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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 16 Prevention and detection of market abuse S. 772-778

„… to give false or misleading signals. Attempted market manipulation The 2003 Market Abuse Directive …” „… The recitals to the 2014 Market Abuse Regulation further specify that the attempt to engage in market …” „… abuse 1. Market operators and investment firms that operate a trading venue shall establish and maintain …”

Introduction S. 644-650

„… Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 of the European Parliament and of the …” „… Council of 16 April 2014 on market abuse (OJ L 173, 12.6.2014, p. 1-61) Bibliography for Articles 1-9 …” „… Regulation (3rd edn, Oxford University Press 2014) (cited as “Moloney”); Barry Rider et al., Market Abuse and …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… intentionally by natural persons.1 Furthermore, during the course of negotiating the revised market abuse regime …” „… information (Art 4).2 As under the 2003 market abuse regime (and the administrative prohibitions set out in …” „… punish inciting, aiding and abetting market abuse under criminal law under Art 6(1). 1. 1 Member States …”

Article 2 Scope S. 650-654

„… manipulation (market abuse) as well as measures to prevent market abuse to ensure the integrity of financial …” „… Article 1 defines the subject matter and goal of the Market Abuse Regulation. The overarching objective of …” „… markets.1 The prohibition against market abuse is a cornerstone of the EU’s regulatory framework …”

Article 7 Inside information S. 673-692

„… commodity derivatives, which are financial instruments within the meaning of the Market Abuse Regulation.11 …” „… regime and address regulatory gaps that existed under the Market Abuse Directive of 2003.1 Legislative …” „… non-public information in relation to both the derivatives and, in contrast to the 2003 Market Abuse …”

Article 2 Definitions S. 624-627

„… 624 Carsten Gerner-Beuerle I. General features The 2014 Market Abuse Directive (MAD 2014) introduces …” „… the 2003 market abuse regime, not all Member States provided for criminal sanctions, or indeed …” „… pecuniary administrative sanctions, for market abuse, and among Member States that did, the sanctions varied …”

Article 1 Subject matter S. 650

„… manipulation (market abuse) as well as measures to prevent market abuse to ensure the integrity of financial …” „… Article 1 defines the subject matter and goal of the Market Abuse Regulation. The overarching objective of …” „… markets.1 The prohibition against market abuse is a cornerstone of the EU’s regulatory framework …”

Article 22 Competent authorities S. 835-838

„… authorities Bibliography: Avgouleas E, ‘The Mechanics and Regulation of Market Abuse, A Legal and Economic …” „… : getting tough on EU market abuse’ (2012) 37 European Law Review 481; Meyer- Ladewig J, Nettesheim M and v …” „… abuse’ (2014) Compliance Officer Bulletin 1; Sandler M, Baker M, Tuson A and Evans S, ‘The EU market …”

Article 15 Prohibition of market manipulation S. 770-772

„… market prices), is contained in the 2014 Market Abuse Directive.2 In principle, administrative and …” „… two proceedings do not concern the same conduct by the same persons.4 The 2003 Market Abuse Directive …” „… Gargantini, ‘Public Enforcement of Market Abuse Bans. The ECtHR Grande Stevens Decision’ (2015) 1 Journal of …”

Article 13 Accepted market practices S. 756-767

„… by that practice; 4. 165 Market Abuse Regulation, Annex I B. The indicators are taken, with minor …” „… practice infringed rules or regulations designed to prevent market abuse, or codes of conduct, irrespective …” „… history The AMP regime was introduced by the Market Abuse Directive 20033 and has been substantially …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… regime for market abuses in all Member States.1 Article 30 also reflects the European legislator’s …” „… preference for public enforcement in the field of market abuse law.2 Context In principle, the rules set out …” „… for market abuses are regulated by MAD II (2014). This existence of a choice between administrative …”

Article 17 Public disclosure of inside information S. 778-799

„… ) 2016/957, Arts 6-8. 41 The Market Abuse Regulation does not define the term ‘branch’, but the definition in …” „… International Banking and Financial Law 493; Kern A and Maly V, ‘The new EU market abuse regime and the …” „… Money 27-42; Austin J, ‘Unusual Trade or Market Manipulation? How Market Abuse is Detected by Securities …”

Article 20 Investment recommendations and statistics S. 824-833

„… for market abuse. To this end, Art 20 includes rules on the fair presentation of investment research …” „… Article 3(1)(34). 6 ESMA, Questions and Answers on the Market Abuse Regulation (MAR), ESMA70-145-111 …” „… ), Market Abuse Regulation: Investment Recommendations – An ICMA Q&A (March 2016) 2. 8 See → mn 13 et seq. 9 …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… information. 1. 33 Ibid. 34 Spector Photo Group, para 48. 35 Market Abuse Regulation, recital 12. 36 For an …” „… Market Abuse Directive of 2003,2 and MAR prohibits any insider within the meaning of Art 8(4) from …” „… (market abuse) [2003] OJ L 96/16, Art 4. 3 Assmann in: Assmann and Schneider, § 14 margin no 66; Schwark …”

Article 12 Market manipulation S. 730-756

„… participant.56 It should be noted that pursuant to the Market Abuse Regulation, a person receiving the market …” „… firm. 2 Market Abuse Regulation, recital 38. 3 Ibid. Art. 12 MAR 2. Market Behaviour 732 Carsten …” „… Gerner-Beuerle 1 the Market Abuse Regulation contains (also non-exhaustive) indicators of manipulative behaviour …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… assessment tasks is a responsibility of the national competent authorities pursuant to the Market Abuse …” „… Commission Delegated Regulation (EU) 2016/909, Art 2(4)-(6). 15 Market Abuse Regulation, Art 39(2). 16 ESMA …” „… 596/2014 on market abuse (MAR), 30 May 2017, ESMA70-145-103. 17 For instructions on how to operate the …”

Article 9 Legitimate behaviour S. 705-711

„… behaviour exceptions, which were added by the Council when it revised the market abuse regime, therefore …” „… defined or discussed in the recitals to the 2003 Market Abuse Directive3 and the case law of the CJEU.4 …” „… the case, and insider dealing nevertheless occurs, the legal person is not liable for market abuse.8 …”

Article 19 Managers’ transactions S. 808-824

„… , greater transparency of managerial transactions is seen as a preventive measure against market abuse …” „… 495, 506 et seq. 19 ESMA, Questions and Answers on the Market Abuse Regulation (MAR), ESMA70-145-111 …” „… – Version 11 (last updated on 23 March 2018) Q 7.7. 20 ESMA, Questions and Answers on the Market Abuse …”

Article 6 Exemption for monetary and public debt management activities and climate policy activities S. 670-673

„… policy, from the market abuse regime. The Commission points out that these bodies are generally subject …” „… have entered into an agree- 1. 2. 1 Market Abuse Regulation, recitals 21-22. 2 Commission Delegated …” „… Management and of Central Banks in Third Countries under Regulation (EU) No 596/2014 on Market Abuse, COM …”

Article 8 Insider dealing S. 692-705

„… MAR Carsten Gerner-Beuerle 693 1 2 it. The Market Abuse Directive of 20031 abolished the distinction …” „… formulation under the 2003 Market Abuse Directive, with two exceptions. MAR provides that an insider must have …” „… 2003 Market Abuse Directive used the term ‘by virtue of ’. Second, the relevant definitions have been …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… also interfere with the ability of other sovereign states to control market abuses committed in their …” „… Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 of the European Parliament and of the Council …” „… of 16 April 2014 on market abuse (OJ L 173, 12.6.2014, p. 1-61) Bibliography for Articles 1-9 …”

Article 21 Disclosure or dissemination of information in the media S. 833-835

„… information), Art 12(1)(c) (market abuse by disseminating information through the media), and Art 20 …” „… of Market Abuse, A Legal and Economic Analysis’ (OUP, Oxford 2005); v. Buttlar J, ‘Die Stärkung der …” „… , ‘White-collar crime and European financial crises: getting tough on EU market abuse’ (2012) 37 European Law …”

Article 11 Market soundings S. 718-730

„… 2014 amendments to the market abuse regime, are intended to facilitate communication between market …” „… required to assess whether they possess inside information (Art 11(7)). 1. 1 Market Abuse Regulation …” „… persons receiving market soundings under the Market Abuse Regulation in accordance with Art 11(1).5 II …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… behalf at an aggregate group level in order to: (a) prevent market abuse; (b) support orderly pricing and …” „… address market abuse and manipulation in this area, “such as through formalized position management powers …” „… granted effective intervention powers to prevent market abuses”, and that they “should have and use formal …”

Article 18 Insider lists S. 799-808

„… insider lists.7 2. 3. 1 See recital 57. 2 CESR, Market Abuse Directive: Level 3 – Third Set of CESR …” „… ); ESMA, Peer Review on Supervisory Practices against Market Abuse: Follow-up report, ESMA/2015/1905 …” „… Regulation 1031/2010. 15 ESMA, Questions and Answers on the Market Abuse Regulation (MAR), ESMA70-145-111 …”

Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations S. 312-315

„… without undue delay to the authority competent for the investigation and prosecution of market abuse on …” „… market abuse occurring on or through the systems of the regulated market. 4. The Commission shall be …” „… the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation …”

Article 44 Authorisation and applicable law S. 247-252

„… other legislation, namely the Market Abuse Regulation (MAR)3 and the Market in Financial Instruments …” „… market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and …” „… market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and …”

