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Let's talk antitrust: Discussing recent cases and emerging competition issues
Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
Global | Publication | May 2016
On May 13, 2016, the Office of the President of the Republic published Decree No. 2,323 in Extraordinary Official Gazette No. 6,227, declaring a ‘State of Exception and Economic Emergency’ (the Economic Emergency Decree).
According to the State of Exception and Economic Emergency Decree and pursuant to Articles 337, 338 and 339 of the Constitution, the State of Exception and Economic Emergency is declared throughout the nation due to the extraordinary social, economic, political and ecological circumstances that are seriously affecting the national economy, constitutional order, social peace, national security, public institutions and citizens. The State of Exception and Economic Emergency Decree enables the executive to take appropriate exceptional and extraordinary measures to guarantee that citizens fully enjoy their rights, to preserve domestic order, ensure timely access to basic goods and services and mitigate the impact of natural circumstances that have affected power generation, access to food and other essentials.
The ministry with jurisdiction over banking and finance may implement the necessary coordination with the Central Bank of Venezuela to establish maximum limits for entry or exit of Venezuelan legal tender in cash, as well as commercial or financial operations and transactions, and may restrict such operations to the use of electronic media that are duly authorized in the country.
Licenses to carry firearms in the country could be temporarily suspended. This measure shall not apply to the state security forces and national armed forces.
In order to strengthen the maintenance of social peace and public order, the competent authorities shall coordinate and implement measures to guarantee the sovereignty and national defense.
The judiciary and the public prosecutor shall undertake the activities within their powers to ensure strict implementation of the Constitution and the law to reinforce the fight against crime and accelerate the processing of cases.
The State of Exception and Economic Emergency Decree was submitted to the National Assembly for consideration and approval in accordance with Article 339 of the Constitution and Article 26 of the Organic Law governing States of Emergency, and in its special session of May 17, 2016, the assembly denied approval of the decree.
On the same date the National Assembly approved an agreement denouncing the fact that the State of Exception and Economic Emergency Decree deepens the serious alteration of the constitutional and democratic order being suffered by Venezuela.
Similarly, the State of Exception and Economic Emergency Decree was referred to the Constitutional Chamber of the Supreme Court for a ruling on its constitutionality, in accordance with Article 339 of the Constitution and 31 of the Law Governing States of Emergency.
On May 19, 2016, the Chamber issued Ruling No. 411, declaring the constitutionality of this decree and stating that it was issued in compliance with the Constitution, the Organic Law on States of Exception and other legal instruments, preserving human rights and protecting the Constitution, the State, its Institutions and the People. It also declared that it entered into force as of the date it was issued and that its legal and constitutional legitimacy, validity, effectiveness and efficiency irrevocably remains intact, as provided in the Constitution of the Bolivarian Republic of Venezuela.
This State of Exception and Economic Emergency Decree is valid for 60 days from May 13, 2016, and may be extended for 60 days more.
In this regard, it should be noted that decree No. 2,184 declaring an economic emergency throughout the national territory, was published in Extraordinary Official Gazette No. 6,214 of January 14, 2016, also in accordance with Articles 337, 338 and 339 of the Constitution, for a period of 60 days, extendable for 60 days more.
Video
Recent cases and judgments have shone a light on some emerging themes and trends that companies will want to consider as part of their risk management framework.
Publication
After a lacklustre finish to 2022 when compared to the vintage year for M&A that was 2021, dealmakers expected 2023 to see the market continue to cool in most sectors, in response to the economic headwinds of rising inflation (with its corresponding impact on financing costs), declining market valuations, tightening regulatory scrutiny and increasing geopolitical tensions.
Publication
On 18 September 2023, the CMA published its Initial Report (Initial Report) on AI Foundation Models (FM), supplemented in April 2024 with the publication of its “Update Paper” focused on potential antitrust risks associated with FMs and a “Technical Update Report” providing more detail on the development on FMs (collectively the “Reports”). Below, we consider these CMA publications.
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