In the UK, the value of the fine imposed on an undertaking which has infringed the Competition Act 1998 is based on the ‘relevant turnover’ of the undertaking. This includes any turnover the undertaking receives from demand and supply side substitutes to the products over which the...

The value of sales of an undertaking infringing antitrust law is a key determinant of the size of the fine levied by a competition authority. European competition authorities rely only on the turnover the undertaking receives from the products in relation to which the infringing conduct...