Antitrust, Competition law
Competition law is a necessary consequence of market economy
To see clearly the need for competition law, let’s make a little detour to the field of economics. Let’s see what a market economy is.
In an economic system called a market economy, or as it is otherwise called capitalism, the following factors prevail:
‒ the factors of production are mostly privately owned;
‒ these factors of production are operated for profit;
‒ efficiency is ensured by competition;
‒ the distribution of the goods and services produced is largely ensured by the free market;
‒ freedom of enterprise and freedom of choice are achieved in a market economy;
‒ the government has only limited scope for intervention.
If markets function perfectly, there is free entry to and exit from the market and substantial competition.
If, for any reason, competition in a given market is not efficient, it is conceivable that there is an underlying abuse of a dominant position or even a cartel, which distorts the market. The role of competition is to filter out market-distorting behaviour, thus enabling markets to function efficiently, fostering competition that ultimately benefits consumers.
Well, this brief description already assumes that regulation is needed to prevent a distorted image between players and the abuse of the size of a given market player or the collusion of market players by dividing that market.
What is competition law?
Competition law is a special field of law which, in addition to a thorough knowledge of numerous sources of law, requires appropriate experience and also relies heavily on the experience gained. The in-depth knowledge of industry and economics is also important for a law firm working in the field of competition law.
It promotes efficient competition, which is an essential part of a market economy, through rules to protect market competition and to prevent harm to consumers.
Competition law includes, but is not limited to, the items listed below. If someone is also interested in specific legal references, they will find a detailed list below among the questions and answers.
What areas does competition law cover?
Listed below are some of the competition law services that we are able to provide to our clients with outstanding professionalism:
–merger clearance at the HCA (GVH), European Commission (DG Comp) structuring of cross-border mergers and acquisitions
–advising and representation before the HCO, competent EU authorities and courts in connection with cases involving alleged abuse of dominant position, cartel, unfair competition, unfair commercial practices against consumers
–advising and representation in advertising cases and consumer protection cases
–representation and advising in private enforcement cases of cartel damages
–advising and representation in state aid cases
–antitrust and competition law compliance and solving of complex issues
–competent and effective representation during “dawn raid” procedures of HCA (GVH)
We consider it important to point out that we have acquired our competition law expertise from the doyens of the industry and are proud to have been involved in several competition cases of huge public interest in the past decade.