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Full-Text Articles in Law
Contingent Capital In European Union Bank Restructuring, Christoph K. Henkel, Wulf A. Kaal
Contingent Capital In European Union Bank Restructuring, Christoph K. Henkel, Wulf A. Kaal
Northwestern Journal of International Law & Business
The uncoordinated reorganization and resolution of Systemically Important Financial Institutions in different countries pose many challenges. Contingent capital provides a viable alternative for the efficient restructuring and resolution of failing financial institutions. Contingent Capital provides a mechanism for internalizing banks’ failure costs and helps return distressed financial institutions to solvency. This article offers a comparative perspective on bank resolution and restructuring in the European Union, Switzerland, the United Kingdom and Germany and shows that Contingent Capital could play a substantial role in bank restructuring.
E.U. Competition And Private Actions For Damages, The Symposium On European Competition Law , Georg Berrisch, Eve Jordan, Rocio Salvador Roldan
E.U. Competition And Private Actions For Damages, The Symposium On European Competition Law , Georg Berrisch, Eve Jordan, Rocio Salvador Roldan
Northwestern Journal of International Law & Business
There are numerous reasons why private enforcement of E.U. competition law remains underdeveloped in Europe. The main reason is perhaps that it is not regulated by E.U. law but by Member State law. This in itself creates legal uncertainty. A system that creates optimal conditions for individuals to challenge infringements of competition rules before national courts ensures a high level of compliance. It is therefore no surprise that the European Commission ("Commission") is keen to see the general use of private enforcement, and in particular of actions for damages, in Europe increase. This paper focuses on one particular aspect of …
Current Issues Of E.U. Competition Law: The New Competition Enforcement Regime, The Symposium On European Competition Law , Philip Lowe
Current Issues Of E.U. Competition Law: The New Competition Enforcement Regime, The Symposium On European Competition Law , Philip Lowe
Northwestern Journal of International Law & Business
On May 1, 2004, two major reforms of the EC competition enforcement regime are expected to enter into force: the modernization of antitrust enforcement, based on Regulation 1/2003,1 and the review of the European merger control system. In this contribution, I will outline the main principles underlying these reforms. In Part I, I will focus on the instruments the Commission intends to adopt early in 2004 in order to guarantee the efficient functioning of Regulation 1/2003, the so-called modernization package. Subsequently, in Part II, I will present the guiding principles of the future merger control in Europe, as they result …
Role Of Judicial Review In Merger Control, The Symposium On European Competition Law , Mark Clough
Role Of Judicial Review In Merger Control, The Symposium On European Competition Law , Mark Clough
Northwestern Journal of International Law & Business
This article explains the role of judicial review in European Community ("EC") Merger Control ("ECMR") by reference to the Airtours case and three other important recent judgments of the European Court of First Instance ("CFI") (Schneider, Tetra Laval and Lagardére), all decided in 2002. Article 230 of the EC Treaty, which governs actions for annulment of acts adopted by the EC Institutions "on the grounds of lack of competence, infringement of an essential procedural requirement, infringement of this [EC] Treaty or of any rule of law relating to its application, or misuse of powers," is considered only in the context …
Chronopost V. Ufex: The Paradoc Of The Competing Monopolist Symposium On European Competition Law , Alessandra Fratini, Andrea Carta
Chronopost V. Ufex: The Paradoc Of The Competing Monopolist Symposium On European Competition Law , Alessandra Fratini, Andrea Carta
Northwestern Journal of International Law & Business
On July 3, 2003, in the Chronopost judgment, the European Court of Justice ("ECJ" or "the Court") defined the conditions under which a public undertaking, enjoying a legal monopoly for the provision of services of general interest, can provide services to its subsidiaries without infringing Article 87(1) of the EC Treaty. The impact of this judgment on European Community ("EC") state aid policy and public services is potentially large, in both legal and practical terms. The ruling casts light on the real dilemma underlying the application of state aid rules to the circumstances of the case: how to allow public …
European Community Compulsory Licensing Policy: Heresy Versus Commen Sense Symposium On European Competition Law , Frank Fine
European Community Compulsory Licensing Policy: Heresy Versus Commen Sense Symposium On European Competition Law , Frank Fine
