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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 | April 2020
The FCA has recently published a Dear CEO letter to asset management firms concerning their preparations for the end of LIBOR.
In summary, the key points in the Dear CEO letter include:
The Dear CEO letter concludes with the FCA stating: “If your firm has LIBOR exposures or dependencies, your transition activities should now be underway. If LIBOR transition is not yet underway at your firm, we expect you to take immediate action to develop and to begin to execute an appropriate plan. If your Board decides that no LIBOR transition plan is needed, we may seek to understand and, where appropriate, challenge the reasons for this decision. If, following careful review, your Board decides that a barrier to transition is insurmountable, or your transition preparations will not be completed in time, you should inform us immediately and keep us up to date on developments.”
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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.
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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