Search Results for "competition-law-and-economic-regulation-making-and-managing-markets"

Application of Anti-manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law

Application of Anti-manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law

  • Author: Huseyin Cagri Corlu
  • Publisher: Kluwer Law International B.V.
  • ISBN: 9041196048
  • Category: Law
  • Page: 314
  • View: 3473
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In the course of energy liberalisation, electricity and natural gas contracts have been separated from physical delivery, and these contracts are now traded as commodities in multilateral trading facilities. Although designed to render energy trading standardised and efficient, this system raises serious questions as to whether existing regulatory and antitrust provisions are sufficient to address market abuses that cause imbalances in demand and supply. The European Union’s (EU’s) Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), adopted to combat such market manipulation, is still lacking in significant case law to bolster its effectiveness. Addressing this gap, this invaluable book provides the first in-depth analysis of market manipulation in the energy sector, offering a deeply informed understanding of the new anti-manipulation rules and their implementation and enforcement. Focusing on practices that perpetrators employ to manipulate electricity and natural gas markets and the applicability of anti-manipulation rules to combat such practices, the analysis examines such issues and topics as the following: – factors and circumstances that determine when and what market misconduct can be subject to enforcement; – the European Commission’s criteria to determine whether a particular market is susceptible to regulation; – jurisdiction of REMIT and the Market Abuse Regulation (MAR) with respect to the prohibitions of insider trading in financial wholesale energy markets; – to what extent anti-manipulation rules and EU competition law may be applied concurrently; and – types of physical and financial instruments that market participants have employed in devising their manipulative schemes. Because market manipulation is rather new in the EU context but has been prohibited and prosecuted under US law for over a century, much of the case law analysis is from the United States and greatly clarifies how anti-manipulation rules may be enforced. A concluding chapter offers policy recommendations to mitigate legal uncertainties arising from REMIT. Energy market participants, such as energy producers, wholesale suppliers, traders, transmission system operators and their counsel, and legal practitioners in the field will welcome this book’s extensive legal analysis and its clear demarcation of the objectives that REMIT seeks to accomplish with respect to energy market liberalisation.

Comparative Competition Law and Economics

Comparative Competition Law and Economics

  • Author: Roger J. Van den Bergh
  • Publisher: Edward Elgar Publishing
  • ISBN: 1786438313
  • Category: Antitrust law
  • Page: 576
  • View: 2649
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Offering a concise and critical comparison of EU competition law and US antitrust law from an economic perspective, this is the ideal textbook for international and interdisciplinary courses combining law and economic approaches.

Competition Policies and Consumer Welfare

Competition Policies and Consumer Welfare

Corporate Strategies and Consumer Prices in Developing Countries

  • Author: Lahcen Achy,Susan Joekes
  • Publisher: Edward Elgar Publishing
  • ISBN: 1784717231
  • Category: Business & Economics
  • Page: 304
  • View: 494
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The fundamental goal of competition law is to support productivity and innovativeness; in fact, the short-term effect of enforcement actions is often a reduction in product prices. This book reports the findings of consumer market studies into a range of goods and services in developing countries in Africa, Asia and Latin America. It finds a pervasive lack of competition in those markets, which not only reduces the standard of living of consumers, including poor and vulnerable groups, but also softens the incentives on firms to improve the efficiency of their operations and the quality of their products

Margin Squeeze in the Electronic Communications Sector

Margin Squeeze in the Electronic Communications Sector

  • Author: Anna Renata Pisarkiewicz
  • Publisher: Kluwer Law International B.V.
  • ISBN: 9041162720
  • Category: Law
  • Page: 378
  • View: 6386
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Margin squeeze is a form of abuse of a dominant position in which a vertically integrated company reduces the margin between the price charged to competitors and the price charged to consumers, which can have the effect of excluding a competitor from the market. In the decade or so since the liberalisation of network industries, margin squeeze has become a major source of concern among competition authorities and courts, particularly pronounced in the electronic communications sector. Because some of the adopted decisions show significant inconsistencies in approach, and legal certainty remains elusive in this area, this book which provides an extremely thorough analysis is both timely and of great practical value. The author provides an in-depth examination of margin squeeze allegations in the electronic communications sector with a view to developing a more advanced and comprehensive analysis of principles which should guide ex post assessment of margin squeeze. Issues and topics covered include: – scope of intervention in margin squeeze cases both for national regulatory and national competition authorities; – conditions for sanctioning margin squeeze under Article 102; – methodological and practical difficulties in identifying a margin squeeze; – methodology employed in margin squeeze cases and its regulatory aspects; – assessment of the ability and incentives of regulated firms to engage in a margin squeeze; and – situations when competition law is used to address the deficits of regulation and regulatory failures. It also includes a critical comparison of the vertical foreclosure analysis undertaken in margin squeeze cases with the approach adopted in the EU Non-Horizontal Merger Guidelines. Throughout the analysis, margin squeeze treatment in the European Union and its Member States is examined in light of the diverging approach adopted by the US Supreme Court. The increasing complexity of the electronic communications market can only further confound an already complex assessment of price squeezes, and one can expect that claims of anticompetitive margin squeeze in liberalised network industries will continue to be high on the enforcement agenda of competition authorities for years to come. In light of the need for a coherent, or at least predictable, sentencing policy to provide relative legal certainty, the research in this book proves invaluable. The analysis and conclusions discussed in this book will be welcomed by policymakers, regulators, and lawyers working in the areas of competition law and electronic communications law.

