![]() However, political drivers and a lack of consensus internationally make this a challenging area for businesses as authorities continue to balance these goals with their antitrust and consumer enforcement mandates. Antitrust laws play a vital role in supporting decarbonization efforts, as more industries seek to collaborate on sustainability and R&D and state aid rules adapt to promote investment in clean energy and climate-resilient infrastructure. With the war in Ukraine and global inflation bringing energy policy into sharp focus, climate change and the transition to Net Zero remains a top priority for governments, policymakers and businesses. Understanding and anticipating the impact of this shift in focus on deal execution and the extent of cooperation and collaboration among agencies presents both opportunities and risks for businesses and will be critical to success, particularly in cross-border deals. Even acquirers with a traditionally low merger control risk, such as financial sponsors, now find themselves under greater scrutiny. The traditional focus of antitrust analysis on the welfare of consumers continues to be challenged as calls are made for wider political and societal considerations to be taken into account in merger assessments. The evolution of merger control is set to continue, with growing skepticism from antitrust enforcers toward M&A and sustained criticism of their perceived underenforcement. Horizontal collaboration will similarly not escape regulatory scrutiny, with a spotlight on key areas of cooperation, such as life sciences and continued discussions around sustainability and environmental objectives, including in relation to industries in transition. The seeds were also sown, however, for the revival of older legislation to tackle concerns in the distribution context. Antitrust concerns from all anglesĢ022 saw the introduction of new rules and guidance in relation to vertical agreements, modernized to take into account the proliferation of e-commerce. This new approach to digital regulation is likely to be seen elsewhere globally, with unprecedented implications for businesses operating in the digital arena. 2023 will witness the first significant test of the EU’s new Digital Markets Act and the potential introduction of similar legislation in the United States and other parts of the world. The evolution, or perhaps revolution, of antitrust in the digital space, where prescriptive regulation is replacing traditional economic assessment, will continue. The possibility of increased governmental intervention in markets, as agency heads and influential politicians seek to shake up the antitrust playbook, means greater confrontation with the new normal. ![]() ![]() I hope you find their thoughts on what to expect in the year ahead helpful.Ģ023 will see a swath of major antitrust reforms across many key jurisdictions, ranging from new legislation aimed at better-equipping agencies to carry out their enforcement agendas to additional powers and responsibilities in new regulatory spheres. ![]() Our antitrust group is second to none when it comes to advising on new legal and policy developments in this complex and evolving environment. In today’s climate of geopolitical and economic turmoil, and with the continued strengthening of regulatory enforcement globally, antitrust, foreign investment and broader regulatory awareness and strategies have never been more important to our clients.
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