Competition and Antitrust

Competition Investigations

For Companies

We represent companies at every stage of a competition law investigation, from the initial dawn raid and regulatory interviews to conducting an internal audit and compliance reviews to litigation or settlement negotiations. We also assist companies in conducting their own internal investigations.

We provide expert assistance whether the suspected conduct comes to light internally, or as a result of an investigation by the Competition and Markets Authority, Serious Fraud Office, a sector regulator such as the Financial Conduct Authority, or an overseas authority such as the Department of Justice.

We understand how disruptive a regulatory investigation can be. We provide practical commercial solutions that are sensitive to the company’s specific context and characteristics, and help to navigate through difficult decisions, such as applications for leniency or immunity, or settlement.

For Directors and Officers

Our team has particular expertise in representing and advising individuals caught up in competition investigations. If you are a director or officer of a company under investigation, or going through an internal investigation, the personal consequences can be severe, for example, being disqualified as a director and so specialist advice is essential from the outset.

Where the interests of a company and its directors are aligned, we can advise on a co-ordinated response. Where they are not, we are experienced in acting independently for individuals and ensuring their interests are properly protected.

Information Requests

The CMA has the power to compel the production of documents and to require individuals to attend interviews. These powers must be handled carefully and strategically; the wrong response can significantly damage both the company’s and the individual’s position. We advise on the scope of any compelled disclosure, the protection of legally privileged material, and the most effective way to respond.

Leniency, Immunity and Settlement

We help navigate businesses through difficult decisions, such as applications for leniency or immunity, or settlement.

We also advise on the implications for individual directors.  Where a company is seeking leniency from the Competition & Markets Authority, directors need to understand the implications for their own position. Leniency protection for the company does not automatically protect individual directors, and a director who fails to co-operate fully with the leniency process may still face Competition Disqualification Order (CDO) proceedings.

Competition Disqualification Order

If a company is found to have breached competition law, the Competition & Markets Authority has the power to apply to the court for a Competition Disqualification Order (CDO) against an individual director or officer. A CDO can prohibit a director from acting as a director, or being involved in the management of any company, for up to 15 years. Breaching a CDO is a criminal offence and can result in personal liability for a company’s debts.

The Competition & Markets Authority has significantly increased its use of CDO powers in recent years. Any director of a company involved in a competition law investigation, however peripheral their involvement may appear, should seek specialist advice.

Where a company is seeking leniency from the Competition & Markets Authority, directors need to understand the implications for their own position. Leniency protection for the company does not automatically protect individual directors and a director who fails to co-operate fully with the leniency process may still face CDO proceedings.

We advise directors and officers at every stage of CDO proceedings, including:

• Responding to a section 9C notice – the formal notice the Competition & Markets Authority must serve before making a CDO application, which sets out the grounds for the proposed application and triggers the right to make written representations to the CMA before any court proceedings are commenced.
• Negotiating Competition Director Disqualification Undertakings (CDU) – a voluntary undertaking to the CMA that avoids court proceedings and, if offered at an early stage, can result in a reduced period of disqualification and no costs order against the director.
• Contesting CDO proceedings in the High Court.

Dawn Raids

A dawn raid by the Competition & Markets Authority or another enforcement authority is one of the most stressful and disruptive events a business can face. Investigators may arrive without warning, with the power to search premises, seize documents and electronic devices and interview staff on the spot.

How your business responds in those first critical moments can have a profound impact on the outcome of any subsequent investigation. Our team is available around the clock to provide immediate, expert assistance the moment a dawn raid begins, advising on your rights and obligations, ensuring legally privileged material is properly protected and guiding your staff through the process calmly and effectively.

We also work with businesses in advance to prepare dawn raid response protocols, so that if the worst happens, your people know exactly what to do.

Internal Investigations

When competition law concerns come to light, whether through a whistleblower, a regulatory enquiry or a compliance review, businesses often need to conduct an internal investigation before deciding how to respond. Getting this right from the outset is critical, as mistakes made early can have serious and lasting consequences for both the company and the individuals involved.

Our competition lawyers advise on all aspects of internal investigations, including the protection of legally privileged material, document preservation and disclosure obligations. We also guide businesses through the difficult strategic decisions that an internal investigation can trigger, including whether to make a voluntary disclosure to the Competition & Markets Authority, or to apply for leniency or immunity.

Where an investigation touches on the conduct of specific individuals, those individuals may need independent advice. The interests of a company and its directors do not always align, and it is important that individuals understand their own exposure, including the risk of director disqualification, at the earliest possible stage.

Criminal Investigations

Where there is a criminal dimension to a competition law investigation, our expert criminal lawyers can assist. Employees of the target organisation may be arrested and taken to a police station for interview without warning. How a person responds in that first interview is crucial. We ensure that individuals are properly advised and represented from the very first moment, giving them the best possible chance of protecting their position.

Compliance and Training

We advise on compliance and training programmes tailored to your business, helping to reduce the risk of future infringement and embed a culture of competition law compliance across your organisation.