Article 4 Notifications and list of financial instruments S. 657-661

„… used by the Market Abuse Regulation. Article 3(1) contains definitions that apply to the Regulation …” „… Market Abuse Regulation, recital 9. 2 Regulation (EU) No 600/2014, Art 27, and Commission Delegated …” „… Regulation (EU) 2017/585, Art 2. 3 ESMA, Final Report: Draft technical standards on the Market Abuse …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… authority competent for the investigation and prosecution of market abuse and to provide full assistance to …” „… the latter in investigating and prosecuting market abuse occurring on or through its systems. 4. The …” „… indicating a system disruption related to a financial instrument or a violation of the Market Abuse …”

Article 9 Sanctions for legal persons S. 637-640

„… to the condition that the offence of attempted market abuse must be ‘effective and dissuasive’.54 …” „… sanctions, such as: 53 Ibid, mn 6. 54 Market Abuse Directive, recital 16. Art. 9 MAD Carsten Gerner-Beuerle …” „… effectiveness of the market abuse regime, the MAD 2014 requires Member States to impose ‘effective …”

Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information S. 767-770

„… violated.1 Infringements of Art 14 do not give rise to criminal sanctions, but the 2014 Market Abuse …” „… in the Market Abuse Directive mirror the tripartite nature of the administrative prohibitions …” „… replicates the 2003 Market Abuse Directive, which also established a tripartite prohibition and required …”

Article 3 Definitions S. 654-657

„… ). Territorial scope, Art 2(4) The market abuse regime applies to actions and omissions carried out in the EU or …” „… Article 13; 2. 19 Benchmark manipulation is discussed below under → Art 12 mn 18-20. 20 Market Abuse …” „… : Market Abuse: European Commission proposes new EU regime, October 2011, p. 2. Art. 3 MAR 2. Market …”

Article 26 Cooperation with third countries S. 846-849

„… and cross-border market abuses. In relation to emission allowances, the cooperation and exchange of …” „… cooperation between competent authorities under Regulation (EU) No 596/2014 on market abuse, 30 May 2017 ESMA …” „… 70-145-100. 3 Siems and Nelemans, ‘The Reform of the EU Market Abuse Law: Revolution or Evolution?’ (2012) 19 …”

Article 5 Market manipulation S. 628-629

„… intentionally by natural persons.1 Furthermore, during the course of negotiating the revised market abuse regime …” „… information (Art 4).2 As under the 2003 market abuse regime (and the administrative prohibitions set out in …” „… punish inciting, aiding and abetting market abuse under criminal law under Art 6(1). 1. 1 Member States …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… insider dealing and market manipulation (market abuse) and under Directive 2004/109/EC of the European …” „… investor protection; and (d) market transparency and integrity are ensured by preventing market abuse in …” „… market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and …”

Article 17 S. 588-590

„… newer ‘naming and shaming’ provisions in Art 71 MiFID II,2 Art 34 of Market Abuse Regulation (MAR),3 Art …” „… Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse …” „… (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the …” „… suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside …” „… Christoph Kumpan and Finn Schmidt 307 7 8 9 10 action is due to suspected market abuse, a take-over bid or …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… which indicate that an act prohibited by the Market Abuse Regulation (Regulation (EU) No. 596/2014) may …” „… is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about …” „… suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside …”

Titelei/Inhaltsverzeichnis

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574 2. Market Behaviour Market Abuse Directive (MAD) Directive 2014/57/EU of the European Parliament …” „… and of the Council of 16 April 2014 on criminal sanctions for market abuse (OJ L 173, 12.6.2014, p …” „… . 179-189) . . . . . . . . . . . . . . . . . . . . . . . . 623 Market Abuse Regulation (MAR) Regulation (EU …”

Article 113 S. 622-623

„… . 113 CARD 1. Security Markets and Services 622 Jessica Schmidt 1 1 2. Market Behaviour Market Abuse …” „… criminal sanctions for market abuse (OJ L 173, 12.6.2014, p. 179-189) Article 1 Subject matter and scope 1 …” „… disclosure of inside information and for market manipulation to ensure the integrity of financial markets in …”

Article 32 Reporting of infringements S. 865-868

„… dealing and market manipulation (market abuse) – Presidency compromise (10198/12, 22 May 2012), Article 29 …” „… Abuse Regulation (ESMA/2015/224, 3 February 2015), paras164 et seq. Art. 32 MAR 2. Market Behaviour …” „… , considering the complex provisions on market abuse or insider dealing) then no financial incentive can be …”

Article 55 Provisions regarding CCP and clearing and settlement arrangements S. 315-316

„… prosecute market abuse on the regulated market; moreover, a market operator has to provide its full …” „… assistance to investigate or prosecute market abuse occurring on or through the systems of the regulated …” „… by the trading venue pursuant to Art 25 MiFIR.18 Market operators are obliged to supply the relevant …”

Article 1 Subject matter and scope S. 623-624

„… 2. Market Behaviour Market Abuse Directive (MAD) Directive 2014/57/EU of the European Parliament …” „… and of the Council of 16 April 2014 on criminal sanctions for market abuse (OJ L 173, 12.6.2014, p …” „… sanctions for insider dealing, for unlawful disclosure of inside information and for market manipulation to …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… detect and investigate potential cases of market abuse and to get a better overview over the fair and …” „… ; only those instruments that are susceptible to market abuse shall be covered.7 The reporting obligation …” „… in particular helpful for the discovery of market abuse. Information to be stored and transmitted The …”

Article 34 Publication of decisions S. 869-874

„… market abuse, 26 July 2016, ESMA/2016/117. 2 Commission Implementing Regulation (EU) 2017/1158 of 29 June …” „… a need for Member States to transpose it into national law. 1. 1 Willey, ‘Market abuse update’ (2012 …” „… Parliament and of the Council on insider dealing and market manipulation (market abuse) (MAR) – Progress …”

Article 7 Criminal penalties for natural persons S. 637

„… to the condition that the offence of attempted market abuse must be ‘effective and dissuasive’.54 …” „… sanctions, such as: 53 Ibid, mn 6. 54 Market Abuse Directive, recital 16. Art. 9 MAD Carsten Gerner-Beuerle …” „… ed insider dealing and market manipulation, MAD 2014 leaves the precise demarcation between attempt …”

Article 8 Liability of legal persons S. 637

„… to the condition that the offence of attempted market abuse must be ‘effective and dissuasive’.54 …” „… sanctions, such as: 53 Ibid, mn 6. 54 Market Abuse Directive, recital 16. Art. 9 MAD Carsten Gerner-Beuerle …” „… ed insider dealing and market manipulation, MAD 2014 leaves the precise demarcation between attempt …”

Article 17 Algorithmic trading S. 120-134

„… trading conditions or conduct that may involve market abuse and that is to be reported to the competent …” „… requirements on investment firms with a view toward ensuring orderly markets and preventing market abuse (cf …” „… constitute market abuse, so as to identify and promote effective strategies for preventing and addressing …”

Article 23 Powers of competent authorities S. 838-843

„… clearly distinguish between pri- 2. 3. 1 See Avgouleas, The Mechanics and Regulation of Market Abuse (OUP …” „… subject to market abuse or insider trading, and could also be used in order to preserve evidence that …” „… liability for disclosure of information and does not extend to liability relating to the market abuse which …”

Article 47 Equivalence decision S. 566-571

„… abuse in the form of insider dealing and market manipulation 2. ESMA shall establish cooperation …” „… of business rules, and fifth, market transparency / anti-market abuse rules must be implemented and …” „… derivatives markets, mitigating systemic risk, and protecting against market abuse. Such a system should be …”

Article 4 Waivers for equity instruments S. 408-417

„… prevent and detect market abuse or attempted market abuse in relation to such negotiated transactions in …” „… detection and prevention measures regarding market abuse25 in relation to negotiated transactions.26 Under …” „… quotes of each market maker in that instrument if permitted by price discovery mechanism. Access to data …”

Article 33 Exchange of information with ESMA S. 868-869

„… person (which is not unlikely, considering the complex provisions on market abuse or insider dealing …” „… sanctions and measures under Regulation (EU) No 596/2014 on market abuse, 26 July 2016, ESMA/2016/117. 2 …” „… the creation of respective self-regulatory mechanisms by, and within, market actors. Considering that …”

Article 24 Obligation to uphold integrity of markets S. 492-494

„… the discovery of market abuse (see below comment on → Art 25-27 mn 1). However, the acts dealing with …” „… the fighting of market abuse, MAR and MAD, have their own enforcement regime.1 Art 24 MiFIR explicitly …” „… (2016); Busch D, ‘MiFID II and MiFIR: stricter rules for the EU financial markets’, Law and Financial …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) and under …” „… ensured by preventing market abuse in the form of insider dealing and market manipulation. 3. Articles 7 …” „… requirements on such shares would be ‘potentially onerous for market participants’ and would ‘create …”

Article 28 Client order handling rules S. 202-205

„… client. Article 67(3) of the MiFID II Delegated Regulation addresses the risk of market abuses and …” „… MiFID II Delegated Regulation. Art. 28 MiFID II 1. Security Markets and Services 202 Martin Brenncke …” „… admitted to trading on a regulated market or traded on a trading venue which are not immediately executed …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… the authority competent for the investigation and prosecution of market abuse and to provide full …” „… assistance to the latter in investigating and prosecuting market abuse occurring on or through its systems …” „… paragraph 1 of Art 30(1)). The reason MiFID II rules of conduct do not apply is that these market …”

