Audit and consulting services sector to face ‘unbundling’ by competition laws?

Audit and consulting services sector to face ‘unbundling’ by competition laws?

Lately in Europe, international accounting and consulting firms have been facing a number of legal issues due to infringements of audit, finance and competition laws. After a market study, the UK’s Competition and Markets Authority (CMA) has published proposals for improvements in the auditing sector; among them, legislative amendments to split up auditing from consulting services. This ‘unbundling’ of activities […]

Collusive conduct in financial instruments trading: a look at the issues of dealing via chatrooms

Collusive conduct in financial instruments trading: a look at the issues of dealing via chatrooms

Following the benchmark currency rate manipulation scandal, the banking sector has had no chance to restore their reputation. Lately, major EU banks have been having competition law issues because of their traders’ collusive behaviour in the bond and global foreign exchange (FX) markets. Two Statements of Objections concerning bond cartels and collusive conduct by certain traders have been issued recently […]

Claims for compensation for damages caused by anticompetitive conduct: jurisdiction questions

Claims for compensation for damages caused by anticompetitive conduct: jurisdiction questions

Recently the Court of Justice of the European Union (the CJEU or the Court) issued the preliminary ruling on application of Brussels I Regulation in competition damages actions. The ruling provides guidance on the application and interpretation of special jurisdiction clauses, with a focus on Art 5(3) of the Brussels I Regulation. One of the main aspects of the ruling […]