Judgment_paragraph 33 · Allianz Hungária Biztosító Zrt. and Others v Gazdasági Versenyhivatal (C-32/11)

33It must first of all be recalled that, to be caught by the prohibition laid down in Article 101(1) TFEU, an agreement must have ‘as [its] object or effect the prevention, restriction or distortion of competition within the internal market’. According to established case-law since the judgment in Case 56/65 LTM [1966] ECR 337, the alternative nature of that requirement, indicated by the conjunction ‘or’, leads, first of all, to the need to consider the precise object of the agreement in the economic context in which it is to be applied.