Competition, Regulation and the New Economy

Competition, Regulation and the New Economy

  • Author: Cosmo Graham,Fiona Smith,Fiona M Smith
  • Publisher: Hart Publishing
  • ISBN: 1841133841
  • Category: Business & Economics
  • Page: 206
  • View: 1780
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The question which is pursued in the series of essays in this book is whether the conceptual underpinnings of competition law and international regulatory mechanisms are adequate or appropriate to deal with the developments raised by the new economy, which rides on the crest of new technological developments.

Bibliography of Law and Economics

Bibliography of Law and Economics

  • Author: B. Bouckaert,G. de Geest
  • Publisher: Springer Science & Business Media
  • ISBN: 9401708932
  • Category: Law
  • Page: 667
  • View: 3294
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Law and economics can be considered as the most exciting development in legal scholarship in recent decades. This volume is the first all-encompassing bibliography in this area. It lists approximately 7000 publications, covering the whole area of law and economics, including `old' law and economics (topics such as antitrust law, labor law, tax law, social security, economic regulation, etc.) as well as `new' law and economics with such topics as tort law, contract law, family law, procedure, criminal law, etc.). The volume also includes the literature on the philosophical foundations and the fundamental concepts of the approach. Part Two gives a special survey of law and economics publications in Europe, written in other languages than English. The Bibliography of Law and Economics is an invaluable reference work for students, scholars, lawyers, economists and other people interested in this field.

Regulation and Economic Analysis

Regulation and Economic Analysis

A Critique Over Two Centuries

  • Author: R.L. Gordon
  • Publisher: Springer Science & Business Media
  • ISBN: 9780792327905
  • Category: Business & Economics
  • Page: 273
  • View: 7841
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Regulation and Economic Analysis: A Critique Over Two Centuries argues that long experience with the practice of regulation creates a broad anti-intervention consensus among economists. This consensus is based on comparison of real intervention to real markets rather than an ideological preconception. It is shown that economic theory can support all possible positions on intervention. Much theory is too abstract to support any policy position; many arguments about how intervention might help contain qualifications expressing doubts about whether the potential can be realized; many theories illustrate the drawbacks of intervention. The vast literature on these issues concentrates either on specific cases or polemics that exaggerate both sides of the argument. Regulation and Economic Analysis seeks to show the depth of the discontent, develop interpretations of economic theory that follow from skepticism about statism and provide selected illustrations. The discussion begins with examination of general equilibrium theory and proceeds to discuss market failure with stress on monopoly and particularly what is deemed excessive concern with predatory behavior. International trade issues, transaction costs, property rights, economic theories of government, the role of special institutions such as contracts, the defects of macroeconomic and equity arguments for regulating individual markets, environmental economics and the defects of public land management policies are examined.

Framework Agreement Between the European Union and Its Member States, on the One Part, and the Republic of Korea, on the Other Part

Framework Agreement Between the European Union and Its Member States, on the One Part, and the Republic of Korea, on the Other Part

Brussels, 10 May 2010

  • Author: Great Britain: Foreign and Commonwealth Office Staff
  • Publisher: The Stationery Office
  • ISBN: 9780101808521
  • Category:
  • Page: 36
  • View: 1770
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The Agreement is not in force

Private Management and Public Policy

Private Management and Public Policy

The Principle of Public Responsibility

  • Author: James Post,Lee E. Preston
  • Publisher: Stanford University Press
  • ISBN: 0804784744
  • Category: Business & Economics
  • Page: 192
  • View: 4504
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Private Management and Public Policy is a landmark work at the intersection of business and society. First published in 1975, it focuses on the management processes that companies use to respond to social issues. The text develops the "principle of public responsibility" as an alternative to the notion that firms have unlimited accountability. And, it presents one of the first systems-based approaches to corporate responsibility, providing theoretical support for business involvement in public policy. Arguably, the book's major contribution is its broad outline of an alternative theory of the firm in society—one that offers the possibility of overcoming traditional public and private dichotomies.