"安全港"本意指在特定时间或条件下，特定船舶可安全到达、使用和驶离，能够免遭风险的港口。法律 制度对其引申为设置对某些行为并不违法的条款，从而起到为法律主体的特定行为提供免遭法律制裁的 空间的作用。 首先，"安全港"规则并非反垄断法领域独有的规则，在知识产权法、证券法、税法、民法等诸多法律领 域也有着相似的规定。例如，知识产权法领域中的"避风港"规则，证券法领域有关虚假陈述的认定规则 等。其次，在反垄断法领域"安全港"规则也有相应的立法实践，例如美国司法部与美国联邦贸易委员会 颁布的《竞争者间合作反垄断指南》等一系列反垄断指南中，不同程度地设置了安全区规则（safety zone），涉及经营者集中、垄断协议等行为。欧盟竞争法基于《欧盟运行条约》101条第1款与第3款形 成了不同类型的"安全港"规则：例如适用于横向协议与纵向协议的《非重要协议通告》；适用于纵向协 议的《纵向协议集体豁免条例》；适用于特定协议的《研发协议集体豁免条例》等。再次，我国既有反 垄断实践也出现了"安全港"规则。例如《关于知识产权领域的反垄断指南》尝试对"安全港"规则进行细 化规定。 可见，"安全港"规则在不同部门法中的意涵、性质和功能不 ...

央视网消息：记者19日从市场监管总局了解到，修改后的《禁止垄断协议规定》将于明年2月1日起施行。其中，明确纵向垄断协议不予禁 止的情形，为经营主体提供清晰行为指引。 专家介绍，通俗地讲，市场份额低、市场影响小的经营主体和上下游企业所做的一些经销限制行为，不会对市场竞争产生实质性的影响， 从而不予禁止，就是纵向垄断协议的"安全港"规则。 清华大学法学院竞争法研究中心主任张晨颖称："之前对于纵向垄断协议都是原则禁止的，这就使得经营者和上游或者下游签订协议的时 候，出于合法经营的考虑，对于某些行为可能就不做了。增设'安全港'规则，能让经营者拥有更大的经营自主权，在设定自己的商业模式时有 更多选择。" 新修改的《禁止垄断协议规定》明年2月施行：帮助经营者厘清依法竞争边界 修改后的《禁止垄断协议规定》明确了纵向垄断协议不予禁止的适用标准、条件等，帮助经营者厘清依法竞争的边界。 《规定》明确，对固定或者限定转售商品价格的行为，经营者在协议期间，相关市场的市场份额低于5%，同时协议所涉及商品的营业额 低于1亿元的，不予禁止。 市场监管总局反垄断执法一司垄断协议执法二处副处长齐双林称："对于不涉及价格的纵向限制行为，我们规定 ...

记者19日从市场监管总局了解到，修改后的《禁止垄断协议规定》将于明年2月1日起施行。其中，明确 纵向垄断协议不予禁止的情形，为经营主体提供清晰行为指引。 专家介绍，通俗地讲，市场份额低、市场影响小的经营主体，和上下游企业所做的一些经销限制行为， 不会对市场竞争产生实质性的影响，从而不予禁止，就是纵向垄断协议的"安全港"规则。 如果协议涉及的商品存在多个交易相对人，需要将市场份额和营业额合并计算，再评估是否符合相应的 市场份额标准和其他条件。 清华大学法学院竞争法研究中心主任张晨颖：一旦认定确实符合"安全港"规则，已经被立案的案件将终 止调查，也就是案件完结；如果尚未立案，就不予立案。 助力企业合规发展 激发市场创新活力 清华大学法学院竞争法研究中心主任张晨颖：之前对于纵向垄断协议都是原则禁止的，这就使得经营者 和上游或者下游签订协议的时候，出于合法经营的考虑，对于某些行为可能就不做了。增设"安全港"规 则，也就使得经营者能够有更大的经营自主权，在设定商业模式时有更多选择。 帮助经营者厘清依法竞争边界 修改后的《禁止垄断协议规定》明确了纵向垄断协议不予禁止的适用标准、条件等，帮助经营者厘清依 法竞争的边界。 《 ...

