Do you need to make a disclosure of the cartel issue to the market?
Fines for cartel conduct can be very high. Amounts of tens or even hundreds of millions of euros are not uncommon. Follow-on claims can also be a significant financial strain. However, as predicting the size of any likely fine or follow-on claim is difficult, particularly in an investigation’s early stages, it is also hard to determine whether a disclosure to the market is necessary. Each case needs therefore to be assessed on its merits and kept under regular review.
If a competition regulator’s investigation has not yet become public, or if you have made an immunity or leniency application and the investigation is ongoing, consult with the relevant regulator before making any disclosure to the market (or any other third party).
Even in the absence of the conditions above, you may still wish to consult with or inform the relevant regulator before making any disclosure to the market (or any other third party).
For further general information relating to disclosure to the market, please click here.
