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On 6 July 2021, the European Commission adopted the much-awaited decision C(2021) 4858 final which provides very useful answers to the questions raised by the European Supervisory Authorities on priority issues relating to the application of the SFDR.

Only dominant companies with a “genuinely tight grip” on the market can be forced to grant rivals access to their infrastructure.

On 25 March 2021, the ECJ ended the Lundbeck pay-for-delay saga by dismissing the appeals from Lundbeck and five generic manufacturers against a European Commission ‘pay-for-delay’ decision.

The ACM’s list of 2021 focus areas is out. Whereas the digital economy and the energy transition are repeats from last year, the effects of the COVID-19 crisis is a new, although somewhat unsurprising, designated focal point.

On 6 July 2021, the Amsterdam Court of Appeal had to decide whether the pragmatic approach of the Amsterdam District Court, which had applied Dutch law to all air freight cartel damages claims, could be upheld.

On 1 July 2021, the Dutch Authority for Consumers and Markets (ACM) imposed a fine of EUR 19.5 million on drug manufacturer Leadiant for excessive pricing of their orphan drug CDCA-Leadiant.

On 9 July 2021, the Commission published its draft revised Vertical Block Exemption Regulation (VBER) and the accompanying Vertical Guidelines.

Companies involved in multi-step acquisitions should beware of potential gun-jumping risks. The ACM has fined a trade association for failing to notify the acquisition of four pharmacies involving a consecutive partial resale.

As from 1 January 2021, a 20% real estate levy applies to real estate income derived by certain Luxembourg tax opaque investment vehicles owning directly, or indirectly through tax transparent entities, real estate assets located in Luxembourg.

More antitrust clarity has arrived for companies involved in sustainability collaborations. The EC published draft revised rules on horizontal cooperation agreements and the ACM informally approved two green initiatives in the energy sector.

The CSSF published on 31 January 2022 the Circular 22/795 regarding the application of the ESMA Guidelines on marketing communications for Luxembourg investment funds (AIFs, UCITS).

Only months after suspending an investigation into a possible wage-fixing cartel, the Dutch Authority for Consumers and Markets (ACM) has warned employers, employers’ organisations, and trade associations to not engage in no-poach agreements. 

Pharma companies beware: discount schemes by former patent owners raise red flags at competition authorities.

By decision of 7 January 2022, the Belgian Competition Authority approved the merger between the Port of Antwerp and the Port of Zeebrugge. This merger deals with two important ports in Europe, in particular in the Hamburg – Le Havre range.

Luxembourg and the United Kingdom signed a new Double Tax Treaty on 7 June 2022 which includes several changes that might have an effect on investments involving the two jurisdictions.

The Dutch general investment screening regime came into effect in June 2023. Decisions are not yet publicly available. However, three guidance papers list the practical experience gained so far and help to assess whether a transaction is notifiable.