Passing-On Defense and Indirect Purchaser Rule in Compensation Claims Arising from Competition Law

December 2016 Ercüment Erdem
% 0

Introduction

An illegal price increase as a result of a competition law infringement primarily affects direct purchasers. Direct purchasers may then pass this increase on to their purchasers operating in sub-markets, namely, indirect purchasers. In such a case, the infringing undertakings that are subject to compensation claims may argue that direct purchasers have passed their damages on to indirect purchasers (passing-on defense); therefore, they are not harmed by the competition infringement. In this regard, indirect purchasers may wish to bring actions against the infringing undertakings, by claiming that the damage has been passed on to them. The discussions concerning the competition law doctrine with regard to the standing of indirect purchasers are known as the “indirect purchaser rule.

The right to bring compensation claims arising from competition law is regulated under the Act on the Protection of Competition numbered 4054 (“Competition Act”) Art. 57 et seq. However, the Competition Act does not include any explicit rules with regard to the passing-on defense and the indirect purchaser rule. Furthermore, the Court of Cassation does not have established case law on these issues. Below, we will elaborate on their European Union (“EU”) and Turkish practice.

Passing-On Defense

Definition

Goods and services pass through stages of the supply chain until they are offered to end consumers. The undertakings that increase their prices illegally at any stage of this supply chain cause damage to purchasers or end consumers who have bought these goods and services at a higher price. Compensation for this damage is regulated under Art. 57 of the Competition Act. Accordingly, anyone who prevents, distorts, or restricts competition via practices, decisions, contracts or agreements that are contrary to the Competition Act, or abuses his dominant position in a particular market for goods or services, and is obliged to compensate any damages suffered. In this vein, the undertakings faced with lawsuits filed in line with Art. 57 may claim that the claimants actually passed their damages on to their purchasers; in other words, the passing-on defense. Within this possibility, claimants do not have the right to file a lawsuit since they did not suffer any damage. The passing-on defense is only applicable for the infringements that result in price increases, such as agreements or excessive pricing; it is not in question for the anti-competitive practices that result in exclusion from the market, such as refusal to deal or predatory pricing[1].

If the passing-on defense is deemed acceptable, this raises the question of whether or not the indirect purchasers who suffered the damages may bring an action for compensation. Given that the supply chain is considered as a whole, the group of indirect purchasers expands to include distributers, retailers and end consumers. In these cases, it is considerably difficult to prove how much of, and to whom, the damage is passed on. On the other hand, if such defense is rejected, the compensation claims of direct purchasers who may have been passing on their damages and, therefore, did not suffer any harm, are accepted, this results in the indirect purchasers not being able to claim damages[2]. Therefore, the passing-on defense and indirect purchaser rule are closely connected.

EU Law

Before the entry into force of the Directive numbered 2014/104/EU on Certain Rules Governing Actions for Damages Under National Law For Infringements of the Competition Law Provisions of the Member States and of the European Union (“Directive”), the European Court of Justice (“ECJ”) ruled in Courage[3] and Manfredi[4] that anyone who suffered damages arising from competition law infringements may claim damages. This was interpreted as ECJ’s acceptance of the indirect purchaser rule along with the passing-on defense[5]. However, in both of these rulings, the ECJ left the authority to national authorities[6] to lay out the rules with regard to compensation claims. After the entry into force of the Directive, the passing-on defense that is rejected in the United States of America through the Hannover Shoe[7] decision, has become uniformly regulated in the EU.

The regulation of the passing-on defense under EU law was briefly explained in my Newsletter of November, 2014[8]. In accordance with Art. 17(2) of the directive, it is presumed that the cartels are harmful. In this case, the burden of proof lies with the defendant, rather than the claimant, who must prove that no damage has arisen with regard to the claimant. Moreover, Art. 13 stipulates that the passing-on defense may be brought forward. Accordingly, the defendant may argue that the claimant, the direct purchaser, has passed its damages in whole or in part, on to its customers. Again, the burden of proof lies with the defendant who may reasonably request disclosure from the claimant or from third parties.

