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Highways at night, 2019 Antitrust Annual Review

Jul 23, 2019

Key Antitrust Enforcement Trends — 2019 Antitrust Annual Report

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Shearman & Sterling released its Antitrust Annual Report today. The 2019 report considers two key developments shaping worldwide antitrust enforcement – the use of antitrust as a tool to regulate large technology corporations and U.S. antitrust enforcement under the Trump administration.

Other topics discussed include the expansion of CFIUS controls and its impact on foreign investment in the U.S., intellectual property enforcement and data privacy issues, tougher merger control enforcement of procedural rules, protection of nascent competitors and conglomerates effects, litigation highlights in the U.S. and the EU and possible implications of Brexit for State aid rules.

“We are delighted to share our perspective on antitrust enforcement trends,” said David Higbee, Global Antitrust Practice Group Co-Leader. Matthew Readings, Global Antitrust Practice Group Co-Leader added, “This report is a valuable resource for those who want a deep look into landmark cases as well as developing trends and issues in antitrust regulation and enforcement.”

  • Antitrust as a tool to regulate FANG companies (Facebook, Amazon, Netflix and Google) 

    • While in Europe antitrust has increasingly been used as a tool to regulate FANG companies, the U.S. antitrust authorities have taken a more hands off approach. This may be about to change.
  • Enforcement issues under the Trump administration

    • The Trump administration was widely expected to take a more permissive approach to antitrust regulation, but the DOJ and the FTC have challenged high-profile mergers and streamlined merger processes.
  • The expansion of CFIUS and its impact on foreign investment in the U.S.

    • CFIUS, traditionally in the shadows of the DOJ and FTC’s antitrust merger reviews, is now in the limelight with a more aggressive posture as Congress has granted it new powers.
  • Intellectual property antitrust enforcement and data privacy issues

    • Data has become an important parameter for market competition in the digital economy, placing data privacy at the center stage. Meanwhile, the Trump administration is changing its approach to IP issues arising in the context of standard-setting organizations.
  • Tougher merger control enforcement of procedural rules, protection of nascent competitors and conglomerate effects

    • On both sides of the Atlantic, agencies are focused on safeguarding future competition. 
    • Antitrust regimes around the world are becoming tougher on procedural rules in merger control – responses to requests for internal documents, legal privilege and gun-jumping.
    • The DOJ and FTC, and other enforcers like the U.K.’s CMA or the Australian ACCC, have challenged several transactions that were not reportable.
  • Litigation highlights in the U.S. and the EU

    • The U.S. Supreme Court’s American Express ruling provides lessons on antitrust analysis and antitrust litigation.
    • The Supreme Court case, In re Vitamin C Antitrust Litigation, has implications for international comity. 
    • We examine a recent landmark case which may provide a route for creditors to attack EU State aid approvals of bank resolution, something that has been very difficult to date.
  • Possible implications of Brexit on State aid

    • We explore some of the issues that may arise with the implementation of the Draft Withdrawal Agreement on State aid.

Read Shearman & Sterling’s “Key Antitrust Enforcement Trends: 2019 Antitrust Report.”

Authors and Contributors

Elvira Aliende Rodriguez

Partner

Antitrust

+32 2 500 9837

+32 2 500 9837

Brussels

Sara Ashall

Counsel

Antitrust

+32 2 500 9818

+32 2 500 9818

Brussels

Agostino Bignardi

Associate

Antitrust

+32 2 500 9817

+32 2 500 9817

Brussels

Brian G. Burke

Partner

Litigation

+1 212 848 7140

+1 212 848 7140

+86 21 6136 5000

+86 21 6136 5000

New York

Wayne Dale Collins

Of Counsel

Antitrust

+1 212 848 4127

+1 212 848 4127

Washington DC

John F. Cove, Jr.

