Antitrust Fines: How High Can You Go?
The European Commission levies high fines on companies that break the competition rules. Some of those companies argue that the fines are now too high. So what is too high? If a company breaks the competition rule prohibitions on anti-competitive agreements or the abuse of monopoly power, then the Council has given the European Commission the power to fine that company up to 10% of its annual global turnover with the fine based on the gravity and duration of the illegal behaviour. This provision is neither new nor unique: it was first set out in a Council Regulation in 1962, and most competition laws have similar provisions. What is new is that over the last fifteen years, the absolute level […]