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.
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.
Information technologies change private and public law. In civil law, safe harbor for intermediaries was introduced. In the field of censorship, a new surveillance tool has emerged –website blocking injunctions for the illegal content online. New legal entities appear (for example, the organizer of information dissemination in the Internet, including the organizer of the instant messaging service; the operator of the search engine; the news aggregator, the owner of the audiovisual service). New duties are introduced: in particular, the duty of the organizer of information dissemination to store text messages, voice information, images, sounds, videos and other electronic messages of Internet users; the duty of the organizer of the instant messaging service to identify Internet users. The article shows the information technology influence on the administrative and criminal liability. The analysis showed that criminal and administrative liability has been changed. The author concludes that the rapid development of information technologies is changing the traditional liability.
The agricultural sector is getting rapidly technologized, and the new technologies are radically changing the industry’s landscape. Disruptive agricultural technologies unprecedentedly defy national state systems, requiring a fast adaptation of regulatory norms to the new reality. The aim of this book is to introduce the readers to the modern technological innovations, opportunities and risks, which arise due to using of the newest biotechnologies; to examine the global food chain and forecast the consequences of excessive industry concentration; provide a survey of the regulation of intellectual property through the prism of existing international and national regulatory systems; analyze the best practices of foreign countries in the regulation of biotechnological industry (in the USA and the BRICS countries), in comparison with practices of regulating agricultural biotechnologies in Russia.
The monograph is designed for a wide audience interested in technological, economical, and legal aspects of the modern agricultural technologies, and could be helpful for decision-makers elaborating practical and scientific agricultural policy in Russia.
The Soviet system of knowledge production based on cooperation, knowledge sharing, but also intense competition was already an inspiration for innovation policymakers in the U.S. and in Europe back in the 1950 and 1960s. Nowadays, as the global economy is moving towards a new mode of production, the Soviet case may still play an important role to help to frame a better institutional approach to innovation. With the dramatic challenges already brought by the fourth industrial revolution and the tectonic economic and social shifts it is expected to cause around the world, the Soviet case with all its pros and cons is becoming more and more relevant for this debate as it provides necessary empirical data to consider other institutional approaches to innovation distinct from the established property-focused model. In this context, intellectual property and competition law scholars hopefully would better understand the Soviet innovation system through further academic studies.