Mușat & Asociații este întotdeauna cu un pas înainte în ceea ce privește evoluția cadrului legislativ și a mediului de afaceri, anticipând nevoile clienților și acționând că un deschizător de drumuri în domeniu.

DLC NEWSLETTER 11: “VERTICAL” IN THE SPOTLIGHT: HARDCORE RESTRICTIONS EQUIVALENCE

Online sales restrictions are under close scrutiny from the European Commission and national competition authorities. It is well established that outright online sales bans are qualified as hardcore restrictions, which cannot benefit from the VBER.

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DLC NEWSLETTER 10: “VERTICAL” IN THE SPOTLIGHT: HARDCORE RESTRICTIONS DUAL PRICING

When a supplier or manufacturer charges different wholesale prices for the same product depending on whether the product is intended to be sold online or offline, or whether the buyer will sell it to a retailer or directly to end-customers, dual pricing is practiced.

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DLC NEWSLETTER 9: “VERTICAL” IN THE SPOTLIGHT: HARDCORE RESTRICTIONS RESALE PRICE MAINTENANCE

Certain types of vertical restraints are particularly likely to hinder competition and harm consumers. These hardcore restrictions will not benefit from the safe harbour provided in the VBER and will often amount to an infringement of Article 101 TFEU. Resale price maintenance (“RPM”) constitutes a prime example of such hardcore or black-listed restrictions.

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DLC NEWSLETTER 8: “VERTICAL” IN THE SPOTLIGHT: HARDCORE RESTRICTIONS (GENERAL)

Vertical agreements often contain a vast number of provisions, regulating different aspects of a vertical relationship. However, the EU competition rules determine that certain provisions cannot be included in distribution agreements since they impede competition to an extent that cannot be permitted. These are the so-called “hardcore restrictions”. Hardcore restrictions can be imposed both directly and indirectly, in which case the assessment is more complex, but the outcome is the same.

Mușat & Asociații authors Thomson Reuters’ 2022 Q&A guide to equity capital markets law in Romania

In Thomson Reuters’ latest Q&A guide to equity capital markets law in Romania, part of their Practical Law Series, Deputy Managing Partner Razvan Stoicescu, Managing Associate Adrian Danciu & Senior Associate Robert Urmosi outline legislation and listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, continuing obligations and de-listing.

DLC NEWSLETTER 6: “VERTICAL” IN THE SPOTLIGHT: NON-COMPETE RESTRICTIONS

Distribution agreements often contain non-compete clauses. They impose restrictions on a distributor’s ability to manufacture or sell products competing with the products covered by the distribution agreement, the so-called contract products.

DLC NEWSLETTER 5: “VERTICAL” IN THE SPOTLIGHT: AGENCY (“DUAL ROLE” AGENTS)

Over the past few years, a trend has been noticeable toward a commercial strategy combining agency and distribution models. In particular, depending on the products or customers involved, a business partner is sometimes requested by the same supplier to act as both its independent distributor and its commercial agent. Such business partners are often referred to as “dual role” agents.