Northwestern Journal of International Law & Business
There is a growing trend to limit the rights of intellectual property owners when the public interest warrants. Until very recently, this phenomenon has been manifested only at a transnational level.1 For example, the World Trade Organization, as recently as November 2001, in its Doha Agreement ("Doha"),2 enabled certain nations of the Asian and African subcontinents to obtain compulsory licenses to manufacture and distribute domestically certain anti-retroviral drugs by declaring a state of national health emergency. Doha raises an intriguing question: if limited intrusions into valuable intellectual property rights may be justified on public health grounds, should not such intrusions …
Combinations, Concerted Practices And Cartels: Adopting The Concept Of Conspiracy In European Community Competition Law Symposium On European Competition Law , Julian M. Joshua, Sarah Jordan
Combinations, Concerted Practices And Cartels: Adopting The Concept Of Conspiracy In European Community Competition Law Symposium On European Competition Law , Julian M. Joshua, Sarah Jordan
Northwestern Journal of International Law & Business
This article charts the progress of, and the vicissitudes faced by, the incorporation into the European Community legal order of the peculiarly common law concept of conspiracy as the vehicle not only for analytical purposes, by characterizing full-blown cartels as "agreements" in the sense of Article 81 of the EC Treaty, but also to resolve the multiplicity of evidential issues presented by complex, pernicious and secretive behavior. The article also shows how the uncovering of deliberate and secretive business delinquency, practiced at the highest levels in some of Europe's most respected corporations and summed up by the negative connotations of …
The Costs And Legal Implications Facing Implementation Of The European Union's Droit De Suite Directive In The United Kingdom, Jennifer B. Pfeffer
The Costs And Legal Implications Facing Implementation Of The European Union's Droit De Suite Directive In The United Kingdom, Jennifer B. Pfeffer
Northwestern Journal of International Law & Business
In 2001, the European Union passed a directive requiring member countries to implement a droit de suite on the resale of art. A droit de suite is a resale royalty created to benefit visual artists. The purpose of the droit de suite is to allow artists to profit off of their growing reputations; for example, a starving artist who has sold a work for a pittance may profit (or his heirs may profit) when he has risen in prominence and his work has consequently increased in value. The United Kingdom actively opposed the directive;8 it worried about the effect of …
The State Of E.C. Competition Law: Fiften Years Ago And Today, The Symposium On European Competition Law , Frank Fine
The State Of E.C. Competition Law: Fiften Years Ago And Today, The Symposium On European Competition Law , Frank Fine
Northwestern Journal of International Law & Business
The European Commission is achieving ever greater rationalization and efficiencies in the field of merger control, thereby maximizing commercial benefits while minimizing regulatory hurdles. The Commission appears to be on a completely different track when it comes to non-merger arrangements, such as strategic alliances, distribution agreements, technology licenses, joint selling agreements and joint purchasing agreements. While the Commission is seeking to maximize legal certainty for companies planning concentrations, in the other spheres of business activity which fall within the ambit of Articles 81 and 82, including those noted above, the Commission has decided that the legal certainty afforded by the …
Last Of Its Kind: The Review Of The Technology Transfer Block Exemption Regulation, The Symposium On European Competition Law , Fiona Carlin, Stephanie Pautke
Last Of Its Kind: The Review Of The Technology Transfer Block Exemption Regulation, The Symposium On European Competition Law , Fiona Carlin, Stephanie Pautke
Northwestern Journal of International Law & Business
On October 1, 2003, the Commission published a formal proposal for a new technology transfer block exemption ("Draft TTBE") together with detailed draft guidelines ("Draft Guidelines")5 which explain how the new regulation will be interpreted and how Article 81 will be applied to agreements that fall outside the revised regulation's safe harbor. These proposals unleashed a barrage of criticism from industry and seem likely to result in some amendments to the proposed texts before their adoption in March or April 2004. The new package is due to enter into force on May 1, 2004. This article discusses the Commission's proposals …
E.U. State Aid Developments In 2003: More Complexity, Less Certainty Symposium On European Competition Law , Dennis Oswell, Esfandiar Vahida
