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Fall 2025

Competition Stories: January 2025 – June 2025

This issue presents recent developments in EU competition law enforcement in digital markets. It examines the European Commission’s first non-compliance decisions under the Digital Markets Act (DMA) against Apple and Meta, as well as its decision concerning coordination in the online food delivery sector. The analysis focuses on how these cases illustrate the Commission’s emerging...
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An effects-based approach to the DMA?

The EU’s Digital Markets Act (DMA) uses per se prohibitions to regulate “gatekeepers,” prioritising rapid enforcement over case-specific effects analysis. This article assesses whether, despite the absence of a formal efficiency defence, certain efficiencies—particularly those enhancing contestability—can influence DMA procedures. We identify limited entry points, such as proportionality in compliance measures, remedy design, enforcement priorities,...
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Antitrust Antidote: June-September 2025

There were a number of decisions from June through September 2025 including: (1) a fifth recent decision (U.S. et al. v. Apple) refusing to apply the more defense-friendly refusal-to-deal standard; (2) yet another lower court decision (involving the “famed” Hermès Birkin bag) declining to apply a per se illegal standard to a tying claim brought...
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The Future-Proof Fantasy of AI Regulation

The EU’s quest for “future-proof” AI regulation is a fantasy. AI evolves through emergent properties that defy prediction, yet Brussels continues to draft rules with an industrial, linear mindset. The result is a regulatory immune system that can detect but not respond. The path forward is adaptive regulation: modular rules, real-time sensing, plural triggers, and...
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Principal-Agent Dynamics and Digital (Platform) Economics in the Age of Agentic AI

This article applies the principal–agent framework to the use of autonomous AI systems in digital markets. It examines the challenge of aligning AI agents with the interests of end-users, given that many systems may also reflect the objectives of developers, platform providers, or advertisers. These “shadow principals” create persistent information asymmetries and reduce user control....
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Personalized Competition Law: The New Frontier of AI Market Governance

Artificial Intelligence technologies prompt several doctrinal shifts in competition law. For AI market governance, this means moving toward personalized enforcement. Rather than applying one-size-fits-all legal tests, regulators may need to tailor rules and liability standards by sector, by actor, or by the sophistication of algorithms in use. This approach requires greater transparency, context-sensitive oversight, and...
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Implementing the European AI Act: Balancing Horizontal Consistency with Sector-Specific Requirements

The European Union’s AI Act applies across a broad range of domains and use cases, aiming to promote horizontal consistency and prevent the sectoral fragmentation of AI governance. This paper identifies five key challenges in operationalizing such horizontal AI regulation and explores their implications for the design of an effective institutional governance framework. Together, these...
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The New AI Regulation in Korea: Problems of Jurisdictional Overlaps

This article explores Japan’s emerging approach to regulating generative AI, balancing innovation and risk. The government emphasizes soft, sector-specific regulation guided by international norms, while the 2025 AI Bill outlines policies promoting AI development and safety. The Japan Fair Trade Commission (JFTC) is conducting a market study to assess competitive concerns in generative AI, and...
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