Article 53 Access to a regulated market S. 308-312

„… action is due to suspected market abuse, a take-over bid or the non-disclosure of inside …” „… market abuse, a take-over bid or the non-disclosure of inside information in violation of Art 17 MAR.20 …” „… would cause significant damage to the interests of investors or the orderly functioning of the market.17 …”

Article 3 Integration of securities markets S. 1114-1118

„… former Market Abuse Directive, Article 6. Since the latter is now part of a regulation, this reference …” „… . 17 The substance of former Article 6 is now found in Articles 16-20 of the Market Abuse Regulation …” „… Article 3 Integration of securities markets (1) The home Member State may make an issuer subject to …”

Articles 27 to 31 S. 934-937

„… abuse (market abuse directive) [2014] OJ L173/179 (CRIM-MAD). 3 Cf. Moloney, 570. Chapter VI Role of …” „… 2. Market Behaviour 934 Klaus Ulrich Schmolke 16 17 18 1 Coordination by ESMA (Art 27) Art 27 SSR …” „… , ESMA is allowed to (a) require market participants that have net short positions in relation to a …”

Article 33 SME growth markets S. 217-221

„… public; (g) there are effective systems and controls aiming to prevent and detect market abuse on that …” „… with the relevant requirements of the regulations of the Market Abuse Regulation (Regulation (EU) No …” „… consistently.19 Section 3 SME growth markets Article 33 SME growth markets 1. Member States shall provide that …”

Articles 32 to 41 S. 937-939

„… abuse (market abuse directive) [2014] OJ L173/179 (CRIM-MAD). 3 Cf. Moloney, 570. Chapter VI Role of …” „… . 1 See comment on → MAR. 2 Directive 2014/57/EU of 16 April 2014 on criminal sanctions for market …” „… 33(3) SSR confers a specific power on the NCAs with regard to CDSs: NCAs may require market …”

Article 4 Exemptions from the obligation to publish a prospectus S. 969-974

„… Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse …” „… ensured by the prevention of market abuse in the form of insider dealing and market manipulation. As …” „… outside the Union whose securities are admitted to trading either on a regulated market or on a …”

Article 3 Definitions S. 1236-1242

„… that employs rating analysts and 2. 19 Regulation (EU) No 596/2014 of 16 April 2014 on market abuse …” „… (market abuse regulation – MAR), 12 June 2014 (OJ EU L 173/1). 20 Hopt and Kumpan, ‘§ 107 Insider- und …” „… . 7. Art. 3 CRAR 3. Market Transparency 1236 Christoph Kumpan and Ronny Grütze 7 8 (x) ‘unsolicited …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… contributes to disorderly trading conditions or market abuse. In particular, Member States shall require a …” „… fee structures do not create incentives for disorderly trading conditions or market abuse; (e) the …” „… the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation …”

Article 48 Register S. 571-572

„… of investors or the orderly functioning of markets (for instance, engage in market abuse or insider …” „… MiFID. The right to serve retail investors is reserved to firms residing within the Single Market …” „… transparency on which a Third Country investment firm is licensed to offer services in the EU/EEA Single Market …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… under the excessive pressure of early sell orders.54 The Market Abuse Regulation (MAR) provides for an …” „… included by the 2013 reform. 54 See Market Abuse Regulation 596/2014 (MAR) Article 3(2)(d). 55 See → Art 11 …” „… market and to which voting rights are attached, such shareholder notifies the issuer of the proportion of …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… protection; (d) it ensures market transparency and integrity via rules addressing market abuse in the form of …” „… . Art. 28 MiFIR 1. Security Markets and Services 510 Matthias Lehmann 22 23 24 25 26 abuse. The …” „… financial instruments of the same type are traded, i.e. of the most relevant market in terms of liquidity.23 …”

Article 26 Right of appeal S. 1030-1031

„… the CESR, An Evaluation of Equivalence of Supervisory Powers in the EU under the Market Abuse …” „… sure would seriously jeopardise the financial markets or cause disproportionate damage to the …” „… offeror, a person asking for the admission to trading on a regulated market or a guarantor, as the case …”

Article 19 Monitoring by ESMA S. 471-472

„… markets in financial instruments, Regulation (EU) 596/2014 on market abuse and Regulation (EU) 909/2014 on …” „… a reasonable commercial basis to other market participants. With regard to access on a reasonable …” „… commercial basis, the same rules apply as in the case of market operators and investment firms under Art 13 …”

Article 27 Obligation to supply financial instrument reference data S. 498-499

„… detect and investigate potential cases of market abuse and to get a better overview over the fair and …” „… on regulated markets or traded on MTFs or OTFs, trading venues shall provide competent authorities …” „… which promotes the integrity of the market, ESMA and the competent authorities shall establish the …”

Article 25 Sanctions S. 1029-1030

„… seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. I …” „… PD Paola Lucantoni 1029 2 3 4 5 1 2 3 sure would seriously jeopardise the financial markets or cause …” „… bodies, an offeror, a person asking for the admission to trading on a regulated market or a guarantor, as …”

Article 67 Designation of competent authorities S. 357-358

„… Review 409; Willey S, ‘Market abuse update’ (2012) 93 Compliance Officer Bulletin 1; Wundenberg M …” „… : van Erp J, ‘Naming without shaming: the publication of sanctions in the Dutch financial market’ (2011 …” „… G (eds), Regulation of the EU Financial Markets – MiFID II and MiFIR (OUP 2017); Moloney N …”

Article 49 Withdrawal of registration S. 572-574

„… of investors or the orderly functioning of markets (for instance, engage in market abuse or insider …” „… of investors or the orderly functioning of markets; or (b) ESMA has well-founded reasons based on …” „… the markets in the Union or has failed to demonstrate that the third-country firm concerned complies …”

Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing S. 511-513

„… abuse. The procedure provided for in Art 28(4) MiFIR to some extent resembles that in Art 33 MiFIR …” „… , see below. Article 29 Clearing obligation for derivatives traded on regulated markets and timing of …” „… acceptance for clearing (1) The operator of a regulated market shall ensure that all transactions in …”

Article 19 Home Member State control S. 1187-1189

„… The text officially refers to the original Market Abuse Directive 2003/6/EC. However, by virtue of MAR …” „… consent, the admission of its securities to trading on a regulated market, discloses regulated information …” „… Transparency Rule Changes, Consultation Paper CP15/11 (March 2015) paras 3.30 et seq. Art. 19 TD 3. Market …”

Article 25 Obligation to cooperate S. 844-846

„… cross-border market abuses. In relation to emission allowances, the cooperation and exchange of information …” „… European Parliament and of the Council, and the national regu- Art. 25 MAR 2. Market Behaviour 844 Jörn …” „… authorities responsible for the related spot markets where they have reasonable grounds to suspect that acts …”

Article 2 Definitions S. 1104-1114

„… dealing and market manipulation (market abuse),2 or under the laws, regulations or administrative …” „… https://www.esma.europa.eu/document/standard-form-disclosure-home-member-state-0. 29 The text officially refers to the original Market Abuse Directive 2003/6/EC. However, by …” „… have been admitted to trading. A list of all regulated markets in the EU is maintained by ESMA at …”

Article 37 Non-discriminatory access to and obligation to licence benchmarks S. 531-532

„… the markets, or would adversely affect systemic risk; (d) the procedure for making a notification …” „… effect: the more parties use them, the more efficient they are. This creates the potential for abuse. The …” „… . Security Markets and Services 532 Matthias Lehmann 1 2 …”

Article 21 Powers S. 1020-1023

„… approach is no aligned with the related – and recently revised – market abuse and transparency regime. Art …” „… Chapter III. These competent authorities shall be completely independent from all market participants. 1a …” „… admission to trading on a regulated market to include in the prospectus supplementary information, if …”

Article 6 Responsibility attaching to the prospectus S. 984-987

„… appropriate ongoing disclosure requirements and rules on market abuse, provided that the issuer has not …” „… admitted to trading on a regulated market. The provisions are basically aimed at facilitating the access to …” „… capital markets for smaller companies. Indeed, one of the core objectives of the Capital Markets Union is …”

Article 24 Cooperation with ESMA S. 843-844

„… liability for disclosure of information and does not extend to liability relating to the market abuse which …” „… the national regu- Art. 25 MAR 2. Market Behaviour 844 Jörn Axel Kämmerer …”

Foreword: The new transparency regime under MiFIR S. 389-392

„… set out in the Market Abuse Regulation. III. The MiFIR transparency regime In the aftermath of the …” „… Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 of the European …” „… Parliament and of the Council of 15 May 2014 on markets in financial instruments (OJ L 173, 12.6.2014, p …”

Article 7 Minimum information S. 987-990

„… characteristics of offers and admissions to trading on a regulated market of non-equity securities. The …” „… continuous or repeated manner by entities authorised or regulated to operate in the financial markets within …” „… institutions issuing non-equity securities referred to in Article 1(2)(j), companies with reduced market …”

Index S. 1785-1803

„… – between national competent authorities MAR 31 6; MiFID II 87 5 – on market abuse MAD 10 4 – requirement …” „… MAR 14 4 – trading restrictions MAR 5 7 – training obligation, market abuse prevention and detection …” „… conduct’ MAR 9 10 Margin requirements EMIR 4 Margins among CCPs EMIR 54 12 Market abuse – ad hoc …”

