European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel

In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies - Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns. The first decision (so-called “Forex - Three Way Banana Split” … Continue reading European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel

The European Commission opens a debate to strengthen the rule of law in the EU

The European Commission is launching a reflection process on the rule of law in the European Union and setting out possible avenues for future action. The Communication presented today takes stock of the available tools to monitor, assess, and protect the rule of law in the Union. It also looks back at the experience of … Continue reading The European Commission opens a debate to strengthen the rule of law in the EU

EU to modernise law on consumer protection

The EU is modernising and reinforcing its consumer protection laws. Member states' ambassadors meeting in the Council's Permanent Representatives Committee approved a deal reached between the Romanian presidency and the European Parliament on a draft directive which amends four existing EU directives protecting consumers' interests. The directive covers a wide range of topics. It amends … Continue reading EU to modernise law on consumer protection

Antitrust: European Commission fines Google €1.49 billion for abusive practices in online advertising

The European Commission has fined Google €1.49 billion for breaching EU antitrust rules. Google has abused its market dominance by imposing a number of restrictive clauses in contracts with third-party websites which prevented Google's rivals from placing their search adverts on these websites. Commissioner Margrethe Vestager, in charge of competition policy, said: "Today the Commission has … Continue reading Antitrust: European Commission fines Google €1.49 billion for abusive practices in online advertising

European Commission fines Mastercard €570 million for obstructing merchants’ access to cross-border card payment services

The European Commission has fined the card scheme Mastercard €570 566 000 for limiting the possibility for merchants to benefit from better conditions offered by banks established elsewhere in the Single Market, in breach of EU antitrust rules. Commissioner Margrethe Vestager, in charge of competition policy, said: “European consumers use payment cards every day, when they buy … Continue reading European Commission fines Mastercard €570 million for obstructing merchants’ access to cross-border card payment services

Antitrust: European Commission fines Guess €40 million for anti-competitive agreements to block cross-border sales

The European Commission today fined the clothing company Guess €39 821 000 for restricting retailers from online advertising and selling cross-border to consumers in other Member States ("geo-blocking"), in breach of EU competition rules. Commissioner Margrethe Vestager, in charge of competition policy, said: "Guess' distribution agreements tried to prevent EU consumers from shopping in other Member States … Continue reading Antitrust: European Commission fines Guess €40 million for anti-competitive agreements to block cross-border sales

European Commission oversight of Member States’ application of EU Law to be strengthened, say Auditors

Opportunities exist for the European Commission to further strengthen its oversight of the way EU law is applied in the Member States, according to a new Landscape Review by the European Court of Auditors. The review looks at the Commission’s oversight activities and identifies challenges and opportunities ahead. It also points to the need for … Continue reading European Commission oversight of Member States’ application of EU Law to be strengthened, say Auditors