Turkish Law

There are no explicit provisions under the Competition Act with regard to the passing-on defense. Under these circumstances, the rules regulating the passing-on defense shall be the general provisions of the Turkish Code of Obligations numbered 6098 (“TCO”). Accordingly, in order for the tort liability to arise, the claimant shall prove the (i) illegal act, (ii) fault, (iii) damage, and (iv) causal link. The defendant shall prove the causal link between the increase of the prices of the direct purchaser and anti-competitive practices. Although possible in theory, proving this is argued to be difficult in practice[9]. For the same reason, it is also argued that the passing-on defense involves a complicated economic analysis that may hinder the judicial processes[10].

Indirect Purchaser Rule

Definition

The right of the indirect purchasers to claim for damages is in question when the passing-on is brought forward as an argument, rather than as a defense. In accordance with Art. 58 of the Competition Act, the competitors and the consumers of an undertaking have the right to claim damages arising from competition law infringements. In the same vein, such claim is also said to be brought by potential competitors[11]. However, the consequential (indirect) damages cannot be claimed as they fall out of the scope of competition law. In this case, the link of illegality is not established between the damages suffered and the competition law infringement[12]. It is accepted in the doctrine that the damage suffered by indirect purchasers are not consequential damages[13].

EU Law

Above, it is explained that the passing-on defense, which is rejected under American law, was accepted under EU legislation. Accordingly, although not accepted in the USA in line with the Illinois Brick[14] decision, the Directive acknowledges the right of the indirect purchasers to claim damages, namely, the indirect purchaser rule. In accordance with Art. 14 of the Directive, it shall be ensured that whether, or to what degree, an overcharge was passed on to the claimant, taking into account the commercial practice under which the price increases are passed on through the supply chain. Different from the passing-on defense, the burden of proof rests with the claimant. Pursuant to the second paragraph of the same provision, the claimant shall prove:

  • the defendant has committed an infringement of competition law;
  • the infringement of competition law has resulted in an overcharge for the direct purchaser of the defendant; and
  • the indirect purchaser has purchased the goods or services that were the object of the infringement of competition law, or has purchased goods or services derived from or containing them.

However, this provision shall not apply where the defendant can demonstrate credibly to the satisfaction of the court that the overcharge was not, or was not entirely, passed on to the indirect purchaser. In such a case, the indirect purchasers cannot claim damages.

Turkish Law

There are different views in Turkish doctrine with regard to the standing of indirect purchasers. The one that accepts the indirect purchaser rule argues that the Competition Act does not exclusively list the ones which may claim for damages, and that this is in line with the rationale behind the norm[15]. The opposing view argues that even though indirect purchasers have suffered damages, it is nearly impossible to determine whether, to what degree, and to whom the damages were passed on. Moreover, granting the right to claim damages to the end consumers, themselves also being indirect purchasers, results in a case overload, which may result in the risk of multiple claims for the same damage[16].

Indeed, the Competition Act does not employ the numerus clausus principle for those who may claim damages. However, under any circumstances, as per Art. 49 of the TCO, the claimant shall prove its damages and the causal link between the damage and anti-competitive practices. In this case, the indirect purchasers must prove that they were overcharged for the goods and services they purchased as a result of the competition law infringement, as well as other conditions for tort liability. Such proof is difficult and requires complex economic analysis. However, the fact that the damages cannot be proven exactly does not prevent tort liability from arising[17]. In this case, pursuant to Art. 50 of the TCO, the judge shall determine the amount based on equitable terms, taking into consideration the flow of the events, and the precautions taken by the aggrieved party.

Conclusion

The passing-on defense and the indirect purchaser rule are important issues to be discussed with regard to the private enforcement of competition law. After the entry into force of the Directive, such discussions seem to be brought to an end in the EU. In accordance with the Directive, the passing-on defense and the indirect purchaser rule are accepted. The burden of proof rests with the defendant for the former, and with the claimant for the latter. These issues are neither explicitly regulated under Turkish legislation, nor they are resolved by the Court of Cassation case-law. The doctrine predominantly argues that even though the proof thereof is very difficult, even almost impossible, the passing-on defense and the indirect purchaser rule are acceptable under Turkish law. Similar to the uniformity brought by the Directive in the EU, it can be said that a uniform regulation is needed for these issues.

[1] Murat Şahin. Rekabet Hukukunda Tazminat Talepleri, April 2013, Istanbul, p. 32.

[2] Richard Whish/David Bailey. Competition Law, 7. Edition, 2012, p. 300.

