This article is yet another attempt to tackle the issue of subsidy extinguishment, the enduring conundrum of WTO law. Early dispute settlement reports that addressed the matter concluded that privatization of a subsidy recipient at arm’s length and for fair market value terminates a benefit conferred by a subsidy, but were vague on why and how this specifically happens. Academic commentators criticized this outcome as economically irrational, since privatization does not result in a withdrawal of subsidized assets from the subsidy recipient and thus does not, per se, remedy the market distortion created by the subsidy in the first place. This article argues that privatization – or, in fact, any sale of a subsidy recipient – may extinguish a government subsidy if the buyer converts it into a private investment by paying for the subsidized asset the full amount of the government’s financial contribution less depreciation. However, effecting the transaction at arm’s length and for fair market value is not a sufficient condition for this to happen.
The fourth edition of this book has been entirely re-written, this time co-authored by Ioannis Lianos with the contribution of Paolo Siciliani. It includes substantially more material on the economics of competition law and integrates, for the first time, UK competition law materials and commentary. An additional new feature is greater introductory and analytical commentary, making this book suitable for use either as a stand-alone text and materials book, or as a book of materials to be used in conjunction with a second text. It will continue to be one of the best books for undergraduate and post-graduate students in competition law, providing them with the necessary critical understanding of the law, its social and economic context, and the necessary depth of analysis in order to provide them with the knowledge and tools they need for practising competition law. The materials have been completely updated to take into account recent developments in EU and UK competition law, including extracts from the leading cases of Cartes Bancaires, Intel, Lundbeck, Streetmap v Google, the most recent versions of the Block Exemption Regulations and the Europan Commission's and the UK Competition and Markets Authority (CMA) Guidance, recent UK and other National Competition Authorities (NCA) cases in digital markets, the recent European Commission's investigations against Google (Alphabet), recent merger cases and guidance and a detailed analysis of enforcement (including private enforcement, criminal enforcement and Alternative Dispute Resolution) and procedure in both the EU and UK competition law. The book also includes commentary on the implications of Brexit in competition law enforcement in the UK. Economic analysis is presented in a non-technical way so as to enable students without any background in economics to understand the economic content of the law and to be able to critically assess economic evidence often presented in competition law cases. The book is co-authored by an economist and constitutes the only textbook/casebook in the market with a balanced incorporation of both law and economics. Other sources of wisdom for competition law, such as economic sociology and business studies, are also referred to and analyzed. The bulk of the text is made up of analysis supplemented with extracts from Commission Decisions and decisions of NCAs (in particular the UK ones), Opinions of the Advocates General at the Court of Justice of the European Union (CJEU) and judgments of the CJEU and General Court. These are supplemented by extracts from EU legislation, and comments, notes and questions prepared by the authors for each important judgment or decision so as to enhance students' understanding of the economic and legal context of the specific case.
The efficiency approach, as advocated by the Chicago School in particular, only provides a very narrow approach to competition law analysis that relies on the preferences of consumers. This approach remains especially insufficient for the regulation of firms that provide citizens with politically relevant news and information. In times of digitisation, citizens increasingly rely on news disseminated by Internet intermediaries such as Facebook, Twitter or Google for making political decisions. Such firms design their business models and their algorithms for selecting the news according to a purely economic rationale. Yet recent research indicates that dissemination of news through social platforms in particular has a negative impact on the democratic process by favouring the dissemination of false factual statements, fake news and unverifiable conspiracy theories within closed communities and, ultimately, leads to radicalisation and a division of society along political and ideological lines. Experience based on the Brexit referendum in the UK and the recent presidential elections in the US highlights the ability of populist political movements to abuse the business rationale of Internet intermediaries and the functioning of their algorithms in order to win popular votes with their ‘post-truth politics’. This article relies on competition law principles to discuss future approaches to regulating the market for political ideas at the interface of competition law and media law in the new digital age. Based on constitutional considerations the article rests on the assumption that media markets should not only provide news that responds best to the psychological predispositions and subjective beliefs of the individual citizen, but also provide correct information and diversity of opinion as a basis for making informed democratic decisions.
The article is devoted to the contractual models designed to formalize the legal relationship between the clearing participants (parties to the original derivative transaction) and the central counterparty (“CCP”). The author deals with the legal concepts of novation, so-called “open offer” and assignment, which are commonly used in international practice. Taking into consideration some Russian legal peculiarities and comparative law experience, the author comes to the conclusion that the concept of assignment is best suited to the Russian legal framework.
Russia and Ukraine have recently adopted complex statutes on consumer credit. Ukraine, unlike Russia, declared the aim of the new act, inter alia, harmonization of the legislation with international and EU standards. Prior to enactment, both countries had a fragmentary regulation of few aspects of consumer credit in general consumer protection laws. I consider peculiarities of the elimination of the contract disproportion of debtor and creditor rights in contracts on consumer credit under new Russian and Ukrainian regulations from a comparative perspective. EU law does not regulate some important issues covered by Russian and Ukrainian legislations, e.g. priority of payments. On the contrary, some useful concepts, which are applicable to consumer loans under EU law, like “linked credits,” “open-end agreements” are absent in both Russian and Ukrainian laws. While comparing new Russian and Ukrainian consumer credit statutes, it is clear that in some aspects the Ukrainian one is pro-consumer, and in some other aspects the Russian one is more pro-consumer. Some provisions of both Russian and Ukrainian consumer credit statutes are very controversial and unclear; in some instances they could lead to debt slavery, so they must be corrected in the future.
