Welcome to the quarterly newsletter from the Ashurst Perkins Coie Antitrust & Competition team where we recap some of the key developments of Q3 2026.
This edition highlights:
- Transaction control in flux: A key theme of Q3 2026 is the continued evolution of merger control and FDI frameworks across major jurisdictions. From refinements to Australia's new mandatory regime and the increased use of fast-track procedures in the UK, to the European Commission's fine-tuning of the Foreign Subsidies Regulation, regulators worldwide are perfecting their tools. Our cross-border analysis asks whether we are seeing a genuine shift towards less aggressive merger enforcement, or simply a more sophisticated one?
- Expanding the enforcement frontier: Competition authorities are broadening their reach and sharpening their instruments. In the US, state attorneys general are emerging as a powerful independent force in antitrust enforcement. The ECJ has clarified the legal framework for email seizures during inspections, while in the UK the CMA has issued its first civil penalties against individuals for obstructing a dawn raid. Meanwhile, a UK consultation aims to streamline competition enforcement, Australia proposes new criminal offences for wage-fixing and no-poach arrangements, and, in Germany, the Federal Cartel Office has overhauled its cartel settlement guidance.
- Sport governance meets competition law: The intersection of sport and competition law has come into focus this quarter. The ECJ's landmark ruling on the compatibility of FIFA's Football Agent Regulations with EU competition law carries implications well beyond football. The German Federal Cartel Office has also closed its long-running review of the Bundesliga's "50+1" rule, where fan-ownership structures came under competition law scrutiny.
Merger Control & FDI
1. Antitrust and competition issues in international transactions
A comparative look at US, EU, UK and Australian merger control developments. This article considers whether there is a shift to less aggressive merger enforcement, and examines approaches to acquihires and serial acquisitions.
2. FSR review: a targeted recalibration ahead
On 14 July 2026, the European Commission published a report on its first review of the FSR. The report confirms the Commission regards the FSR as fit for purpose, but considers targeted changes to reduce reporting burdens in M&A and public procurement. See our August 2026 update.
3. Key takeaways from the fifth UK NSIA annual report
On 14 July 2026, the UK Government published its fifth annual report covering the key trends in the operation of the National Security and Investment Act (NSIA) regime. It covers the period between 1 April 2025 and 31 March 2026. See our July 2026 update.
4. CMA Merger Watch: UK merger control quarterly update
Highlights in this quarter's edition include: the UK clearance of Paramount's acquisition of Warner Bros; the CMA's investigation of a minority acquisition; merging parties' increased up-take of 'fast-track procedures'; and the increasing importance of barriers to entry and expansion in the CMA's competitive assessment. See our October 2026 update.
5. Forecasting the future: navigating the ACCC in energy deals
This August 2026 briefing considers how Australia's new mandatory merger control regime affects energy sector deals, with guidance on exceptions and ACCC assessments.
6. Australia's merger laws receive important refinements
The Australian parliament has passed amendments to Australia's mandatory merger control regime, refining automatic voiding, the control exemption and clearance rules. See our September 2026 update.
Antitrust
1. European Court of Justice rules on FIFA Agent Regulations' compatibility with EU competition law
On 16 July 2026, the ECJ handed down its judgment on the compatibility of FIFA's Football Agent Regulations with EU law. The ruling has wide application to any sector where private associations, federations, or self-regulatory bodies set binding rules for market participants. See our July 2026 update.
2. EU General Court rejects Apple challenges to European Commission DMA designation decisions
On 8 July 2026, the EU General Court dismissed three challenges brought by Apple against the European Commission's decisions to designate Apple as a DMA gatekeeper in relation to the App Store, iOS, and Safari; to open an investigation into whether iMessage is an "important gateway" under the DMA; and to classify iMessage as a number-independent interpersonal communications service (NIICS). See our August 2026 update.
3. Dawn raids: ECJ clarifies rules for email seizures
On 16 July 2026, the European Court of Justice delivered a judgment confirming that the Charter of Fundamental Rights of the European Union does not, in principle, preclude the seizure of business emails during inspections by competition law regulators at professional or business premises without prior authorisation by a court, provided that a strict legal framework and adequate safeguards, including full and effective ex post judicial review, are in place. See our August 2026 update.
4. Exclusionary abuses: Where do we stand after Google Android?
On 2 July 2026, the European Court of Justice delivered its much-awaited judgment in the Google Android case. It dismissed Google's appeal against the General Court's judgment upholding the European Commission's 2018 decision finding that Google abused its dominant position in the context of the Android mobile operating system and imposing a record EUR 4.3 billion fine. See our October 2026 update.
5. First of its kind: The EU Guidelines on exclusionary abuses of dominance
On 3 September 2026, the European Commission adopted Guidelines on the application of Article 102 TFEU to abusive exclusionary conduct by dominant undertakings. The represent the most significant overhaul of the European Commission's approach to abuse of dominance in nearly two decades. See our October 2026 update.
