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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.
United Kingdom | Publication | March 2024
The PPF has published a blog sharing its experience of working with overfunded schemes (that is, on a PPF basis) that enter the PPF’s assessment period and how it is helping them to achieve the best possible outcomes for members.
Written by PPF Chief Customer Officer Sara Protheroe, the blog acknowledges that more than half of the schemes that enter PPF's assessment period are now overfunded. Ms Protheroe details how in 2022 the PPF set up its PPF+ Advisory Panel, which specialises in supporting overfunded schemes and has been able to help support 26 schemes working towards securing deals outside the PPF over the past two years.
In a press release published on March 14, 2024, the DB pensions superfund Clara announced that all 10,400 members of the Debenhams Scheme are to be transferred to Clara from PPF assessment, with the scheme beginning its journey over the next 5-10 years to an insured buyout.
Clara will provide £34m of new capital to increase the security of members’ benefits and will provide £4m in back-payments to be paid to members who received reduced pensions during assessment, when member benefits were aligned to PPF Compensation levels.
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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.
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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.
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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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