Article 20 Languages S. 1189-1193

„… detail → Art 2 mn 26 et seq. 6 The text officially refers to the original Market Abuse Directive 2003/6 …” „… of its securities to trading on a regulated market’. Where the issuer or such a person discloses any …” „… Languages (1) Where securities are admitted to trading on a regulated market only in the home Member State …”

Article 49 Tick sizes S. 292-296

„… market abuse. In general, clock synchronisation leads to better information for comparing transactions …” „… XII. Identifying algorithmic trading (Art 48(10) MiFID II) Regulated markets must be able to …” „… strategies in due time to avoid abusive strategies and risks to the orderly functioning of the market.200 …”

Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 428-432

„… ) 596/2014 on market abuse and Regulation (EU) 909/2014 on improving securities settlement in the European …” „… Market operators, investment firms operating a trading venue and investment firms trading outside a …” „… of publication until the end of the trading day,15 market operators and investment firms operating a …”

Article 50 Synchronisation of business clocks S. 296-299

„… transactions. Furthermore, it helps monitoring across venues and detecting instances of market abuse. In …” „… , there is no reference to the most liquid market and recital 6 of the Commission Delegated Regulation (EU …” „… general, clock synchronisation leads to better information for comparing transactions and market …”

Article 1 Subject matter and scope S. 392-396

„… ) 600/2014 on markets in financial instruments, Regulation (EU) 596/2014 on market abuse and Regulation (EU …” „… market participants to conceal their trading activities. However, the need to accommodate block trades is …” „… non-equity(-like)29 instruments. In general, the transparency rules for regulated markets and multilateral (and …”

Article 16 Supplements to the prospectus S. 1009-1013

„… on issuers having their securities admitted to trading on a regulated market under the Market Abuse …” „… , the time when trading on a regulated market begins, whichever occurs later, shall be mentioned in a …” „… Competition in Securities Markets (Cambridge University Press 2011), 134-137. Chapter III Arrangements for …”

Article 16 Organisational requirements S. 65-120

„… particular to cases that may not clearly qualify as market abuse, since market abuse is prohibited anyway via …” „… MiFID’s scope if they are neither market makers, do not deal on their own account when executing client …” „… orders, are not members or participants of a regulated market or MTF, do not have direct electronic …”

Article 1 Subject matter and scope S. 1099-1104

„… obligations under other instruments, such as the Market Abuse Regulation (MAR).12 (4) Finally, the TD is also …” „… issuers whose securities are admitted to trading on a regulated market (OJ L 390, 31.12.2004, p. 38-57 …” „… H, Neville M and Engsig Sørensen K (eds), The European Financial Market in Transition (Kluwer 2012 …”

Commentary to Articles 35-37 Art. 35-37 S. 532-537

„… effect: the more parties use them, the more efficient they are. This creates the potential for abuse. The …” „… . Security Markets and Services 532 Matthias Lehmann 1 2 Overview All three provisions aim at opening up …” „… different markets. Art 35 MiFIR gives trading venues access to clearing and settlement services via CCPs.3 …”

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… that seeks and extinguishes market imperfections and abuse. But transparency also has a cost in terms …” „… 1. Security Markets and Services Introduction to MiFID II and MiFIR Bibliography: Alcántara Lera J …” „… et financier, Novembre 2017 – n° 6; Busch D and Ferrarini G, Regulation of the EU Financial Markets …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… market abuse and Regulation (EU) 909/2014 on improving securities settlement in the European Union and on …” „… that type of trade and the prevailing conditions in the market.7 Article 18 Obligation for systematic …” „… systematic internalisers and for which there is a liquid market when the following conditions are fulfilled …”

Article 46 General provisions S. 560-566

„… transparency and integrity by preventing market abuse in the form of insider dealing and market manipulation 2 …” „… country. Art. 46 MiFIR 1. Security Markets and Services 560 Dirk Zetzsche The information in the first …” „… entitle the third-country firm to market new categories of investment product or investment service to …”

Article 70 Sanctions for infringements S. 362-368

„… , ‘Market abuse update’ (2012) 93 Compliance Officer Bulletin 1, 12. Title VI Competent authorities Art …” „… States shall ensure that where obligations apply to investment firms, market operators, data reporting …” „… this Directive, to the members of the investment firms’ and market operators’ management body, and any …”

Article 66 Organisational requirements S. 351-357

„… Organization Law Review 409; Willey S, ‘Market abuse update’ (2012) 93 Compliance Officer Bulletin 1 …” „… market operator or investment firm shall treat all information collected in a non-discriminatory fashion …” „… suffered as a result of an infringement of [MiFID II and MiFIR]”. Art. 66 MiFID II 1. Security Markets …”

Article 5 Volume Cap Mechanism S. 417-423

„… (EU) 596/2014 on market abuse and Regulation (EU) 909/2014 on improving securities settlement in the …” „… for which there is not a liquid market as determined in accordance with Article 2(1)(17)(b) and are …” „… negotiated transactions that are subject to conditions other than the current market price of that financial …”

Article 2 Definitions S. 396-403

„… instruments, Regulation (EU) 596/2014 on market abuse and Regulation (EU) 909/2014 on improving securities …” „… account as defined in Article 4(1)(6) of Directive 2014/65/EU; (6) ‘market maker’ means a market maker as …” „… USA. Art. 2 MiFIR 1. Security Markets and Services 396 Christoph Kumpan and Finn Schmidt 11 12 (9 …”

Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 472-478

„… markets in financial instruments, Regulation (EU) 596/2014 on market abuse and Regulation (EU) 909/2014 on …” „… firm, and the degree to which the quotes reflect prevailing market conditions in relation to …” „… market conditions, ESMA shall submit a report to the Commission before that date. 2. The Commission shall …”

Introduction and overview S. 874-881

„… , Herinckx A and Szafarz A, ‘Which short-selling regulation is the least damaging to market efficiency …” „… Short Selling’ (2017) 12 Capital Markets Law Journal 510 (cited as ‘Dell'Erba & Patti, (2017) 12 Capital …” „… Markets Law Journal 510’); Gullifer L and Payne J, Corporate Finance Law (Hart Publishing, 2nd ed, Oxford …”

Article 9 Waivers for non-equity instruments S. 432-441

„… market abuse and Regulation (EU) 909/2014 on improving securities settlement in the European Union and on …” „… , market operators and investment firms operating a trading venue must make public their methodology for …” „… obligation for market operators and investment firms operating a trading venue to make public the information …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… protection; and (iv) market transparency and integrity are ensured by the prevention of market abuse in the …” „… . That warning may be provided in a standardised format. 112 Moloney, EU securities and financial markets …” „… regulation (3rd edn, OUP, Oxford 2014), 340. Art. 25 MiFID II 1. Security Markets and Services 180 Martin …”

Article 42 Product intervention by competent authorities S. 549-554

„… supervising the other financial markets.23 The measure must be published on ESMA’s or EBA’s website …” „… protection concerns or poses a threat to the orderly functioning and integrity of financial markets or …” „… commodity markets or to the stability of whole or part of the financial system within at least one Member …”

doi.org/10.5771/9783845279893

Anca Daniela Chirita - The German and Romanian Abuse of Market Dominance in the Light of Article 102 TFEU

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Anca Daniela Chirita

The German and Romanian Abuse of Market Dominance in the Light of Article 102 TFEU

Series: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft

Volume 82 2011

Results in this title

Stricter National Abuse of Market Dominance Rules S. 22-24

„… 22 3. Stricter National Abuse of Market Dominance Rules According to Regulation 1/2003, Member …” „… allows Member States to continue applying national abuse of dominance rules and to achieve a stricter …” „… protection of competition on the market must be compatible with the general principles or provisions of the …”

Establishing Market Dominance S. 74-79

„… 74 III. Distinctive Features of Romanian, EU, and German Abuse of Market Dominance The conditions …” „… that are essential for establishing any abuse of market dominance deserve an a priori examination, as …” „… ; and the concept of abuse require extensive examination. 1. Establishing Market Dominance Under Article …”

Exclusionary Abuses S. 133-142

„… 133 IV. Overview of the Key Common Features of the Abuse of Market Dominance Article 6 RCL is, in …” „… abuse of market dominance, which is, however, a non-exhaustive list of anti-competitive practices. The …” „… supplier or purchaser of certain kinds of goods or commercial services abuses its dominant market position …”

The Dominant Position and the Concept of Abuse S. 82-104

„… general approach to market dominance by covering the abuse of dominance. The latter, however, is generally …” „… The hypothesis of market power makes sense only to the extent that a dominant undertaking may abuse …” „… vague distinction under the EU abuse of dominance concept as being solely a misuse of market power by …”

Brief Overview of Short-Term or Other Policy Goals S. 68-74

„… applied, fair competition becomes crucial to all the anti-215 J. Vickers, Abuse of Market Power, 115(2005 …” „… and «companies with a dominant position in a particular market may not abuse that power to squeeze out …” „… Features of Romanian, EU, and German Abuse of Market Dominance The conditions that are essential for …”

Joint Dominance and Oligopolies S. 127-133

„… . Overview of the Key Common Features of the Abuse of Market Dominance Article 6 RCL is, in principle …” „… contains presumptions of market dominance, whilst both Articles 6 and 102 generally prohibit any such abuse …” „… detail a list of particular types of anti-competitive conduct as a special clause on the abuse of market …”