6. The FCO 2025/26 Review: What's next for German antitrust enforcement
On 30 June 2026, the German Federal Cartel Office published its Annual Report 2025/26, setting out its enforcement priorities and key developments across digital markets, energy and fuel markets, and food retail. See our July 2026 update.
7. "50+1" Rule: Bundesliga governance under review
On 12 August 2026, the German Federal Cartel Office closed its long-running proceedings on the compatibility of the "50+1" rule – which requires that fan-owned parent clubs, rather than external investors, retain majority voting control over professional football clubs in the Bundesliga and Bundesliga 2 – with EU and German competition law. See our September 2026 update.
8. Cartel settlements in Germany: overhauled framework
On 19 August 2026, the German Federal Cartel Office published a revised guidance note on settlements in cartel fine proceedings. While the maximum discount of 10% for horizontal cartel cases remains unchanged, the revised guidance streamlines the process and shifts the procedural dynamic firmly towards the FCO's discretion. See our September 2026 update.
9. Swift & simple: UK consultation on competition law reforms
On 17 July 2026, the UK's Department for Business and Trade published a consultation 'Swifter and simpler competition redress, regulatory appeals and competition enforcement', which outlines wide-ranging proposals to reform the competition class actions regime and competition enforcement processes, and to unify the regulatory appeals regime. See our July 2026 update.
10. This time it's personal: first CMA fines on individuals for concealing evidence during a dawn raid
On 24 September 2026, the UK Competition and Markets Authority issued its first civil penalties to individuals, imposing a fine of £20,000 on a member of senior management and £5,000 on an office manager, for concealing evidence during an unannounced inspection of a construction firm in December 2024. The company itself was also fined £25,000. See our October 2026 update.
11. State AGs: The new frontier of antitrust enforcement
The era of US state attorneys general appearing to play second fiddle to federal antitrust enforcers is over. From securing favourable jury verdicts and advocating for “break ups” to state coalitions filing enforcement actions that pave the way for federal enforcement actions, state AGs are making their presence known and getting results. See our August 2026 article.
12. A free for all? Consultation opens on new laws to ban non-compete and staff non-solicitation clauses and make wage-fixing and non-poaching cartel conduct
On 7 September 2026, the Australian Government published its draft Competition and Fair Work Legislation Amendment (Banning Unfair Non-Competes) Bill 2026, which proposes to ban non-compete clauses for employees paid below the high-income threshold; ban co-worker non-solicitation terms for all employees regardless of income; and introduce two new cartel conduct prohibitions and indictable criminal offences for "no-poach" or "wage-fixing" provisions. See our September 2026 update.
Consumer
1. Podcast: Australian class actions and consumer law: Managing the risk
Ashurst Perkins Coie partners Ian Bolster and Tihana Zuk discuss the intersection of class actions and Australian consumer law. They explain why consumer law claims are well suited to class action proceedings and explore recent developments involving product defects, consumer guarantees, unfair contract terms, as well as the recent unfair trading practices reforms.
The discussion also considers the role of the Australian Competition and Consumer Commission (ACCC), the growing litigation risk facing businesses that operate at scale, and the practical governance, compliance and complaints handling measures that can help prevent issues escalating into class actions.
Click here to listen to the podcast for the full discussion.
2. New EU Greenwashing rules: what companies need to know
The EU's Empowering Consumers for the Green Transition Directive amends the Unfair Commercial Practices Directive and the Consumer Rights Directive to tackle greenwashing and misleading sustainability claims. Key changes now in force include bans on generic environmental claims, stricter requirements for forward-looking environmental commitments and new controls on sustainability labels.
The Directive applies to any B2C commercial practice – catching any company that markets goods or services to consumers using environmental or sustainability-related messaging, including consumer goods, packaging, energy, manufacturing, as well as services (e.g. healthcare, banking and finance). See our September 2026 update.
Trade
1. EU adopts simplified ESRS and sustainability reporting standard for voluntary use
On 3 July 2026, the European Commission adopted two delegated regulations revising the European Sustainability Reporting Standards, and establishing a voluntary sustainability reporting standard for undertakings outside the Corporate Sustainability Reporting Directive regime. See our July 2026 update.
2. The European Commission updates the EU Dual-Use Export Control List
On 14 September 2026, the European Commission adopted a Delegated Regulation amending Annex I of Regulation (EU) 2021/821, the EU's dual-use export control list. The update introduces new controls on several emerging and strategically significant technologies, aligning the EU's controls with Member States' commitments within the Wassenaar Arrangement, the Australia Group, and the Nuclear Suppliers Group. See our September 2026 update.
3. EU Customs Reform: new rules adopted
A new Union Customs Code was published in the EU Official Journal and entered into force on 20 September 2026. The reform introduces an EU Customs Authority, a centralised Customs Data Hub, new obligations for e-commerce platforms as "importers", and a revamped "Trust and Check" trusted trader scheme. See our September 2026 update.
