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legal Terms - Article 101 of the Treaty on the Functioning of the European Union
An article in the Treaty on the Functioning of the European Union (formerly known as the Treaty of Rome) that forbids actions that hinder competition.
Agreements that have the intention or result of limiting, preventing, or distorting competition in the European Union (also known as competition law). Article 101, previously known as 81 and before that 85, has direct applicability in all member states as per Community legislation. It is commonly employed to combat cartels and is only applicable when the agreement has an impact on trade between member states.
Agreements that violate the Article are invalid and cannot be enforced; third parties have the legal right to seek compensation if they have experienced financial harm as a result of these agreements. Violation of the Article may lead to EU penalties of up to 10% of the company's total yearly revenue. Following Brexit, Article 101 is applicable exclusively to UK undertakings when a practice within the UK has an impact within the EU. In the UK, the Competition Act 1998 contains rules that are quite similar. These provisions specifically prohibit agreements that are anticompetitive under Chapter I of the Act.
An article in the Treaty on the Functioning of the European Union (formerly known as the Treaty of Rome) that forbids actions that hinder competition.
Agreements that have the intention or result of limiting, preventing, or distorting competition in the European Union (also known as competition law). Article 101, previously known as 81 and before that 85, has direct applicability in all member states as per Community legislation. It is commonly employed to combat cartels and is only applicable when the agreement has an impact on trade between member states.
Agreements that violate the Article are invalid and cannot be enforced; third parties have the legal right to seek compensation if they have experienced financial harm as a result of these agreements. Violation of the Article may lead to EU penalties of up to 10% of the company's total yearly revenue. Following Brexit, Article 101 is applicable exclusively to UK undertakings when a practice within the UK has an impact within the EU. In the UK, the Competition Act 1998 contains rules that are quite similar. These provisions specifically prohibit agreements that are anticompetitive under Chapter I of the Act.
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