Consistency v Legal Certainty in light of the Form and Effects-based Approach S. 168-173

„… over-deterrence and criminal abuse-of-dominance policy and, to an even greater extent, the controlling market …” „… Approach The EU case law on the abuse of dominance rejects any consumer-welfare standard.642 It is …” „… clear her intention to ensure that the Commission’s policy on the abuse of dominance is that such abuse …”

Abuse of Intellectual Property Rights: A New Exploitative Abuse of Property Rights? S. 307-314

„… where the right holder itself is active in that market, or under Section 19(1)’s general clause if abuse …” „… examined a possible abuse of a dominant position in the steel production market.1292 The CC found Cost, a …” „… discrimination.1290Rambus, which had allegedly abused a dominant position in the market for DRAM (Dynamic Random …”

Excessive or Unfair Pricing and Unfair Trading Conditions S. 236-242

„… CVR, two of the four market players, were found guilty of abuse of a dominant position in the …” „… regard to the market sharing agreement and the identification of local markets and not to the abuse of a …” „… regional electricity operator, abused a dominant position in the market for metering and billing services …”

Dependence upon a Certain Undertaking S. 314-319

„… examined a possible abuse of a dominant position in the steel production market.1292 The CC found Cost, a …” „… feature of the German concept of abuse of dominance as a form of absolute market dominance or …” „… 314 VI. Abuse of Economic Dependency Under Article 102, the concept of economic dependency is void …”

The Methodological Approach to Efficiencies and Case Law S. 180-190

„… makes it possible to substantiate an abuse based on its effects on the relevant market. Thus, under …” „… still not counteract the abuse-control policies unless a huge burden of proof were to be put on dominant …” „… 180 evidence of consumer harm in the form of supra-competitive retail prices on the ADSL market.696 …”

Brief Historical Overview of National Competition Laws S. 15-19

„… 15 A. A Comparative Review of National Abuse of Market Dominance LawsThe comparative approach …” „… I. Introduction to the Comparative Review of the Abuse of Market Dominance In the past decade …” „… also punished undertakings that had abused their dominant market position, but it became invalid after …”

Brief Overview of Responses and Concluding Remarks S. 196-201

„… final consumers in implementing such a specific policy as the abuse-of-dominance. 1. Introduction As has …” „… is satisfied in favour of a finding of abuse, for example, if the recipient has made …” „… to supply an existing relationship is intended to prevent abuse rather than control. This has not …”

Discrimination as a Structural Abuse S. 143-145

„… 143 However, preventing abuse is easier than controlling abuse. Therefore, excessive pricing had …” „… to identify markets that were sufficiently comparable. Their structural differences may have been …” „… , which are applied to the prices charged in the comparable market.557 Another test used to evaluate …”

Introduction to the Challenges and the Gaps of the Guidance Paper S. 158-162

„… approach is, indeed, the way forward for the EU abuse-of-dominance policy. Beginning with the …” „… that justify introducing the special focus upon consumers for its abuse-of-dominance policy, such as …” „… Guidance Paper Indeed, the extent to which EU competition law on the abuse of dominance has been …”

Hindrance Abuse S. 286-290

„… competitors were dependent on them. Thus, although the hindrance abuse had negative market effects, the FCJ …” „… 286 prices according to the quantity purchased or in different market segments amongst the Union’s …” „… setting of allegedly excessive pricing on the French broadband and telephone subscription market and …”

Reconcilable Tensions of the New Shift S. 165-168

„… of dominance is that such abuse essentially be assessed on the basis of its effects on the market …” „… harmful conduct» and direct harm leads to over-deterrence and criminal abuse-of-dominance policy and, to …” „… which to measure market performance, with competitors who deliver less leaving the market.627 …”

Technological Tying v Interoperability in the Software Industry S. 294-298

„… 294 infringement of Section 19(1) did not require the conduct to affect competition in the market …” „… third market insofar as a casual link existed between the undertaking’s dominant position and the …” „… affect competition in the relevant market for electricity supply to small customers without any objective …”

The Assessment of Market Dominance S. 112-127

„… based on market shares fewer cases of abuse of dominance have been found by the CC. In the case of …” „… distinctive feature of German abuse of market dominance is the undertaking’s superior market power relative to …” „… largest competitors was sufficient to denote abuse.466 A paramount market position alone was insufficient …”

The Relevant Markets S. 104-112

„… geographical markets under both Romanian and the German abuse of market dominance cases and offers recent …” „… market compared to an ex postanalysis conducted in abuse of dominance cases.360 This distinction was …” „… upheld in a 2006 case on abuse of dominant position and market sharing on the TV cable services market …”

Brief Overview of Remedies, Penalties, and Judicial Review S. 222-229

„… with regard to an abuse of a dominant market position had had a suspensive effect. The German …” „… of which an undertaking abused its dominant position, the restraint on market access for the alleged …” „… situation and prevent the abuse from repeating, bearing the burden of proof, it could request the court to …”

Refusal to Supply S. 300-302

„… 300 freedom.1223 Thus, the general interest to open up the German pharmaceuticals market to more …” „… relationships, whilst keeping markets open was of paramount importance. RMS radio marketing refused to establish …” „… transport because it wanted to keep the market exclusively for public providers of patient transport.12282 …”

Refusal to Grant Access to Essential Facilities S. 302-307

„… denote abuse if a dominant market position existed in the market for the allocation of the relevant …” „… to open up the pharmaceutical market. Buying from the reimporter, indeed, would put at risk the …” „… to deal, the interest in maintaining an open market structure is crucial for the refusal to supply …”

Distinctive Features in the Light of the Eighth German Amendment S. 146-150

„… authorities had carried a full burden of proof for an undertaking’s potential abuse of a dominant market …” „… a presumption of abuse in the energy sector where the prices charged by a 565 See B.Ch.VIII. 566 …” „… September 2007.147 dominant undertaking are above those charged by another one active in a comparable market …”

Introduction S. 201-202

„… final consumers in implementing such a specific policy as the abuse-of-dominance. 1. Introduction As has …” „… interpretation of undistorted competition within the internal market and the interplay between EU free and fair …” „… should work closely to ensure effective competition in the internal market, something that the Guidance …”

Refusal to Deal S. 298-300

„… discriminatory effects. In order to determine abuse the key elements are the existence of two separate markets …” „… National Company for Freight Railway Transport abused its dominant position in the market of ancillary …” „… it concluded with beneficiaries.1212 Apart from discriminatory behaviour, the abuse consisted in a …”

The Union’s Present Unfair Competition Case Law S. 361-370

„… announced it will investigate whether Google has abused its alleged dominant market position in online …” „… 361 competence to enforce exclusionary and exploitative abuses. The unfair exploitation could be …” „… constitute a direct harm under private litigation before courts. However, the «harm to consumers» as market …”

Long-term Exclusive Agreements S. 279-284

„… France, the preliminary finding was an abuse of a dominant position in the market for the supply of …” „… 279 consideration and not based on actual market effects, as the rebate system is an ex post …” „… refunds, the access of less powerful competitors to the advertising market was foreclosed, as they could …”

Concluding Remarks S. 220-222

„… abused its dominant position, the restraint on market access for the alleged undertaking. Accordingly …” „… requirements, must not trespass on the area of abuse of dominance. Furthermore, having Article 12 amended as an …” „… competition law after the establishment of the internal market. Article 119, therefore, should gain paramount …”

Contractual v Technological Tying S. 290-294

„… cartridges was dominant in the market.1182 Mistubishi abused its position by requiring consumers that used …” „… the consumables distributed by Tuingdor and of a photographic Mistubishi «seal» on the tied market …” „… anti-competitive practice affected the tied market through the introduction of this seal and the exclusive use of …”

Discounts and Rebates S. 270-279

„… hindering the development of the competition still existing in the market is sufficient to denote abuse …” „… almost equal market shares.1105 The CC did not undertake a proper cost analysis for the exported products …” „… or prove that they were sold at prices below those charged on the domestic market. Whether such a …”

Export Sales below Cost and Dumping Pricing S. 268-270

„… national market an abuse was not retained. 9. Export Sales below Cost and Dumping Pricing As under the ARC …” „… downstream market and the actual wholesale prices was positive and significantly higher than the list price …” „… , dominance must be established at least in the wholesale market. Despite DT’s dominance in the Bitstream …”

(Price) Discrimination S. 284-286

„… . Hindrance Abuse Under Section 20(1), unfair hindrance is a market conduct that has objectively negative …” „… 284 III. Discrimination and Hindrance Abuses 1. (Price) Discrimination Articles 6 (c) and 102 …” „… relevant product market was a duopoly, in that the beneficiaries had the freedom to choose between services …”

Selling below Costs S. 252-257

„… hindrance abuse. Within the meaning of Section 20(2) 1st sentence, Wal*Mart enjoyed a superior market …” „… , the largest national tobacco producer, had abused its dominant position in the Romanian tobacco market …” „… 252 FCO’s intervention was justified by the aim of keeping market entry open. But the court did not …”

Titelei/Inhaltsverzeichnis S. 2-10

„… WeitzelAnca Daniela Chiri??The German and Romanian Abuse of Market Dominance in the Light of Article …” „… of Market Dominance Laws 15I. Introduction to the Comparative Review of the Abuse of Market …” „… Abuse of a Dominant Position 193. Stricter National Abuse of Market Dominance Rules 224. The …”

