Jurisdiction(s):
United Kingdom

Key definition

Model definition

What does Model mean? A model is the financial model—usually a spreadsheet-based cash-flow and valuation tool—used to test and evidence the financial viability of a project, development or contract. It is not defined in legislation or case law; it is a descriptive term used across project finance (including PPP/PFI), real estate and planning. In planning practice, a model is often called a viability “toolkit” appraisal and is used to justify affordable housing and other planning obligations (for example, Section 106 agreements in England and Wales, Section 75 agreements in Scotland, Section 76 agreements in Northern Ireland, and planning agreements/Part V arrangements in Ireland). Typical legal uses...

UK CMA cartel decision: fashion modelling agencies and AMA fined £1.5m for price-fixing and information exchange (Article 101/Chapter I CA98; CE/9859-14; 16 Dec 2016)

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED – this archived case hub sets out the position as at 16 December 2016; it is no longer updated. See the timeline, commentary and related cases.

Case facts

Outline

CMA investigation under Article 101 TFEU/Chapter I CA98 into suspected anti-competitive conduct in the UK Modelling Sector, involving exchanges of confidential, sensitive information and, in some cases, alignment on pricing approaches (case CE/9859-14).

Latest developments

On 16 December 2016, the CMA handed down an infringement decision against five model agencies—FM Models, Models 1, Premier, Storm and Viva—and their trade association, the AMA, for operating a cartel in the market for modelling services. Total penalties exceeded £1.5m, apportioned as:

FM Models – £251,000
Models 1 – £394,000
Premier – £150,000
Storm – £491,000
Viva – £245,000
AMA – £2,500

Parties

FM Model Agency Limited (‘FM Models’), a model agency based in London. Models One Limited, One Worldwide Limited and Models 1 New Co Limited (together ‘Models 1’), London-based and the largest model agency in Europe. Premier Model Management Limited (‘Premier’), a London model agency. Storm Model Management Limited and Storm Models Limited (together ‘Storm’), a model...

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