Public Interest Considerations in US Merger Control: An Assessment of National Security and Sectoral Regulators offers a detailed study of the enforcement goals and regulatory framework of merger control assessment in the US. Assessment approaches vary considerably across sectors and Kokkoris explores the different approaches adopted by a range of US regulatory authorities, including the Committee on Foreign Investment in the United States, the Federal Communications Commission, the Department of Transportation, and the Board of Governors of the Federal Reserve System.
Kokkoris argues that US merger assessments can be convoluted as transactions can be assessed under a public interest test by one sectoral authority and under a competition test by the Federal Trade Commission or the Department of Justice. These overlapping approaches can lead to contradictory outcomes, resulting in ineffective competitive dynamics in the sectoral market.
The book focuses on the composition, legislation, and the relevant public interest considerations of each regulatory authority and presents seminal cases that illustrate the different enforcement approaches as well as the possible discrepancies between competition law-based assessments and national security or public interest-based assessments.
Distilling all these considerations, Public Interest Considerations in Merger Control suggests that the application of the varying shades of the public interest standard can result in a complex and inefficient merger review process and recommends new ways to address these inefficiencies.