An Empirical Classification of Abusive Practices and Future Challenges S. 230-235

„… provide a broad understanding of the national public enforcement on the Union’s abuse of market dominance …” „… market structure abuse has discrimination as an independent type of abusive conduct, whilst under EU and …” „… the market structure abuse as in mergers. For EU competition law, see J. Temple Lang, Anticompetitive …”

Final Concluding Remarks S. 342-346

„… , market openness, prevention-competition and hindrance abuse, economic dependence and economic viability …” „… of German law regarding market dominant undertakings with relative market power is to prevent abuse …” „… hindrance abuse that is also present under EU case law. Thus, Article 102 lacks any explicit mention of …”

Predatory Pricing S. 245-252

„… necessary to denote abuse.988In practice, predation cannot be inferred from market and cost data alone. One …” „… services market for mining equipment and abuse the provisions of Article 6(1) (f), due to insufficient …” „… electric heating providers to open up the relevant market,972 whilst 13 providers were obliged to pass on …”

Anti-competitive Foreclosure and Consumer Harm S. 173-176

„… actual effects are considered, behaviour in the market could be analysed only when abuse has already …” „… bringing the enforcement of the abuse of dominance into line with the area of merger control and …” „… restrictive agreements and from being able to apply consistent standards. For the abuse of dominance, the …”

The Legal Background of the Abuse of a Dominant Position S. 19-22

„… Article 6 prohibits any abuse of a dominant position in the Romanian market or on a substantial part of it …” „… , Section 20 deals with the abuse of a pre-dominant market position under the more severe prohibitions of …” „… Section 20(4). 26 See Articles 5 and 6 Regulation 1/2003. 22 3. Stricter National Abuse of Market …”

Overview of Major Policy Objectives S. 27-46

„… «minimalist» consumer protection 59 A.D. ChiriY<, The Abuse of Dominant Market Position under Romanian …” „… exclusionary and market openness focus as a prima facie element of establishing abuse of economic power, the …” „… legal and economic concepts surrounding the abuse of dominance from a dynamic perspective. The chapter’s …”

Final Remarks and Policy Recommendations for Romania S. 376-379

„… Abuse of Dominance This final part aims to offer an overall critical evaluation of the competition law …” „… harmonisation of national competition laws ensures the furtherance of the EU internal market with free, fair …” „… reiterates the delineation of policy objectives that should be applied to the abuse of dominance policy and …”

Bibliography S. 383-395

„… edn, 2006. Behrens, Peter: Comment on: Abuse of market power: Controlling Dominance or Protecting …” „… Law, 4(2008)2 European Competition Journal. ChiriY<, A.D.: The Abuse of Dominant Market Position …” „… ). Vickers, J.: Abuse of Market Power, 111(2005) Economic Journal. Weizsäcker, von Carl C …”

Economically Viable or Surviving in the Market S. 338-342

„… a practice is hindrance abuse, as the «effective competition on that market is being hindered». It …” „… , market openness, prevention-competition and hindrance abuse, economic dependence and economic viability …” „… 338 advantage» of Deutsche Telekom in the market where it held a dominant position, while its …”

Margin Squeeze in the Telecommunications Sector S. 260-268

„… third market, implying earnings from the dominated market, was insufficient to denote abuse.1044 …” „… insufficient, as there was no evidence of abusive pricing. The presence of hindrance abuse in a third market …” „… . Despite DT’s dominance in the Bitstream national market an abuse was not retained. 9. Export Sales below …”

Exploitative Abuse S. 142-143

„… potential competitors from entering the market. However, refusal to allow access is not abusive if the …” „… Abuse Exploitative abuses are dealt with in Section 19(4) 2nd sentence which refers to the conduct of …” „… , particularly the conduct of undertakings in comparable markets where effective competition prevails shall be …”

The Analysis and Interpretation of the Recent Romanian Amendment S. 150-156

„… strategy to restrict competition or to affect potential competition by erecting barriers to market entry …” „… the market; therefore, it enforces Section 20(4) as an anti-competitive practice per se. 5876. The …” „… . Particularly, the CC applies the provisions of Article 6(1) to the extent to which the abuse of a dominant …”

Final Remarks for Germany S. 379-381

„… undertaking may not stand beyond any criticism. The approach to the abuse of market dominance in the food and …” „… a prevention-competition concept based on hindrance abuse or impairment of competition. (9) The …” „… interpretation of competition rules. They would allow the finding of abuse based on economic dependence that …”

Abuse of Economic Dependency: A Gap under Article 102 S. 322-325

„… recommendations due to their market power.1311 Dependence, however, may occur when an undertaking’s business …” „… undertaking through long-term supply contracts. 6. Abuse of Economic Dependency: A Gap under Article 102 …” „… Section 20 ARC, which applies to nondominant undertakings, particularly its abuse of economic dependency …”

The Teleological Interpretation of Article 12 to Article 102 S. 217-220

„… suppliers rather than in monopolistic markets. 883 For an enforcement gap in regard to exploitative abuses …” „… to cause a shift in the area of abuse of dominance with emphasis upon consumer effects or upon the …” „… narrow understanding of the interests of consumers as those of final consumers for the abuse of dominance …”

The European Commission’s Standard: Total v Consumer Welfare S. 65-68

„… crucial to all the anti-215 J. Vickers, Abuse of Market Power, 115(2005) Ec.J., 244-61. Particularly …” „… with a dominant position in a particular market may not abuse that power to squeeze out competitors …” „… overall objective justification of harm to market-structure. 6. The European Commission’s Standard: Total …”

Concluding Remarks on the Eighth German Amendment and the Case Law S. 325-327

„… the cost analysis of the abuse of dominance has been necessary for a uniform and more economics-based …” „… that by driving competitors out of the market, the competitive pressure disappears and, in the long run …” „… has the advantage of the likelihood of effects, which prevents abuse at the earliest stage. However …”

Concluding Remarks on the Final Balancing of Policy Objectives, their Enforcement and Future Challenges S. 46-49

„… position,129 or against non-dominant undertakings that enjoy superior market power and abuse their position …” „… competition or opening up the market as secondary policy objectives are merely subordinated to economic …” „… paramount competition provision for the abuse of dominance. The Preamble’s fair competition or the further …”

The Market-Structure-Conduct Paradigm, Effective Competition, and the Objective Justification S. 61-65

„… endorse the assertion that there should be a direct causal link between market structure and innovation …” „… competition, especially of virtual eantitrust law. 5. The Market-Structure-Conduct Paradigm, Effective …” „… the structure of the market. In contrast, competition on the merits is against particular forms of …”

The As-Efficient Competitor Test S. 190-192

„… .745In conclusion, only for the sake of consistency, efficiency pleas should be allowed under the abuse …” „… types of abuse that could never fulfil the objective justification requirements, and which the Guidance …” „… standard applicable to all types of abuse under Article 102 and the objective justification. Therefore, the …”

The Standard of Proof and the Evidentiary Requirements S. 176-180

„… substantiate an abuse based on its effects on the relevant market. Thus, under Article 102, if «direct …” „… anti-competitive foreclosure is crucial for safeguarding market openness and maintaining rivalry as sources of …” „… competitive pressure in the market by preventing the hindering of smaller competitors from entering the market …”

Business or Demand-induced Dependence S. 321-322

„… in its product range in order to remain competitive in the market. In light of the high distribution …” „… manufacturer’s brands.1309 The court narrowed the definition of the relevant product market for commercial …” „… magazines to the advertisement market for cosmetics and ruled that leading magazines enjoyed superior market …”

Selected Anti-competitive Practices of the Guidance Paper S. 192-196

„… competitors out of the market or to deter new ones from entering.756Pricing below AAC is deemed a clear …” „… , similar to the market-structure analysis undertaken by the Commission in mergers.761 Cross-subsidies may …” „… qualify as predation even if the undertaking is not dominant in the secondary market, such as a legal …”

National Competition Authorities S. 25-27

„… functions. Whilst enforcing Article 6 on the abuse of dominance, the CC is bound to apply Article 102 TFEU …” „… adopted its rules on the abuse of dominance modelled upon the rules of Article 102, there are few …” „… application of Article 102 and national laws on the abuse of dominance. The Bundeskartellamt or the FCO is set …”

Performance v Prevention-Based Competition and Economic Efficiency S. 55-61

„… market-generated process whilst the beneficiaries of the competitive process are simply outsiders and therefore not …” „… included as market participants. Such a perspective is in contradiction with the concept of «equity …” „… » amongst the market’s other participants as equal players. This implies that it needs some sort of …”

Cross-subsidisation S. 259-260

„… cross-subsidisation in the third market, implying earnings from the dominated market, was insufficient to denote abuse …” „… insufficient, as there was no evidence of abusive pricing. The presence of hindrance abuse in a third market …” „… 259 established in the relevant market segment. Briefly, a distinction should be made between …”

The Balancing Test: The Public Interest and Effective Competition S. 333-336

„… pharmaceutical market was superior to the undertaking’s commercial interests.1364In conclusion, such an abuse of …” „… interests as a legitimate aim, anti-competitive behaviour cannot be allowed if it leads to market …” „… to lead to the foreclosure of market access.1348 The general balancing test requires consideration of …”

