This is an extract of our Introduction To Competition Law document, which we sell as part of our International Competition and Anti-Trust Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.
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Exam is mainly UK and EU based, while US is mainly MCQ. There may occasionally be a few marks to comment on US system in the main exam. Outcomes
1. Explain the purpose of competition law
2. Identify the main institutions that direct policy, investigate anticompetitive behaviour and impose penalties for its breach
3. Explain the basic legislative framework of competition law
4. Identify and appreciate the significance of market definition and its impact on market share
5. Research and advise a client on an issue relating to market definition Outcome 1 - purpose of competition law??Main purpose is to protect the consumer Competition law is concerned with the functioning of markets and the maintenance of free market policies Theory of free market states that businesses operating in a competitive market will provide greater benefits to society as a whole than businesses that are protected from competition (e.g. those owned by the state) Economists understand competition at its simplest as the basic interaction between the supply of products and services to the market (for example, from manufacturers and traders) and demand for those products and services (for example, from raw material purchasers and final consumers) Competition is considered by many to be the best way to ensure that suppliers deliver the best response to this demand
Outcome 2 - institutions that direct policy, investigate and impose penalties EU Law The following play a significant role in the field of competition law as provided for by the TFEU:
? the Council of the European Union;
? the European Commission;
? the European Parliament; the Council of the European Union (the 'Council')??
Composed of one minister from each Member State The Council is responsible for ensuring that the Treaty's objectives are attained, and is, with the European Parliament, the main legislative body of the EU Ensures the coordination of policies and, above all, takes decisions within the EU It is the Council rather than the Commission which is usually responsible for the final decision as to whether a piece of legislation should be passed (however, in the field of competition law, the
Council has delegated much of its decision-making powers to the Commission)
the European Commission ('the Commission')???
The Commission pursues infringements of EU law It can take action before the European Court of Justice (see below) against Member States which breach EU law Also responsible for initiating European policy and legislation generally There are currently 28 Commissioners, each of whom is responsible for a particular area of EU competence The Commission is divided into 37 Directorates. DG COMP (formerly DG IV) is the Directorate that is responsible for competition law and is considered as one of the most important Directorates within the Commission In the field of competition law, the Commission has been granted extensive powers to enforce EU competition policy, including the power to exact fines for any breach
The Court of Justice of the European Union (CJEU)?
Set up to ensure EU law is observed throughout the Union 2 of the 3 courts of CJEU hear competition cases (ECJ and General Court)
UK Law Main authority under the UK regime is the Competition and Markets Authority (CMA) provided for by the Enterprise and Regulatory Reform Act 2013 (which merged the Competition Commission and the competition functions of OFT) CMA?The CMA investigates and prosecutes infringements under both the CA 1998 and Articles 101 and 102 TFEU Also concerned with the initial evaluation of mergers under the EA 2002 The CMA provides information to businesses and legal advisers on its application of the UK's competition regime, as well as information on how to avoid breaches and the promotion of competition policy
Specialist sectoral regulators?
Have powers (concurrent powers) to investigate breaches of the CA 1998 and Articles 101 and 102 TFEU Regulators have been appointed to oversee certain sectors of the economy (most of which were formerly under public control)
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