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United Kingdom
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Key definition
Platforms definition

What does Platforms mean? In legal and advisory practice, platforms are online investment administration systems used by advisers and clients to manage portfolios across multiple tax wrappers and products from a single interface. The term is descriptive (not statutory), though the FCA Glossary defines the related concept of a “platform service.” Usage is broadly consistent across England & Wales, Scotland and Northern Ireland; in Ireland, similar services are regulated by the Central Bank of Ireland. Typical legal features include: custody via a nominee company (legal title held by the nominee; beneficial ownership with the client), dealing and settlement, consolidated reporting, rebalancing, model portfolios...

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Meta/Giphy merger appeal: CAT upholds CMA’s substantive SLC assessment based on dynamic competition, but finds procedural illegality over redactions and consultation — UK Competition Appeal Tribunal, June 2022

Practice notes
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CASE HUB ARCHIVED

This archived case hub captures the position as at the judgment dated 14 June 2021 and is no longer maintained. See further, timeline.

Case facts

Outline

An Appeal by Meta Platforms, Inc. (formerly known as Facebook) against the CMA’s decision of 30 November 2021 preventing Meta’s completed purchase of Giphy, Inc.

Latest development

On 21 May 2021, the CAT delivered its judgment, rejecting the majority of the appeal while identifying some procedural errors by the CMA. The CAT has referred the question of any remedy to Meta and the CMA to consider.

Parties

  • Meta Platforms, Inc. (Meta): Founded in 2002. Until 28 October 2021, it was known as ‘Facebook’. It is the parent of a group providing a wide range of online products and services globally, including Facebook, Instagram, Messenger, WhatsApp, Oculus, Portal and Workplace.
  • Competition and Markets Authority (CMA)

Background

Acquisition of Giphy

On 15 May 2020, Meta acquired Giphy. The transaction was arranged as a merger with Tabby Acquisition Sub, Inc. (Tabby Acquisition), a wholly-owned direct subsidiary of...

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Web page updated on 28/05/2026

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