Partner

Antitrust

+1 415 616 1139

+1 415 616 1139

San Francisco

Jessica K. Delbaum

Partner

Antitrust

+1 212 848 4815

+1 212 848 4815

New York

S. Lynn Diamond

Counsel

Antitrust

+1 212 848 7086

+1 212 848 7086

New York

Özlem Fidanboylu

Senior Associate

Antitrust

+44 20 7655 5671

+44 20 7655 5671

London

Stephen Fishbein

Partner

Litigation

+1 212 848 4424

+1 212 848 4424

New York

Jerome S. Fortinsky

Partner

Litigation

+1 212 848 4900

+1 212 848 4900

New York

Geert Goeteyn

Partner

Antitrust

+32 2 500 9800

+32 2 500 9800

Brussels

Gabriella Griggs

Associate

Antitrust

+44 20 7655 5664

+44 20 7655 5664

London

Ben Gris

Partner

Antitrust

+1 202 508 8011

+1 202 508 8011

Washington DC

Adam Hakki

Partner

Litigation

+1 212 848 4924

+1 212 848 4924

New York

Brian Hauser

Associate

Antitrust

+1 202 508 8005

+1 202 508 8005

Washington DC

David A. Higbee

Partner

Antitrust

+1 202 508 8071

+1 202 508 8071

Washington DC

Masahisa Ikeda

Partner

Capital Markets

+81 3 5251 1601

+81 3 5251 1601

+1 212 848 5378

+1 212 848 5378

Tokyo

Ryan Leske

Associate

Antitrust

+1 202 508 8022

+1 202 508 8022

Washington DC

Toshiro M. Mochizuki

Partner

Capital Markets

+81 3 5251 0210

+81 3 5251 0210

Tokyo

Matthew Modell

Associate

Antitrust

+1 202 508 8045

+1 202 508 8045

Washington DC

Rachel Mossman

Associate

Litigation

+1 202 508 8004

+1 202 508 8004

Washington DC

Kana Morimura

Counsel

Capital Markets

+81 3 5251 0211

+81 3 5251 0211

Tokyo

Ruba Noorali

Associate

Antitrust

+44 20 7655 5039

+44 20 7655 5039

London

Djordje Petkoski

Partner

Antitrust

+1 202 508 8083

+1 202 508 8083

Washington DC

Caroline Préel

Associate

Antitrust

+32 2 500 9887

+32 2 500 9887

+32 2 500 9800

+32 2 500 9800

Brussels

Matthew Readings

Partner

Antitrust

+44 20 7655 5937

+44 20 7655 5937

+32 2 500 9866

+32 2 500 9866

London

Jeffrey J. Resetarits

Partner

Litigation

+1 212 848 7116

+1 212 848 7116

New York

Patrick D. Robbins

Partner

Litigation

+1 415 616 1210

+1 415 616 1210

San Francisco

Stacy Ruegilin

Associate

Antitrust

+1 202 508 8130

+1 202 508 8130

Washington DC

Patricia Sanchez-Calero

Associate

Antitrust

+32 2 500 9879

+32 2 500 9879

Brussels

Richard F. Schwed

Partner

Litigation

+1 212 848 5445

+1 212 848 5445

New York

Deke Shearon

Associate

Litigation

+1 212 848 7036

+1 212 848 7036

New York

John Skinner

Associate

Antitrust

+1 212 848 4116

+1 212 848 4116

New York

Timothy Slattery

Associate

Antitrust

+1 202 508 8003

+1 202 508 8003

Washington DC

Mark Steenson

Senior Associate

Antitrust

+44 20 7655 5602

+44 20 7655 5602

London

Todd Stenerson

Partner

Litigation

+1 202 508 8093

+1 202 508 8093

Washington DC

Mathias Stöcker

Counsel

Antitrust

+49 69 9711 1619

+49 69 9711 1619

Frankfurt

Simon Thexton

Associate

Antitrust

+44 20 7655 5731

+44 20 7655 5731

London

James Webber

Partner

Antitrust

+44 20 7655 5691

+44 20 7655 5691

+32 2 500 9871

+32 2 500 9871

London