Super-dominance v Paramount Market Position S. 327-329

„… market structure nor does it mention hindrance abuse, as under Section 20 ARC. However, the court found …” „… 327 VIII. Overview of Selected Features of German and EU Abuse of Dominance The present chapter …” „… and practice, such as Microsoft’s super-dominance versus the German paramount market position, the …”

The Historical Background of the EU Unfair Competition Rules S. 349-356

„… Community or in relation to the export market. The Treaty establishing the European Atomic Energy Community …” „… cartel agreements (ententes) and monopolies by means of discriminatory practices, dividing markets …” „… Market prepared by the Intergovernmental Committee on European Integration, June 1956 available at …”

Brief Overview of Sharp Practices of the German Act against Unfair Competition S. 156-158

„… Section 21 ARC, the alienation of customers or employees, the abuse of market power on the demand side …” „… ». «Market participants» are not only competitors and consumers, but «all persons, who supply or demand goods …” „… competitors, consumers or other market participants. In the past, under Section 13(2), it was required that …”

The Abuse of Economic Dependence S. 145-146

„… differential treatment, which applies merely to customer or supplierrelated cases.5624. The Abuse of Economic …” „… dependence as a concept is related to both discrimination and hindrance abuse, especially to refusal to …” „… market position of «relative» market power insofar as smaller enterprises depend on them. The concept of …”

The Scope of Application of the Market Dominance Laws S. 79-82

„… competition law extends the area of application of the abuse of market dominance beyond the common established …” „… 79 2. The Scope of Application of the Market Dominance Laws As subjects of dominance, before its …” „… applies to central or local public bodies to the extent that they intervene in market operations and …”

Ambiguities: Where is a Clear Policy Standard? S. 162-165

„… total welfare as a standard, helps markets to work better for «the benefit of businesses and consumers …” „… abuse as a criterion of restraint of competition, and the Commission was unfortunately somewhat vague …” „… competitors who offer inadequate price, choice, quality, and innovation must leave the market.613 In this way …”

Excessive Prices in the Energy and the Gas Sector S. 242-245

„… intended to exclude competing manufacturers from the market and to prevent new entry, by imposing …” „… undertaking may abuse its dominant position by claiming excessive royalties for or imposing unduly onerous …” „… ARC, the FCO was not entitled to conduct a price cost analysis in determining an abuse because German …”

The Elements of Unfair Competition under Article 102 S. 359-361

„… out of the market and is actually used to do so. In casu, the subjective intent required actual exit …” „… hindrance applies only to non-dominant undertakings that enjoy «superior market power in relation to small …” „… , Section 20’s prohibition protects competitors or more recently consumers1443 as market participants, and …”

A Shift to More Effects-based Competition, Consumer Harm, and Public Policy? S. 213-217

„… ; Mestmäcker/Schweitzer, supra n 809. This stance is, however, disputed; see cf P. Behrens, Comment on: Abuse of Market …” „… consumers», which cannot be applied to the abuse of dominance policy as a whole.851 The concept of harm to …” „… , with regard to exclusionary abuse leading to consumer harm, the Commission may decide to intervene …”

Introduction S. 346-349

„… . Ascertaining what the price might have been in a more competitive market is rarely possible in practice, so …” „… competitors.1387 They argue that exploitative abuses of Article 82 EC, for example unfair purchase or selling …” „… competition rules overlap the area of the abuse of dominance is to be found in the Treaty of Rome:1388 former …”

The Present Relevance of the Historical Interpretation of Article 102 S. 356-359

„… undertakings are closer to a mixed approach to both exclusionary and exploitative abuses. In fact, the former …” „… prohibition not to abuse a dominant position shifts to one where one or more undertakings are prohibited from …” „… for the Common Market regarding rules that apply to undertakings, Brussels, 28 November 1956 …”

Preface S. 11-12

„… competition laws on the abuse of dominance and public enforcement by the national competition authorities in …” „… aims to ensure a higher understanding of the legal and economic concepts of the abuse of dominance and …” „… . This results in the Treaty balancing the objectives within the internal market with undistorted …”

The Challenges of EU Competition Law: The European Commission’s Reform Efforts S. 24-25

„… been to undertake an assessment of the abuse of dominance in the light of Article 101 and merger …” „… pro-competitive behaviour is illegal.43Inter alia, the lack of clarity surrounding the definition of an abuse of a …” „… list of reform reasons, see J. Temple Lang, Article 82 EC, in: Panunzi (ed.) Institutions and Market …”

Conclusions and Reasons to Enact an Unfair Competition Control Regulation Union-wide S. 372-375

„… recognition of abuse as a concept having «recourse to methods different from those which condition normal …” „… of undistorted competition and having regard to a certain dynamic of the Internal Market after its …” „… practices for the purpose of business-to-business markets. Also, the existence of «prejudice» to consumers …”

The Evolution and Role of Consumers’ Interests S. 211-213

„… the market integration imperative, but Article 153(1) (a) left consumer protection measures under the …” „… Community policy for achieving the objective of establishing and completing the internal market. After the …” „… that their pursuit must not prejudice the principle of an open market with free competition set in …”

Caveats S. 13

„… abuse of a dominant market position, their policy objectives and core principles, the analysis of …” „… theoretical and practical aspects of the abuse of dominance. Even its recourse to both the decisional practice …”

The German Economic Thinking in the Light of an Economic Constitution S. 49-55

„… upon market participants are particularly relevant. As will be discussed in Chapter V, the …” „… likely to interfere with the abuse of dominance. A complex area of such intellectual or industrial …” „… to explain some ordo- and neoliberal concepts relevant for the abuse of dominance. Thus, the …”

Likelihood of Effects and Competition on the Merits S. 329-330

„… the effective market structure nor does it mention hindrance abuse, as under Section 20 ARC. However …” „… operating systems market.1325 As Article 102 covers «not only practices which may prejudice consumers …” „… would eliminate all competition in the downstream market1326 or whether it would eliminate only …”

The Lock-in Effect: Microsoft & Soda Club S. 330-331

„… Lock-in Effect: Microsoft & Soda Club The Commission’s analysis found two separate product markets and …” „… to develop and distribute products that would compete with Microsoft in the server market. Thus …” „… products at issue are not distinct.1338 Thus, market surveys are not a reliable proxy for real outcomes in …”

Undistorted Competition and the Old Teleological Interpretation of Article 102 S. 202-203

„… 202 challenges the relevance of Protocol 27 in the Internal Market and Competition not only for EU …” „… 3(1) (g) EC, namely, the «institution of a system ensuring that competition in the common market is …” „… the effects-based approach. Since Continental Can, the interpretation of abuse by reference to a …”

Efficiencies S. 331-333

„… products at issue are not distinct.1338 Thus, market surveys are not a reliable proxy for real outcomes in …” „… markets that are characterised by network effects. The decline in the competitors’ market share could also …” „… network environment. If abuse is defined as the prevention of «technical development», then, every refusal …”

The Control of Unfair Competition Acts: A Dynamic Interpretation S. 370-372

„… at all. In conclusion, the proper standing of undistorted competition in the internal market is of …” „… interest of the general public, such as of any market participants, in particular consumers or competitors …” „… Interpretation After the establishment of the internal market and the harmonisation of national rules by various …”

Technical Bundling and the Unfair Interoperability Advantage S. 336-338

„… internal market.1361 Furthermore, the court stated that Microsoft «had not taken sufficiently into account …” „… rise to the duty to disclose».1363 Accordingly, solely an overall interest in opening up the MP market …” „… abusive, for example, where on balance the interest in opening up the pharmaceutical market was superior …”

Undistorted Competition: High Level Protection v Consumer Welfare S. 203-205

„… competition still existing in the market.799Advocate General Colomer’s call for a «rule of reason» under …” „… within the internal market with effective, free, and fair competition and Article 169(1) TFEU’s «high …” „… Market and Competition may not have any immediate legal consequence, as the Protocol is legally binding …”

The Comparative Understanding of Undistorted Competition within the Union’s Internal Market S. 205-208

„… highly competitive market economy «aims» at full employment with a social balance. The systematic …” „… Undistorted Competition within the Union’s Internal Market The system of undistorted competition is a wider …” „… expression of the European approach that guarantees economic freedoms within the internal market under fair …”

doi.org/10.5771/9783845230306

Ernst-Joachim Mestmäcker - Europäische Prüfsteine der Herrschaft und des Rechts

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Ernst-Joachim Mestmäcker

Europäische Prüfsteine der Herrschaft und des Rechts

Series: Wirtschaftsrecht und Wirtschaftspolitik

Volume 287 2016

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The development of German and European competition law with special reference to the EU Commission’s Article 82 Guidance of 2008 S. 473-514

„… abuse of dominant positions in the internal market is, of course, the most prominent rule. We expect …” „… market dominance or of abuse restricting single-firm conduct not covered by Art. 82. Recital 8 of …” „… to the proposal to prohibit abuses without reference to market dominance. 70 For German law, Federal …”

How does Regulation 1/2003 give effect to the principles set out in Art. 101, 102 TFEU? S. 409-422

„… advance and in abstract terms what is, and what is not, an abuse. It is an earmark of individual market …” „… of market power, collusion as conduct similar to abuses within the meaning of Art. 102 TFEU …” „… criticized as dealing with procedure, that we do not need market structures to find anticompetitive conduct …”