The present article is devoted to the consideration of the consortia, the concept and reg ulation of which is lacking in the Russian law. Nonetheless, in practice there are a large number of agreements and even legal entities, the name of which includes the word «consortium». The authors analyze the experience of regulation of consortia in foreign countries, reveal the key features of consortia, give their general characteristics, which allows to draw conclusion about their possible qualification under Russian law.
From 2009 to 2017, blockchain became a technological milestone that is impossible to ignore. Market capitalization of decentralized technologies is growing sharply. People both admire and criticize blockchain, but regardless of these subjective opinions, blockchain transactions do involve substantial risks, even though these are the reverse side of its flexibility and openness which come with great opportunities. One needs to evaluate the implementation of such technology for its conformance to modern requirements in each practical case. Furthermore, legal regulation of blockchain technology would answer the demand for formal deterministic rules which could be the solution to its growth issues. This book contains detailed legal and economic expertise on the above problems.
The book is intended for legal professionals who need to minimize the risks of the digital economy, as well as everyone interested in law and innovations.
Among the amendments included in the fifth antitrust package, most questions and objections were raised by
the trustee provision, since this instrument was never used and approached by experts or practitioners in Russia.
The article analyses the functions and obligations of monitoring trustees and the tasks that they have to perform.
The facts, examples and expert views presented in the article show a widespread and systematic use of trustees to ensure the effective implementation of remedies in complex cases, primarily in mergers. Particular attention is paid to the role and importance of trustees in antitrust cases involving the digital economy, where it is necessary to provide access to information and data, to ensure transfer of technology and the use of intellectual property rights.
The article investigates trends in development of copyright in the modern information society. It is noted that, to a certain extent, the provisions of "classical" copyright conflict with the technical possibilities of dissemination of information in digital form and the needs of society in information that is updated on a digital basis. As one of the means of resolving this contradiction, the normative fixing of exceptions to copyright in relation to libraries is indicated. The options for incorporation copyright exceptions for libraries in the legislation of various states are considered, as well as possible approaches to the establishment of such exceptions, as declared in documents of international and national organizations and expert advisory bodies.
The paper analyses some legal issues of artificial intelligence. In the first part of the paper authors provide classification and overview of the interdisciplinary research in this field. The next part of the paper illustrates artificial intelligence legal issues and provides approaches to mitigate these challenges. In particular, authors examine artificial intelligence influence on the protection of personal data, intellectual property rights and civil liability. The authors conclude that the development of artificial intelligence requires a change in the legal framework.
In the digital age the development of robotics using artificial intelligence has reached a new scale and raises both socio-economic and legal problems. Of particular relevanc in this context is the problem of the legal personality of robots, which are able to perform independent actions and to adapt to the environment. The resolution of the European Parliament on Civil Law Rules on Robotics (2017) shows that the problem has not onlyscientific , but also practical or applied significance. In legal science, the interpretation of the concept of a person differs depending on legal understanding. According to a “narrowly realistic” understanding of the law a robot cannot be recognized as a legal subject. On the contrary, according to the approach to the legal world as a special and self-sufficient reality, the question of the legal personality of the robot is pragmatic. The article analyzes the history of the formation of the legal concept of a person and its role in the legal concept of the world . For Roman jurists, the concept of a person (persona) meant, in the first place, a “mask”, i .e. this or that social function of a person . For them the meaning of the legal concept of a person was never identical to the meaning of the concept of the human personality. On the contrary, for European law, which was strongly influenced by philosophical ideas, the problem of confusing the concepts of the person and the human personality is quite characteristic. The authors of the article come to theconclusion that uncritical perception of non-legal ideas and theories can become an obstacle to the development of law. The law can play an active role in the development of the economy and society as a whole only by preserving its identity. Thus, the question of the legal personality of robots should be decided on the basis of a comprehensive analysis of the possible (economic and social) costs and benefits. Recognition of a robot as a legal entity is connected, first of all, with the need for more efficient allocation of responsibility. At the same time, the distribution of responsibilities is aimed at solving not only the economic, but also the legal problem, that of balancing the interests and adapting the law to social reality. The flexibility and elasticity of civil-law concepts leads to the conclusion that the choice of a specific model of legal personality and distribution of responsibilities will depend on current needs and practices .
National currency is needed for the following reasons. On the one hand, the world monetary circulation of the fiat currency is in a dead end, and there is huge demand for alternatives to fiat money with no disadvantages of the latter. That is, for new currencies, having features: full commodity security; protection from inflationary depreciation; 100 percent cash reserves against bank demand deposit liabilities, that is, a total prohibition of increase monetary aggregates by credit institutions through a multiplier; recognition of the account beneficiary property right for all funds in the account, fixing this right in the distributed registry on a decentralized basis; removal of the risk of savings loss by prohibiting financial institutions to the use client money in own operations of the former and operations of other clients; free transfer between cash and non-cash form; refusal of absurd rules of financial monitoring. From the supply side, competently designed pool of national cryptocurrencies is a way of attracting financing in conditions of sanctions, promoting commodity exports, and also strengthening regional economic integration.
The development of partnership (Islamic) banking and finance in Russia at the current stage is possible in several areas: first of all, the provision of partner financing services by credit organizations, and the development of partnership financing (all or any part of the services) through non-credit organizations, including the development based on the experience of the existing Islamic trade and investment companies.