[3] C-453/99 Courage Ltd. v Bernard Crehan, ECR [2001] I-6927

[4] C-295/04 Vincenzo Manfredi v Lloyd Adriatico Assicurazioni SpA, ECR [2006] I-06619

[5]  Kadir Baş, Türk Hukukunda Rekabet İhlallerine İlişkin Tazminat Davalarında Passing-On Savunması ve Dolaylı Alıcı Kuralının Uygulanması: ABD ve AB Uygulamaları Işığında Değerlendirme ve Öneriler, Competition Journal, Volume 12, No: 4, October, 2011, p. 34.

[6] Baş, p. 35.

[7] Hannover Shoe, v. United Shoe Machinery Corp., 392 U.S. 481, (1968).

[8] For the full text please see: http://www.erdem-erdem.av.tr/publications/law-post/the-implications-of-the-directive-on-certain-rules-governing-antitrust-damages-lawsuits-on-turkish-law/ (date of access: 27.12.2016).

[9] Baş, p. 48.

[10] Süleyman Parlak, Rekabet Hukuku İhlallerinin Özel Hukuk Yansımaları, TÜSİAD Competition Law Workshop Transcript, June, 2016, p. 17.

[11]  İlhan Yiğit, Rekabet İhlallerinden Doğan Tazminat Sorumluluğu, Istanbul 2013, p. 296.

[12]  Şahin, s. 174; Kerem Cem Sanlı, Haksız Fiil Hukukunun Ekonomik Analizi, İstanbul 2003, p. 240; Orhan Sekmen, Rekabet Hukukunda Tazminat Sorumluluğu, Ankara, 2013, p. 98.

[13]  Sekmen, p. 98. Şahin accepts that these are not consequential damages with a different reasoning. Accordingly, since the damages suffered by indirect purchasers are directly linked to the damages of direct purchasers, these are not considered to be consequential damages, p. 175.

[14] Illinois Brick Co. v. Illinois, 431 US 720 (1977).

[15] Yiğit, p. 298.

[16] Yiğit, p. 299.

[17]  Erdem Büyüksağış/Tuğba Koyuncu, Rekabet İhlallerinden Kaynaklanan Tazminat Davalarına İlişkin AB Yönergesi’nde Yer Alan Aktarma (Passing-On) Savunması ve Toplu Dava Hakkı, Banka ve Ticaret Hukuku Dergisi, Volume XXXII, No: 1, March, 2016, p. 161.

All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.

Other Contents

A Recent CAS Decision in the Scope of European Union Competition Law: FIFA vs. Agents
Newsletter Articles
A Recent CAS Decision in the Scope of European Union Competition Law: FIFA vs. Agents

At the meeting of the Fédération Internationale de Football Association (“FIFA”) held on 16 December 2022, the FIFA Council approved the FIFA Football Agents Regulations (“FFAR”). In the FFAR, various amendments have been made, such as the introduction of a maximum service fee limit that football agents are...

Competition Law 30.09.2023
CJEU Judgment in Super Bock: New Insight on Resale Price Maintenance
Newsletter Articles
CJEU Judgment in Super Bock: New Insight on Resale Price Maintenance

Resale Price Maintenance (RPM) is still considered a hardcore restriction under the recently revised Vertical Block Exemption Regulation (VBER), which means that it cannot benefit from a statutory exemption under Article 101(1) TFEU, unlike certain other types of vertical agreements. However, it has been debated...

Competition Law 31.07.2023
The Relationship Between Economic Entity and Family Ties in Light of Competition Board Decisions
Newsletter Articles
The Relationship Between Economic Entity and Family Ties in Light of Competition Board Decisions

In competition law, it is important to accurately determine the concept of undertaking, especially in terms of mergers and acquisitions. Therefore, the concept of economic entity aims to reveal the economic units covered by the undertakings. The relationship between the concept of economic entity and family ties comes...

Competition Law 31.07.2023
A New Breath of Fresh Air for Competition Investigations from the Constitutional Court
Newsletter Articles
A New Breath of Fresh Air for Competition Investigations from the Constitutional Court

In these days when the Competition Board (“Board”) frequently imposes administrative fines for preventing on-site inspections and both the Competition Authority (“Authority”) and undertakings take legal and technical measures regarding on-site inspections, a striking development has occurred. In its decision...

