December 02
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Emilija Berzanskaite
11th October 2021
Banking & Finance Competition & State Aid

UBS and Nomura seek annulment of the Commission’s decision in European Government Bonds-trading cartel

Official publication has been made of two actions for annulment lodged by two banks, UBS (T-441/21) and Nomura (T-455/21), against the Commission’s decision of 20 May 2021 (AT.40324), which imposed fines totaling 371 million euros on seven investment banks for participating in the European Government Bonds-trading cartel, in so far as it concerns the applicants.

UBS mainly argues that the Commission failed to correctly apply the rules for setting fines, such as generally applicable EU rules for calculating the turnover of financial institutions, breaching the general principles of equal treatment and legitimate expectations, and the Fining Guidelines, especially the methodology applied.

Nomura inter alia argues that the Com


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