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GLOSSARY

De minimis exception definition

Published by a LexisNexis Commercial expert

What does De minimis exception mean?

Where the duty to refer a merger to the Competition commission (cc) arises, the competition and markets authority (CMA) has the right to exercise a discretion not to refer a merger to the CC where it believes that the market(s) concerned is/are not of sufficient importance to justify a reference. In this case, the market(s) is/are described as 'de minimis'. The aim of the de minimis exception is to avoid references to the CC where the cost of the reference would be disproportionate to the size of the market concerned. The European Commission operate a similar process in relation to the article 101 prohibition, which does not apply where the impact of the agreement on intra-Community trade or on competition is not appreciable.

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The UK merger investigation process

The UK merger regime is voluntary, which means that if a transaction falls within the scope of the UK merger rules, there is no requirement to seek prior clearance—it is up to the merging parties to decide whether or not to notify the CMA. However, if a transaction is not notified, there is a risk that the Competition and Markets Authority (CMA) may still investigate and may, ultimately, order the disposal of the acquired business (or other businesses or assets).Once started, a merger investigation follows a set process with strict timings:•all investigations are subject to a phase 1 investigation—the CMA has 40 working days to issue its decision on whether a merger raises competition concerns and meets the test for referral for a phase 2 investigation, and•where the CMA has concerns that it will restrict competition and the parties do not offer suitable remedies (called undertakings in lieu) that are accepted by the CMA, an in-depth phase 2 investigation will be carried out by the CMA (albeit with an independent...

US regulation of derivatives—one minute guide

US regulation of derivatives—one minute guide The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) was passed in 2010 in response to the financial crisis. Title VII of the Dodd-Frank Act amends the Commodity Exchange Act (the CEA) and analogous securities laws and provides a comprehensive framework for the regulation of the US derivatives market. Broadly similar legislation was enacted in other major jurisdictions, including Regulation (EU) 648/2012 (EMIR) in the EU and Assimilated Regulation (EU) 648/2012 (UK EMIR) in the UK. The enactment of Title VII of the Dodd-Frank Act was a response to the agreements reached at the 2009 G20 summit in Pittsburgh and the 2010 G20 summit in Toronto on derivatives regulation, including requirements for central clearing of standardised over-the-counter (OTC) derivative contracts and reporting of OTC derivative contracts to trade repositories. The Dodd-Frank Act divides regulatory authority over derivatives between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The US prudential regulators also have an important role in...

Discover our 14 Practice Notes on De minimis exception

Where a couple gift their home to their adult child to live in, but wish to visit the property occasionally in the future and would stay in a spare bedroom, would the gift with reservation of benefit (GWR) rules apply and, if so, could an appropriate market rent be paid to avoid them?

Where a couple gift their home to their adult child to live in, but wish to visit the property occasionally in the future and would stay in a spare bedroom, would the gift with reservation of benefit (GWR) rules apply and, if so, could an appropriate market rent be paid to avoid them? Under section 102 of the Finance Act 1986 (FA 1986), where an individual disposes of any property by way of a gift, it may be treated as subject to a reservation of benefit if one of the following conditions applies: • the donee of the property did not take possession of the property and did not enjoy the use of the property at the beginning of the ‘relevant period’, ie a period running from seven years before the death of the donor or, if later, from the date of the gift to the date of that death, or • where at any time in the ‘relevant period’ the property has not been enjoyed...

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UK Competition law—daily round-up (14/07/2025)

A round-up of UK competition law developments, including the Government publishes the Subsidy Control (Subsidies and Schemes of Interest or Particular Interest) (Amendment) Regulations 2025.