Competition Law 30.06.2023
Competition Law Practices in the Online Advertising Market
Newsletter Articles
Competition Law Practices in the Online Advertising Market

Online advertising has become an important source for businesses for promoting products and services and meeting consumers, as a result of the rapid development of information technologies and increase in the use of internet. Delivering targeted messages to consumers at the right time through the digital...

Competition Law 30.06.2023
Selective Distribution Systems
Newsletter Articles
Selective Distribution Systems

Selective distribution systems refer to a type of distribution system in which suppliers commit to selling the contracted goods or services directly or indirectly to distributors selected based on specified criteria, while the distributors commit not to sell the said goods or services to unauthorized...

Competition Law 31.05.2023
Final Sector Inquiry Report of the Competition Authority Regarding Fast-Moving Consumer Goods Retailing
Newsletter Articles
Final Sector Inquiry Report of the Competition Authority Regarding Fast-Moving Consumer Goods Retailing

Fast-moving consumer goods is undoubtedly one of the sectors that the Competition Authority has been working most intensively since the COVID 19 pandemic. Among the most important developments of this period was the Sector Inquiry initiated on Fast Moving Consumer Goods (“FMCG”) Retailing...

Competition Law 30.04.2023
Constitutional Court's Evaluation of the Competition Board's Authority to Conduct On-Site Investigations
Newsletter Articles
Constitutional Court's Evaluation of the Competition Board's Authority to Conduct On-Site Investigations

In the decision of the Constitutional Court ("Constitutional Court" or "Court") dated 09.11.2022, numbered 2020/67 E. 2022/139 K. (the "Decision"), the annulment of certain articles of the Law Amending the Law on the Protection of Competition No. 4054 ("Law No. 7246") was requested...

Competition Law 30.04.2023
Gun Jumping in Turkish Competition Law
Newsletter Articles
Gun Jumping in Turkish Competition Law

In Turkish competition law, certain types of mergers and acquisitions are subject to Turkish Competition Board’s (“Board”) approval in order to gain legal validity. Pursuant to Article 7 of the Law No. 4054 on the Protection of Competition (“Law No. 4054”), the Board is competent to define mergers and acquisitions...

Competition Law 31.03.2023
The Problem of Returning the Data Obtained as a Result of Unlawful Notification in Light of the Competition Board Decision
Newsletter Articles
The Problem of Returning the Data Obtained as a Result of Unlawful Notification in Light of the Competition Board Decision

Recently, the Competition Board (the Board) had imposed administrative fines on banks and financial institutions for failing to respond to the request for information within the scope of a preliminary investigation.[i] The request for information that lays the groundwork for the administrative fine imposed by...

Competition Law 28.02.2023
The European Commission Accepts Amazon’s Commitments
Newsletter Articles
The European Commission Accepts Amazon’s Commitments

Amazon, a world-famous company, is an e-commerce company that operates the world’s largest online shopping platform. In the backstage, Amazon is a data-driven company whose retail decisions are mostly driven by automated systems, fueled by the relevant market data. That being said, Amazon has a dual...

Competition Law 31.01.2023
Deletion of WhatsApp Correspondence During On-Site Inspections
Newsletter Articles
Deletion of WhatsApp Correspondence During On-Site Inspections

The right to make on-site inspections is one of the Competition Board’s (“Board”) most important tools for revealing whether Law No. 4054 on the Protection of Competition (“Law No. 4054”) has been violated. The effective use of this authority is quite important in terms of obtaining fruitful results from...

Competition Law 31.10.2022
Amendment on the Regulation of Electronic Commerce: “The Fire of Mount Doom”
Newsletter Articles
Amendment on the Regulation of Electronic Commerce: “The Fire of Mount Doom”

“Harese” is an interesting Arabic word. There is a thorn that camels love very much in the desert. The camel eats the thorn with great greed. So much so that, its mouth bleeds as it eats, but it doesn't stop eating. The taste of the thorn is mixed with the salty taste of its own blood. This mixed taste drives the camel...

Competition Law 30.09.2022
Turkish Competition Board Fines Digiturk
Newsletter Articles
Turkish Competition Board Fines Digiturk

Turkey’s leading pay television service provider, Krea İçerik Hizmetleri ve Prodüksiyon A.Ş. (“Digiturk”), is frequently the subject of complaints made to the Competition Authority (“Authority”). In fact, the Competition Board (“Board”) issues a new decision about Digiturk almost every year. In these decisions...

