Competition and Regulated Markets
COMPETITION AND REGULATED MARKETS
FDI Screening
The Screening of Third Country Transactions Bill 2022 gives the Minister for Enterprise, Trade and Employment wide-ranging powers to review investments which meet specified criteria and ultimately to block investments that create national security and/or public order risks.
The Bill, which is expected to be enacted in early 2023, could have significant implications for in-scope transactions. Parties to transactions will need to assess the applicability of the new regime and, where a filing obligation arises, there may be a lengthy review period which may impact deal timetables.
Read our briefing here.
New Powers for Irish Competition Regulator
The Competition (Amendment) Act 2022 was signed into law on 29 June 2022. Its primary purpose is to implement the EU’s ECN+ Directive, which seeks to give national competition authorities across the EU similar powers for investigations and enforcement.
The Act, which is expected to be implemented in H1 2023, will enable the Competition and Consumer Protection Commission, for the first time, to issue administrative fines for breaches of competition law (of up to 10% of the relevant firm’s worldwide turnover in civil cases, and 20% in criminal cases), rather than the current system which requires such cases to be prosecuted in Court. It also provides the CCPC with additional investigative tools and introduces new decision-making procedures. It also provides for the adoption of interim measures and a graduated leniency programme.
Read our briefing here.