Final Report of the Hearing Officer (1)

Case AT.39914 — Euro Interest Rate Derivatives (EIRD) (Settlement)

Amendment of fine imposed on Société Générale

(2017/C 404/04)

Case AT.39914 concerns conduct related to derivatives denominated in euro and linked to certain interest rates (the Euro Interbank Offered Rate and/or the Euro Over-Night Index Average). In the context of this case, the Commission adopted Decision C(2013) 8512 final of 4 December 2013 (the ‘Settlement Decision’) pursuant to Article 10a of Commission Regulation (EC) No 773/2004 (2), as amended (3). The Settlement Decision found that certain undertakings (4), among them Société Générale, participated in an infringement of Article 101 TFEU and of Article 53 of the EEA Agreement. It imposed a fine on Société Générale.

On 4 February 2016, Société Générale provided an amended response to a request by the Commission for information concerning Société Générale’s value of sales.

After verifying this amended response, the Commission, by letter dated 4 March 2016, gave Société Générale the opportunity of making known its views regarding the intention of the Commission services to propose a decision to the College of Commissioners that would, in order to reflect the corrected information provided by Société Générale, amend the fine originally imposed on it. Société Générale stated on 8 March 2016 that it had no comment on the proposed amendment of the Settlement Decision.

The draft decision does not modify the objections underlying the Settlement Decision. It deals only with fining matters, on which Société Générale has been given the opportunity to make known its views. I consider that the effective exercise of procedural rights has thus far been respected in the procedure relating to the draft decision.

(1)  Pursuant to Articles 16 and 17 of Decision 2011/695/EU of the President of the European Commission of 13 October 2011 on the function and terms of reference of the hearing officer in certain competition proceedings (OJ L 275, 20.10.2011, p. 29).

(2)  Commission Regulation (EC) No 773/2004 of 7 April 2004 relating to the conduct of proceedings by the Commission pursuant to Articles 81 and 82 of the EC Treaty (OJ L 123, 27.4.2004, p. 18).

(3)  In particular by Commission Regulation (EC) No 622/2008 of 30 June 2008 amending Regulation (EC) No 773/2004, as regards the conduct of settlement procedures in cartel cases (OJ L 171, 1.7.2008, p. 3).

(4)  Proceedings in Case AT.39914 are ongoing against certain other parties that did not opt for the settlement procedure set out in the abovementioned Article 10a.