Competition Law 30.09.2022
The French Competition Authority’s Decision on Meta’s Commitments
Newsletter Articles
The French Competition Authority’s Decision on Meta’s Commitments

The French Competition Authority (Autorité de la Concurrence), within the scope of the competition law proceeding initiated upon the complaint of Criteo SA (“Criteo”), accepted the commitments proposed by Meta Platforms Inc., Meta Platforms Ireland Ltd., and Facebook France...

Competition Law 31.07.2022
A Different Approach to Monetary Fines for Hindering On-Site Inspection: The Decision of the Ankara II. Administrative Court
Newsletter Articles
A Different Approach to Monetary Fines for Hindering On-Site Inspection: The Decision of the Ankara II. Administrative Court

While the scope of Competition Board’s (“Board”) power to conduct on-site inspections has increased with the introduction of Guidelines on Examination of Digital Data during On-site Inspections (“Guidelines”), nowadays the amount of monetary fines imposed on undertakings continue to...

Competition Law 31.07.2022
Hub and Spoke Cartel in Comparative Law
Newsletter Articles
Hub and Spoke Cartel in Comparative Law

The hub and spoke cartel, which is a relatively new type of violation in terms of Turkish competition law, is defined as the indirect exchange of information between two independent undertakings which are horizontal competitors on the supplier or retailer level, through another undertaking...

Competition Law April 2022
The First Settlement Case in Turkish Competition Law
Newsletter Articles
The First Settlement Case in Turkish Competition Law

The settlement mechanism has only recently been introduced to Turkish competition law practice. It entered into force with the amendment made to the Law on the Protection of Competition (“Law”) numbered 4054 on 16.06.2020, and has been in effect for less than two years. In this relatively...

Competition Law April 2022
The E-Marketplace Platforms Sector Inquiry Final Report and What It Brings
Newsletter Articles
The E-Marketplace Platforms Sector Inquiry Final Report and What It Brings

Due to their increasing share in the economy and rapid growth rate, e-marketplace platforms have come under the increasing scrutiny of the Turkish Competition Authority (“Authority”) as well as many competition authorities around the world...

Competition Law April 2022
Amendments Introduced to the Communique Concerning the Mergers and Acquisitions Requiring Competition Board’s Approval
Newsletter Articles
Amendments Introduced to the Communique Concerning the Mergers and Acquisitions Requiring Competition Board’s Approval

Pursuant to the Amendment Communiqué Concerning the Mergers and Acquisitions Requiring the Competition Board’s Approval (“Amending Communiqué”) published in the Official Gazette dated March 4th, 2022 and numbered 31768, certain amendments have been introduced...

Competition Law March 2022
A New Glance at Online Sales: The Competition Board’s BSH Decision
Newsletter Articles
A New Glance at Online Sales: The Competition Board’s BSH Decision

The Competition Board (“Board”) has recently published a reasoned decision in which it evaluated BSH Ev Aletleri Sanayi ve Ticaret A.Ş.’s (“BSH”) request for negative clearance or exemption with regard to its practice of prohibiting authorized dealers from making sales through online marketplaces...

Competition Law March 2022
E-Marketplace Platforms Industry Review Preliminary Report Part 2: “Shahmaran’s Story”
Newsletter Articles
E-Marketplace Platforms Industry Review Preliminary Report Part 2: “Shahmaran’s Story”

Shahmaran, a Mesopotamian myth, is believed to take place in Tarsus. According to the myth, the shah of snakes is the immortal and omniscient "Shahmaran." Shahmaran is described as a beautiful woman living in her cave with her snakes...

Competition Law February 2022
Online Sales Within The Framework Of Competition Law
Newsletter Articles
The Effects of the Recent Decision by the Turkish Competition Board on Market Chains and Their Suppliers
Newsletter Articles
The Effects of the Recent Decision by the Turkish Competition Board on Market Chains and Their Suppliers

During the COVID-19 pandemic, competitive concerns about the pricing behavior of chain markets, manufacturers, and wholesalers engaged in the retail trade of food and cleaning supplies led to an investigation by...

