AAI's Director of Legal Advocacy Richard Brunell presented a paper at a roundtable on the "Regulated Conduct Defence" held by the Working Party No. 2 on Competition and Regulation of the Organization for Economic Cooperation and Development. Delegates from approximately 40 countries and the European Union attended the roundtable. In the paper, entitled "In Regulators We Trust: The Supreme Court's New Approach to Implied Immunity," Brunell argues that the Supreme Court's recent decisions in Trinko, Credit Suisse, and linkLine reflect an emerging American view that antitrust enforcement should stay its hand if regulators are on the scene and available to address competitive problems in an industry. This view, which is highly contested, stands in sharp contrast to recent decisions by European Court of Justice and European Commission which reflect the European view that competition and regulation are complementary, rather than mutually exclusive tools, and allow for only a very narrow "regulated conduct defense" to antitrust claims.