E.U. State Aid Developments In 2003: More Complexity, Less Certainty Symposium On European Competition Law , Dennis Oswell, Esfandiar Vahida
Northwestern Journal of International Law & Business
There was a time when observers had the impression that European companies could think of no better gift from the government than a subsidy of some sort. Scrutiny of such governmental largess at the E.U. level was perceived as lax and any consequences for violating the E.U. competition rules against such handouts were seen as remote and timid. Times have changed. As the European Commission (the "Commission") stiffens its resolve to police and punish unlawful State intervention in the marketplace, governmental subsidies to favored undertakings, broadly referred to in the European Union as "State aid," are fast becoming gifts that …
New Ec Merger Regulation: A First Assessment Of Its Practical Impact, The Symposium On European Competition Law , Werner Berg
New Ec Merger Regulation: A First Assessment Of Its Practical Impact, The Symposium On European Competition Law , Werner Berg
Northwestern Journal of International Law & Business
In the late evening of November 27, 2003, the Council of Ministers reached a political agreement on the amended text of the European Community Merger Regulation ("ECMR"), which is due to enter into force on May 1, 2004, the date for enlargement of the European Union. In the following article, the New ECMR will be assessed from a practitioner's perspective. Since the new substantive test is being dealt with in another contribution to this Symposium, this analysis focuses on the jurisdictional and procedural issues
New E.C. Merger Control Test Under Article 2 Of The Merger Control Regulation, The Symposium On European Competition Law , Alexander Riesenkampff
New E.C. Merger Control Test Under Article 2 Of The Merger Control Regulation, The Symposium On European Competition Law , Alexander Riesenkampff
Northwestern Journal of International Law & Business
On November 25, 2003, the Council reached a political accord on amending the Merger Control Regulation. On January 20, 2003, the Council formally adopted the amendment as new Regulation No.139/2004. Article 2, Sec. 3 of the new regulation provides: "A concentration which would significantly impede effective competition, in the common market or in a substantial part of it, in particular as a result of the creation or strengthening of a dominant position, shall be declared incompatible with the common market." This article begins by outlining the legislative history of the new Article 2. That preface is followed by the identification …
The European Union's Efforts To Sidestep The Wto Through Its Ban On Gmos: A Response To Sarah Lively's Paper, "The Abcs And Ntbs Of Gmos", Johannes S.A. Iii Claus
The European Union's Efforts To Sidestep The Wto Through Its Ban On Gmos: A Response To Sarah Lively's Paper, "The Abcs And Ntbs Of Gmos", Johannes S.A. Iii Claus
Northwestern Journal of International Law & Business
The purpose of this paper is to refute Ms. Sarah Lively's article, the ABCs and NTBS of GMOs, detailing the reasons why the E.U. legislation is not in harmony with the WTO agreements. This paper will argue that if a WTO dispute settlement body were to decide upon the validity of the current European GMO regime, it would strike down the regulation as contrary to the WTO agreements signed by the European Union and the United States. The European Union's four year moratorium on GMOs continues to be one of the most hotly-contested trade issues facing it and the United …
"Open Skies" At A Crossroads: How The United States And European Union Should Use The Ecj Transport Cases To Reconstruct The Transatlantic Aviation Regime, Jacob A. Warden
Northwestern Journal of International Law & Business
Since the creation of the modern international aviation regime, at the 1944 Chicago Conference, the United States has used this power and prestige to create a system much to its liking. However, the recent decision of the Court of Justice of the European Communities ("ECJ") in the Transport Cases threatens to change this. The Transport Cases, brought by the European Commission ("Commission") in an attempt to achieve exclusive authority to negotiate commercial aviation agreements for the collective European Union, partially struck down several bilateral aviation treaties signed between several of the Member States and the United States. The Commission, recognizing …
Consequences Of E.U. Airline Deregulation In The Context Of The Global Aviation Market, Moritz Ferdinand Scharpenseel
Consequences Of E.U. Airline Deregulation In The Context Of The Global Aviation Market, Moritz Ferdinand Scharpenseel
Northwestern Journal of International Law & Business
