16It must 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 LTM (56/65, EU:C:1996:38), 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 (see, inter alia, judgments in Pierre Fabre Dermo-Cosmétique, C‑439/09, EU:C:2011:649, paragraph 34 and the case-law cited, and Allianz Hungária Biztosító and Others, C‑32/11, EU:C:2013:160, paragraph 33).
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