Group 1 - UK does not impose withholding tax on dividends paid by UK companies, except for UK Real Estate Investment Trusts (REITs) [2] - UK companies are subject to a 20% withholding tax on royalties paid to non-residents, unless exemptions or lower tax treaty rates apply [3] - UK companies must pay a 20% withholding tax on annual UK-source interest paid to non-residents, with specific conditions for exemptions [4] Group 2 - Various rules restrict the deductibility of certain interest expenses in corporate tax, following OECD BEPS recommendations [5] - No additional safe harbor rules apply beyond the corporate interest restriction rule, which only affects net interest expenses exceeding £2 million [6] - Transfer pricing rules apply to related-party guarantees, potentially affecting interest deduction eligibility [8] Group 3 - There are no specific additional restrictions on interest payments to non-residents beyond those previously mentioned [9] - A 20% withholding tax is imposed on rent paid for UK properties to non-residents, with potential for full payment under the Non-Resident Landlord Scheme [10] - UK transfer pricing rules are based on OECD guidelines and apply to transactions between related companies [11]

Financial Data and Key Metrics Changes - The company reported a revenue increase of 53% year-over-year, reaching $135 million, and adjusted EBITDA rose by 57% to $96 million [6][24][28] - Net income decreased to $6 million from $9 million in the same quarter last year, primarily due to a foreign currency shareholder loan revaluation [6][26] - The company raised its full-year 2025 guidance, projecting revenues between $520 million and $535 million and adjusted EBITDA between $385 million and $400 million, reflecting a 5.5% to 6% increase [7][28] Business Line Data and Key Metrics Changes - Revenue from electricity sales grew by 37% to $160 million, driven by newly operational projects, contributing $30 million to revenues [24][25] - The company’s adjusted EBITDA growth was supported by $47 million from the same factors driving revenue increases, despite a $13 million rise in cost of sales linked to new projects [26][27] Market Data and Key Metrics Changes - Revenue distribution for the second quarter was 40% from Israel, 35% from Europe, and 25% from the U.S., indicating a diversified revenue base [25] - The company is well-positioned in the U.S. market due to regulatory clarity and a supportive business environment, which is expected to drive accelerated growth [10][12] Company Strategy and Development Direction - The company aims for an annual revenue run rate of approximately $2 billion by 2028, which is about four times the 2025 revenues [7] - The focus is on expanding energy storage projects in Europe and Israel, with significant planned storage capacity [12][13] - The company is also exploring opportunities in data centers, leveraging its renewable energy assets [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive market environment for renewable energy, driven by electrification trends and AI demand [9] - The company believes that lower capital expenditures and higher power prices will maintain attractive project returns [10] - Management highlighted the importance of adapting to regulatory changes and maintaining a diversified supply chain to mitigate risks [39][58] Other Important Information - The company has secured $310 million in financing for the hybridization of the Hekama project in Spain, enhancing its financial flexibility [27] - The leadership transition is set to occur in October, with the current CEO becoming Executive Chairman [7][20] Q&A Session Summary Question: Safe harbor and project completion timelines - Management confirmed that six gigawatts are fully safe harbored, positioning the company well to meet future criteria [33][36] Question: Supply chain and tariff impacts - The company has a diversified supply chain strategy and is not locked into any specific supplier, allowing flexibility in pricing [39][41] Question: Future project supply and PPA trends - Management indicated that the demand for electricity, particularly from data centers and AI, will drive future project development [50][52] Question: FX contributions to guidance - FX has positively impacted guidance, but strong operational performance is the primary driver of confidence in future results [56] Question: Component costs and market adaptation - The company expects U.S. component costs to gradually adapt, reflecting changes in tariffs and market conditions [58][59]