Summary of Commission Decision of 6 April 2016 relating to a proceeding under Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the EEA Agreement (Case AT.39914 — Euro Interest Rate Derivatives) (notified under document number C(2016) 1995)
Date: 2016-04-06
Institutions: Directorate-General for Competition, European Commission
Subjects: Euribor, European Economic Area, bank, euro, exchange of information, interest, restriction on competition, sanction (EU), trade information








C_2017404EN.01000501.xml










29.11.2017   


EN


Official Journal of the European Union


C 404/5





Summary of Commission Decision
of 6 April 2016
relating to a proceeding under Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the EEA Agreement
(Case AT.39914 — Euro Interest Rate Derivatives)
(notified under document number C(2016) 1995)
(only the English text is authentic)
(2017/C 404/05)

On 6 April 2016, the Commission adopted a decision amending Decision C(2013) 8512 final of 4 December 2013 relating to a proceeding under Article 101 of the Treaty on the Functioning of the European Union (the ‘Treaty’) and Article 53 of the Agreement creating the European Economic Area (the ‘EEA Agreement’) to the extent that it concerns Société Générale. In accordance with the provisions of Article 30 of Council Regulation (EC) No 1/2003
 (1), the Commission herewith publishes the names of the parties and the main content of the decision, including any penalties imposed, having regard to the legitimate interest of undertakings in the protection of their business secrets.

1.   Introduction









(1)


The Decision is addressed to one legal entity: Société Générale.




2.   Case description

2.1.   Procedure









(2)


Decision C(2013) 8512 final imposed a fine of EUR 445 884 000 on Société Générale, on the finding that it had infringed Article 101 of the Treaty and Article 53 of the EEA Agreement by participating in a single and continuous infringement regarding Euro Interest Rate Derivatives covering the entire EEA.












(3)


On 4 February 2016, Société Générale submitted an amended reply to the Commission’s request for information on the values of sales.












(4)


By a letter dated 4 March 2016, the Commission informed Société Générale that it intended to adopt a decision amending Decision C(2013) 8512 final, based on the corrected value of sales. Société Générale stated that it had no comments.












(5)


The Advisory Committee on Restrictive Practices and Dominant Positions issued a favourable opinion on 4 April 2016 and the Commission adopted the Decision on 6 April 2016.




2.2.   Summary of the Decision









(6)


The fine on Société Générale and the method of setting it are in line with what was applied for the other addressees of Decision C(2013) 8512 final except the values of sales which now reflect the corrected values of sales for Société Générale.












(7)


With respect to the interest that has accrued to the Commission since the provisional payment made by Société Générale on 6 March 2014, the Commission considers it reasonable that the interest on the amount of the reduction of the fine imposed on Société Générale shall also be paid to Société Générale, to the extent that the interest is more than zero.




3.   Conclusion









(8)


In Article 2 of Decision C(2013) 8512 final, point (c) of the first paragraph of that Article is replaced by the following:
‘(c) Société Générale: EUR 227 718 000;’.












(9)


The interest on the EUR 218 166 000 amount of the reduction, which has accrued to the Commission since the provisional payment made by Société Générale on 6 March 2014, shall be paid to Société Générale, to the extent that the interest is more than zero.






(1)  Council Regulation (EC) No 1/2003 of 16 December 2002 on the implementation of the rules on competition laid down in Articles 81 and 82 of the Treaty (OJ L 1, 4.1.2003, p. 1). With effect from 1 December 2009, Articles 81 and 82 of the EC Treaty have become Articles 101 and 102, respectively, of the Treaty on the Functioning of the European Union.