Antitrust, State Aid, and the Governance of Public Undertakings S. 423-438

„… the Internal Market A market economy works best when there is a clear separation of public authorities …” „… context of international trade and the EU internal market, the separation of public authorities and …” „… interventions are predicated on the assumption that they create new markets or new market access for private …”

Towards a Concept of Workable European Competition Law S. 515-532

„… sales for a substantial part of the relevant common market and to prevent real competition with other …” „… clause as recognition of the reality of oligopolistic markets. In this way, the Treaty contributed to the …” „… activities 4 See “Offene Märkte im System unverfälschten Wettbewerbs” (Open markets in the system of …”

Economic and Legal Foundations of Constitutional Liberty S. 615-644

„… participation in transborder commerce and create the internal market that is to be structured by free …” „… to establish the dominion of men over the blind forces of markets and to overcome the capitalistic …” „… commonplace that the “competition of systems” proved the market economy of western democracies superior to the …”

A Legal Theory without Law Posner v. Hayek on Economic Analysis of Law S. 233-282

„… Economic Analysis of Law The economist’s retrospective interpretation of how the market system operates …” „… ” Posner distinguishes two conceptions of economics. Economics that studies markets only and economics as a …” „… model that qualifies economics to provide an analysis of law in general and beyond market regulation …”

Zwischen Lämmerweide und Wolfsrudel – Gedanken zur Naturgeschichte des Wettbewerbs S. 359-380

„… entsprechen, die auch ein privater Kapitalgeber auf dem Markt akzeptiert haben würde (market economy investor …” „… or abuse control for cartels; in the United States the performance test was a controversial part of …”

doi.org/10.5771/9783845278308

Prinz Nikolaus von und zu Liechtenstein, Mario Monti, Bo Vesterdorf, Jay Westbrook, Luzius Wildhaber - Economic Law and Justice in Times of Globalisation | Wirtschaftsrecht und Justiz in Zeiten der Globalisierung

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Prinz Nikolaus von und zu Liechtenstein (ed.), Mario Monti (ed.), Bo Vesterdorf (ed.), Jay Westbrook (ed.), Luzius Wildhaber (ed.)

Economic Law and Justice in Times of Globalisation | Wirtschaftsrecht und Justiz in Zeiten der Globalisierung

2007

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Barry E. Hawk Conduct Element in Abuse of Dominant Position S. 393-404

„… incompatible with the common market in so far as it may affect trade between Member States. Such abuse may, in …” „… after IMS Health, European Competition Law Annual 2005 (forthcoming). John Vickers, Abuse of Market …” „… definitions of abuse/monopolizing conduct or on conclusory labels like «competition on the merits …”

Eleanor M. Fox Antitrust in Times of Globalization S. 319-330

„… centerpiece substantive issue (because, they believed, many nations wanted to use the abuse-of-dominance tool …” „… antitrust from times of protected national markets to times of more nearly open trade; from times when …” „… market, and if it had a competitive market internally it could tolerate protection at the border (or so …”

Peter Freeman Market Investigations in the United Kingdom: The Story So Far S. 331-350

„… 345 After all, most aspects of single firm or collective abuse of significant market power, cartels …” „… . A market investigation may unearth the existence of illegal agreements or abuse of dominant …” „… order division or divestment of suppliers found to have abused the position of market power that they …”

Dr. Clifford A. Jones Private Antitrust in the Global Market. An Essay on «Swimming without getting wet» S. 443-454

„… 443 CLIFFORD A. JONES Private Antitrust in the Global Market An Essay on ‹Swimming without getting …” „… wet›1 Clifford A. Jones Private Antitrust in the Global Market I. The Development of Private …” „… its American origins behind and ventured out into the global market. The USA first imported its famous …”

Sven Norberg Making a Virtue out of Necessity and at the Same Time Strengthening European Competition Law Enforcement. How the White Paper on the Modernisation Reform came about S. 523-542

„… (Italy and Luxemburg), two had competition legislation of an abuse-type (Belgium and the Netherlands) and …” „… for investigating cases involving mergers, restrictive practices and abuses of dominant positions.31 …” „… suddenly appeared to be a market for new ideas regarding a major reform of the Community enforcement policy …”

Jacques H. J. Bourgeois Ne bis in idem and Enforcement of EEA Competition Rules S. 313-318

„… undertakings had fixed prices for graphite electrodes on a worldwide basis and had shared markets according to …” „… the ‹home producer market› principle.8 The European Commission had imposed fines which it set …” „… involved basing the ‹basic fine› on worldwide market shares and turnover of the undertakings with respect …”

Philip Lowe Director Competition Policy as an Instrument of Global Governance S. 489-502

„… policies, an internal market based on common objectives, and an open market economy with free competition …” „… . This commitment to the creation of the internal market including the protection of competition is part …” „… of an encompassing concept of economic policy for the Union that is based on a free market economy …”

Bo Vesterdorf The EC Competition Law Policy on Fines Main Issues and Ways Ahead S. 671-690

„… objective of fines is to dissuade companies from committing and repeating abuses. Their secondary objective …” „… is to restore normal competitive conditions on the market, subtracting any illegitimately acquired …” „… practices such as the abuse of a dominant position, by adopting binding decisions and imposing fines …”

Titelei/Inhaltsverzeichnis S. 1-22

„… Competition Former European Commissioner for Internal Market HSH Dr. Prinz Nikolaus von und zu Liechtenstein …” „… essentially European single market and competition law. Baudenbacher tends to look at the functions of that …” „… Market Investigations in the United Kingdom: The Story So Far 331 Professor Dr. Jochen Glöckner, LL.M …”

Thomas Cottier The Judge in International Economic Relations S. 99-122

„… 109 2. Internal Market Law of European Union 112 3. External Relations Law of the European Union 115 V …” „… integration in trade regulation, both regional and global, derives from enhancing market access through law …” „… successfully dealt with within the confines of state territories alone. The penetration of markets by economic …”

Hans Petter Graver The Harmonisation of National Administrative Law S. 377-392

„… .) Good Governance in Europe’s Integrated Market Vol. XI, Book 2 of the Collected Courses of the Academy …” „… trends: On the one hand Union measures demand an increase in market orientation by separation of …” „… , market oriented administrative reforms in the Member States. Also the development of individual rights …”

Pieter Kalbfleisch The Assessment of Interests in Competition Law: A Balancing Act S. 455-474

„… policy objectives and market failure 467 VII. How to assess public policy objectives? 469 1. Public goods …” „… market-place. Indeed, the most common reason for having to strike a balance in competition law is given by this …” „… paper on the application of Article 82 of the Treaty to exclusionary abuses, European Commission, DG …”

Jay Lawrence Westbrook National Regulation of Multinational Default S. 777-792

„… of general defaults in a market economy that increasingly disregards national borders. Insolvency is …” „… market, yet in a world of nation states there are only few truly supranational legal systems that …” „… possibilities for abuse seem plentiful. For example, if the bulk of the debtor’s assets are in the United …”

doi.org/10.5771/9783845204918

Tristan Rohner - Art. 102 AEUV und die Rolle der Ökonomie

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Tristan Rohner

Art. 102 AEUV und die Rolle der Ökonomie

Series: Europäisches Wirtschaftsrecht

Volume 78 2023

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Literaturverzeichnis S. 363-378

„… Kreis, Wien 1929Literaturverzeichnis376Vickers, John, Abuse of market power, Speech to the 31st …” „… abuses.pdf (zuletzt geprüft am 31.5.2022)Carli, Cecilia/Pardolesi, Roberto, Intel and the Tale of Rebates …” „… Exploitation in Abuse under Article 82 EC, Cambridge Yearbook of European Legal Studies 2009, S. 165–188Akman …”

B. Der more economic approach: Art. 102 AEUV und ökonomische Erkenntnisse S. 31-72

„… concept of abuse is an objective concept relating to the behaviour of an undertaking in a dominant …” „… position which is such as to influence the structure of a market where, as a result of the very presence of …” „… competition still existing in the market or the growth of that competition.“49Ein beherrschendes Unternehmen …”

A. Das Schicksal des more economic approach S. 17-30

„… the digital market: An overview of EU and national case law, 2021, S. 10.20 EuGH, 20.11.2001, Rs. C …” „… Ausbeutungsmissbräuche ausdrücklich aus.242.23 Hierzu Arezzo, Is There a Role for Market Definition and Dominance in an …” „… competition law annual, 2008, S. 103 ff.; Akman, The concept of abuse in EU competition law, 2012, S. 30 ff …”

D. Der more economic approach in der Entscheidungspraxis S. 101-254

„… the So-Called 'More Economic Approach' to Abuse of Dominance, 2014, S. 28.II. Materialdurchlauf mit …” „… , The Judgment of the EU General Court in Intel and the So-Called 'More Economic Approach' to Abuse of …” „… Economic Approach' to Abuse of Dominance, 2014, S. 28.390 Wils, The Judgment of the EU General Court in …”

E. Weiterentwicklung des more economic approach S. 255-340

„… , 28.2.1991, Rs. C-234/89, ECLI:EU:C:1991:91, Rz. 44 – Delimitis.1004 Vgl. Hofmann, Common Market Law Review …” „… Law Journal 2008, 753, 764; Akman, The Modern Law Review 2010, 605, 626.1009 Arnull, Common Market Law …” „… Rechtslehre, 2008, S. 49 f.1011 Vgl. für die Öffnung des Maßstabes bspw. Gerbrandy, Journal of Common Market …”

doi.org/10.5771/9783748941071

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