This issue considers online privacy issues, antitrust fines in China, and the transition from the London Interbank Offer Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”). Keith Waehrer discusses measurement issues pertaining to online privacy and antitrust. Dr. Waehrer indicates that one possible approach to overcoming this issue of measurement involves applying a strategy similar to that applied in upward pricing pressure (“UPP”) analyses. Su Sun discusses the formula for calculating fines proposed in China’s draft Antitrust Fining Guidelines (“AFG”). Dr. Sun analyzes historical data on non-merger case decisions issued by China’s antitrust agencies and finds that enforcement has become more in line with the draft AFG. Stuart D. Gurrea and Jonathan A. Neuberger discuss the planned transition from LIBOR to SOFR. Dr. Gurrea and Dr. Neuberger highlight the significant differences between SOFR and LIBOR and indicate the transition from LIBOR to SOFR will present challenges for redefining the terms of existing financial instruments linked to LIBOR that will remain outstanding after 2021 (“legacy contracts”).
A Brief Analysis of Policy and Litigation