Competition Law Update - June 2026

Welcome to the latest edition of our newsletter, which explores recent competition law developments across the UK and EU.

The big news in EU competition policy in recent weeks was the publication of the Commission’s draft new Merger Assessment Guidelines, on which it is consulting until 26 June 2026. In this edition, we unpack the new guidelines, which, in addition to updating the Commission’s analytical framework by recognising new theories of harm, give a greater role to merger benefits. We also examine the Court of Justice's preliminary ruling in Tondela, which offers important guidance on how “no-poach” agreements in the sporting sector may escape the "by object" label under Article 101 TFEU, and the newly adopted Technology Transfer Block Exemption Regulation, which modernises the EU's safe harbour for technology licensing arrangements.

Turning to the UK, we consider what the CMA's decision not to pursue Strategic Market Status (SMS) investigations in the cloud infrastructure services sector tells us about the practical operation of the digital markets regime. We also examine the Competition Appeal Tribunal's refusal to grant a collective proceedings order in the Atlantic Salmon cartel case - the first time the Tribunal has declined to find claims to be eligible for collective proceedings solely due to cost-benefit concerns - and pull out the key trends and themes from the CMA’s merger enforcement decisions in 2025/26. Finally, whilst it takes us outside the ambit of competition law, the CMA’s first substantive fine using its new direct consumer enforcement powers merits attention. We consider what the recently published Infringement Notice in the AA drip pricing case reveals about the new system of enforcement, and how it compares with antitrust enforcement.

Unpacking the European Commission's draft new Merger Assessment Guidelines

The European Commission’s draft new Merger Assessment Guidelines represent a significant modernisation of its analytical toolkit. They also acknowledge the role EU merger control can play in supporting the EU's broader policy objectives, while signalling a greater willingness to give weight to claimed efficiencies - including scale, resilience and sustainability benefits - when assessing mergers. We examine the key changes and their practical implications for merger parties.
Read the article

How to justify a no-poach agreement: CJEU refines applicability of competition law to sports in Tondela judgment

The Court of Justice’s preliminary ruling in Tondela clarifies that while no-poach agreements in principle have as their object the restriction of competition, a deeper examination of their overall context can demonstrate otherwise. In such cases, they can in turn be justified by the legitimate objectives they pursue in the public interest. The ruling provides important guidance on the intersection of EU competition law, sports governance, and crisis-era decision-making.
Read the article

The updated Technology Transfer Block Exemption: modernisation rather than overhaul

On 16 April 2026, the Commission adopted an updated version of the Technology Transfer Block Exemption Regulation, alongside revised Guidelines. The UK's equivalent instrument - the new Technology Transfer Block Exemption Order - also entered into force on 1 May 2026. We consider the key changes, which address data licensing, standard essential technologies, and licensing negotiation groups, and highlight the differences between the new EU and UK regimes.
Read the article

CMA decision to shelve cloud services SMS investigations raises questions around use of its new digital markets powers

Despite the recommendations of its own Cloud Services Market Investigation, the CMA has decided not to pursue SMS investigations into any cloud services providers, citing market developments and steps taken by the major platforms. Instead, it is launching an SMS investigation into Microsoft's business software ecosystem. We explore the decision, its implications for the broader operation of the digital markets regime, and the questions it raises about the CMA's current enforcement approach.
Read the article

Not at all costs: Competition Appeal Tribunal refuses CPO in Atlantic Salmon cartel collective proceedings

In a significant development for the UK's collective proceedings regime, the Competition Appeal Tribunal refused to grant a collective proceedings order in the Atlantic Salmon cartel case, citing cost-benefit concerns. The judgment underscores the Tribunal's increasing focus on ensuring that collective proceedings deliver meaningful outcomes for class members, rather than predominantly benefiting lawyers and litigation funders.
Read the article

The year in UK mergers: long-term trends and highlights from 2025/26

In this article, we look back at the CMA’s merger decisions in the year from April 2025 to March 2026 - comparing the outcomes data to previous years and picking out some key trends and themes from the year’s decisions.
Read the article

The price isn't right: the AA drip pricing case

In April 2026, the CMA imposed a £4.2m penalty on the AA for failing to include mandatory booking fees in its headline prices for driving lessons - the first substantive fine using its direct consumer enforcement powers. The recently-published Infringement Notice sheds light on the CMA's approach to applying the new drip pricing rules, its penalty calculation methodology, and its use of enhanced consumer measures to secure refunds. 
Read the article

This edition was edited by Senior Associate, Balint Egri. 

If you have any questions about the articles in this newsletter, do not hesitate to reach out to Balint, or any of your usual contacts: Cameron Firth, Malcolm Walton, Christophe Humpe, Caja Griesenbach, Foad Hoseinian and Fiona Beattie.