The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
BREXIT: The law as set out in this Practice Note may be affected by Brexit. For further details on the potential impact of Brexit on competition law, see Practice Note: The effect of Brexit on UK competition law.
This Practice Note provides an introduction to the main areas of competition law and is aimed at in-house banking and finance lawyers. Competition law is in the spotlight for lenders as the European Commission is conducting a review of possible competition issues within the loan syndication market. Institutions are being advised to have clear policies and procedures in place to avoid competition law breach as well as on-going training for any teams who may encounter competition law issues. Institutions without in-house expertise should consult an external competition law team to ensure that the institution is not in breach and to assist in putting policies in place. Furthermore, the banking sector has been in the spotlight as a result of enforcement action by the European Commission. For example, the Commission has fined banks heavily in the Euro Interest Rate and Yen Interest Rate Derivatives cases (in total €1.7bn).
This Practice Note is intended to provide an introduction to the main areas of competition law and to flag some key areas where an in-house finance lawyer may come across competition law issues. In particular it explains:
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