consensus on whether unfettered competition in the banking sector will produce an optimal outcome in terms of financial stability. Olivier Fréget, Todd Fishman, & David Gabathuler (Allen & Overy)
The European Commission’s CDS Investigations: How to Balance Stability and Competition in the Financial Sector?
The recent financial crisis is thus likely to enhance the enforcement of antitrust rules in financial services that have not been subject to much scrutiny so far. Bruno Lebrun & Thibault Balthazar (UGGC & Associes)
Financial Services And Competition Law In The United Kingdom: The Quest For Pro-Competitive Objectives And Suitable Tools
Objectives, duties, and factors have little meaning if a regulator does not have the powers to pursue them. Emanuela Lecchi (Watson, Farley & Williams)
Corporate Restructurings, Debt-for-Equity Swaps: Competition Law Perspectives
At a time when restructurings are prevalent, we suggest that thought might be given to possible changes to the application of suspensory obligations for debt-for-equity deals. Paolo Palmigiano & Josh Sherer (Lloyds Banking Group)
Recent EU Antitrust Investigations into Financial Services”What Is the Scope for Antitrust Intervention?
Financial institutions need to be aware that they are in the spotlight and make antitrust compliance a priority. Mark Powell & Katarzyna Czapracka (White & Case)