Competition Law January 2022
On-Site Inspections in Light of the Recent Decisions of the Competition Authority
Newsletter Articles
On-Site Inspections in Light of the Recent Decisions of the Competition Authority

When the past decisions and the recent decisions of the Competition Board (“Board”) are examined, a significant increase can be observed in the number of decisions where the Board found hindrance or obstruction of on-site inspections. This situation shows that...

Competition Law December 2021
The European Commission Fines Banks for Participating in a Forex Cartel
Newsletter Articles
The European Commission Fines Banks for Participating in a Forex Cartel

The European Commission began investigating the collusive behavior of Credit Suisse, UBS, Barclays, RBS, and HSBC in the Foreign Exchange (forex) spot trading market in 2019. With the recent press release dated 02.12.2021, the Commission announced that the case is now closed...

Competition Law December 2021
Hub and Spoke Cartels
Newsletter Articles
Hub and Spoke Cartels
Competition Law November 2021
E-Marketplace Platforms Industry Review Preliminary Report Part 1: “Captain, an object is approaching”
Newsletter Articles
E-Marketplace Platforms Industry Review Preliminary Report Part 1: “Captain, an object is approaching”

Digitalization, in particular, necessitates the rewriting of competition law rules. Competition law is at the center all questions regarding e-commerce and digital platforms. The aforementioned platforms, which have become prominent due to innovations in...

Competition Law November 2021
Coca Cola’s Commitments in the Recent Competition Investigation
Newsletter Articles
Settlement Regulation Enters into Force
Newsletter Articles
Settlement Regulation Enters into Force
Competition Law July 2021
Competition Law Concerns Regarding Human Resources Practices
Newsletter Articles
The New Cartel Decision of the Competition Board
Newsletter Articles
The New Cartel Decision of the Competition Board
Competition Law September 2020
Amendments in the Law on the Protection of Competition
Newsletter Articles
Setting Legal Grounds for On-site Inspections
Newsletter Articles
Evaluation of COVID 19 Outbreak in Terms of Turkish Competition Law
Newsletter Articles
The File of Sahibinden.com; A Phoenix Story
Newsletter Articles
The File of Sahibinden.com; A Phoenix Story
Competition Law February 2020
Final and Interim Decisions of the Turkish Competition Board
Newsletter Articles
Second Stage in Facebook File
Newsletter Articles
Second Stage in Facebook File
Competition Law September 2019
European Commission’s Foreign Exchange Spot Trading Cartel Decisions
Newsletter Articles
Expected Second Half of Competition Authority’s 12 Banks Decision
Newsletter Articles
Turkish Competition Board’s Sahibinden.com Decision
Newsletter Articles
Recent Developments in Abuse of Dominance Concerning Online Platforms
Newsletter Articles
New Horizons in Competition Law; Diesel Emissions Scandal
Newsletter Articles
Recent Developments in the Right of Access to Files
Newsletter Articles
Cards are being redistributed in the Turkish Beer Market
Newsletter Articles
The Recent Motor Vehicles Insurance Decision of the Competition Board
Newsletter Articles
Selective Distribution Systems under the Light of Coty Decision
Newsletter Articles
Competition Authority’s Sector Inquiry Report on Television Broadcasting
Newsletter Articles
Excessive Pricing
Newsletter Articles
Excessive Pricing
Competition Law June 2017
Amazon Decision and E-Book Commitments
Newsletter Articles
Amazon Decision and E-Book Commitments
Competition Law June 2017
Umbrella Effect within the Framework of Private Competition Enforcement
Newsletter Articles
Tüpraş Decision and the Rebate Systems
Newsletter Articles
Tüpraş Decision and the Rebate Systems
Competition Law September 2016
Important Reason in Terms Of Share Transfer Restrictions
Newsletter Articles
Booking.com Decision
Newsletter Articles
Booking.com Decision
Competition Law January 2017
Price / Margin Squeeze
Newsletter Articles
Price / Margin Squeeze
Competition Law November 2016
Recent Problems in Electricity Distribution Sector: ELDER Decision
Newsletter Articles
Intellectual Property Rights As Capital in Kind
Newsletter Articles
Right To Request Information Of The Shareholders in Joint Stock Companies
Newsletter Articles
Affected Market
Newsletter Articles
Affected Market
Competition Law August 2015

For creative legal solutions, please contact us.