The objective of this article is to show the background of the airline liberalization process in the E.U. and to evaluate its economic effects in context of the global aviation market. To understand the pressures for change and the forms that the changes are taking, it is first necessary to ap-preciate why market regulation was thought important and how the U.S. de-regulated its airline industry. Therefore, Section II of this paper will analyze the different market structures in the U.S. and the E.U. In Section III, the discussion will continue with a consideration of the effects of U.S. airline deregulation. …
The Proposed E.U. Vat On Electronically Transmitted Services: Enforcement And Compliance Issues, Thomas Fawkes
The Proposed E.U. Vat On Electronically Transmitted Services: Enforcement And Compliance Issues, Thomas Fawkes
Northwestern Journal of International Law & Business
This paper will begin by discussing the current VAT system in the E.U. It will also describe in detail the provisions of the proposed VAT amendments as they affect electronic commerce transactions with respect to both B2B and B2C transactions. Next, the practical effects of the VAT amendments in terms of increased VAT revenue for the E.U. and its mem-ber states will be discussed. Following will be a discussion on the past and present failures of the E.U. and its Member States in encouraging and en-forcing compliance under the current VAT Directive, and the implication of such failures on the …
Network Industries, Third Party Access And Competition Law In The European Union, Carlos Lapuerta, Boaz Moselle
Network Industries, Third Party Access And Competition Law In The European Union, Carlos Lapuerta, Boaz Moselle
Northwestern Journal of International Law & Business
This article addresses a set of issues that arise in the context of market liberalization for a special and important class of industries, the so-called "network industries," which include electricity, natural gas, rail transportation and telecommunications. Each of these industries combines activities that are potentially competitive, such as generation of electricity, with ones that are naturally monopolistic, such as transmission of electricity. This combination produces a unique set of challenges to competition law and policy in designing a market structure and regulatory framework which maximize the benefits of liberalization while effectively controlling any tendencies to monopolistic abuse. We analyze "Chicago …
The Limitation On Benefit Clause Of The U.S.-German Tax Treaty And Its Compatibility With European Union Law, Dietmar Anders
The Limitation On Benefit Clause Of The U.S.-German Tax Treaty And Its Compatibility With European Union Law, Dietmar Anders
Northwestern Journal of International Law & Business
This comment details why the limitation on benefits clause of the U.S.- German Treaty is contrary to European Union law.5 Part I describes the discriminatory situation which German companies may face and illustrates how tax treaty abuse could occur and how to prevent it. Part I also contains an introduction to the U.S.-German Treaty and provides an example of the conflict between U.S. tax treaties and European Union law. Part II analyzes in detail the Treaty's discriminatory features with respect to European Union aw and discusses potential justifications for this discrimination based on the case law of the European Court …
Substantive Appraisal Of Horizontal Mergers Under Eec Regulation 4064/89: An Inquiry Into The Commission's First Year Decisions, Frank M. Hellemans
Substantive Appraisal Of Horizontal Mergers Under Eec Regulation 4064/89: An Inquiry Into The Commission's First Year Decisions, Frank M. Hellemans
Northwestern Journal of International Law & Business
Rather, our purpose is to examine what criteria the Regulation prescribes for the substantive appraisal of mergers. We will not only scrutinize Article 2 of the Regulation and the different policies behind it, but we will also inquire into the Commission's decisions in order to find out how the Commission has applied the Regulation's substantive criteria to 'real live' mergers and acquisitions. Broadly speaking, this involves questions of product and geographic market definition, of calculating market shares and interpreting them and, finally, of basic goals of mergers control policy.
Symposium On The European Economic Community -- An Introduction, Dennis Thompson
Symposium On The European Economic Community -- An Introduction, Dennis Thompson
Northwestern Journal of International Law & Business
The editors of the Northwestern Journal of International Law & Business are to be congratulated for commemorating the 25th anniversary of the founding of the European Economic Community with this issue. This issue brings together many distinguished experts to deal with the very diverse legal consequences of the Rome Treaty. From these contributions it will be seen that the new legal order in Europe has taken firm root.