Guide to Global Antitrust and Competition 2024
Expansive enforcement of competition law appears to be increasingly common as enforcement agencies around the world maintain intense scrutiny and look to new regulatory tools to address their concerns. Authorities in 2023 demonstrated the agencies’ willingness to pursue more novel and aggressive theories of harm, particularly in certain industries, and this trend seems unlikely to abate in this coming year.
In this enforcement environment, a wide range of transactions can expect to face increasing uncertainty with questions regarding deal timing, regulatory compliance, coordination of multiple jurisdictions on merger review processes, and significantly greater costs created by the government review process.
The tech industry is also likely to remain under scrutiny, as multiple high-profile litigation cases against technology companies brought by U.S. agencies and private plaintiffs make their way through the courts this year. And, in Europe, digital regulation is reaching new levels as the Digital Markets Act is now live in the EU, and the UK is poised to pass the Digital Markets, Competition, and Consumers Bill.
Politics–and geopolitical dynamics–are likely to continue playing a role in the coming year. With the U.S. in a presidential election year, and the increasing politicization of competition-related issues, antitrust enforcement is likely to remain a high priority. Information exchanges–fueled in part by new technological capabilities–face heightened scrutiny as the agencies have withdrawn prior guidance and signaled an intent to increase regulatory focus. We also expect continued focus on labor issues as the FTC looks to finalize its proposed rule prohibiting noncompete clauses in most employment agreements and the DOJ Antitrust Division decides how to proceed after multiple trial losses in its no-poach cases. Additionally, the UK, EU, and China are showing signs of joining the U.S. in this more aggressive scrutiny of labor-related issues.
These developments underscore that competition law and enforcement is a truly global enterprise, and it has never been more challenging–or important–to strategically navigate this increasingly complex and dynamic environment. Covington draws upon its unsurpassed experience and the insights of its former government enforcement officials to help companies successfully navigate these waters and achieve their goals.
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