Declining Trend in Leniency? Causes and Responses

The paper discusses the decline in leniency applications and cartel decisions, a trend largely attributed by scholars to the rise in private enforcement. It offers a rather different perspective, showing that the causal relationship is far from clear-cut and a number of concurrent causes might have to be considered. It also describes the actions put in place by the Italian Antitrust Authority (“AGCM”) to incentivize leniency and, more generally, further strengthen ex-officio investigations.