European Commission Announces Antitrust Inspections of Unnamed Financial Services Companies

The European Commission (EC) said in a Monday (Sept. 23) press release that it began unannounced antitrust inspections at the premises of financial services companies in two member states.

Neither the number of companies, the names of the companies or the names of the member states were shared in the release.

The inspections are focused on financial derivatives and are being carried out by EC officials accompanied by the relevant national competition authorities of the member states, according to the release.

“Unannounced investigations are a preliminary investigative step into suspected anticompetitive practices,” the press release said. “The fact that the Commission carries out such inspections does not mean that the companies are guilty of anticompetitive behavior nor does it prejudge the outcome of the investigation itself.”

The release added that there is no legal deadline to complete the inquiries, and that the length of the investigation depends on the complexity of each case, the extent to which the companies cooperate and the exercise of their rights of defense.

This news comes at a time when two of the European Union’s top regulators — Thierry Breton and Margrethe Vestager — are stepping down from their posts.

It also comes shortly after the EC scored a “big win” in two separate cases, with the European Union Court of Justice siding with the regulator against Apple and Google.

The court upheld a 2016 decision by the EC that Ireland gave Apple unfair aid in a $14 billion tax case. The court also sided with the EC in its antitrust case against Google Shopping. Both judgments are final.

“Today is a big win for European citizens and for tax justice,” Vestager said in a speech outlining the rulings.

In another move, the EC said Thursday (Sept. 19) that it began a pair of “specification proceedings” to ensure Apple is meeting the interoperability standards of Europe’s Digital Markets Act.

The first proceeding centers on several iOS connectivity features and functionalities, mainly used for and by connected devices such as smartwatches, headphones and virtual reality headsets, while the second proceeding will examine whether Apple’s process for addressing interoperability requests from developers and third parties for its operating system is transparent, fair and timely.