The final step to have a legal framework in place for the oversight and control of competition in the market has been accomplished through the appointment of the Board Members of the recently created Competition Authority.
In a press release from the Cabinet of the President of the Republic, it has been announced that the Head of the Executive has appointed the Board Members, thus enabling the Authority to become operational.
The appointment of the Board follows up on the approval of the Competition Act by the National Assembly (Law No 5/18, of 10 May 2018), and of secondary legislation to the same, notably Presidential Decree No. 240/18, setting out and detailing certain rules and procedures necessary for the entry into force of the Act and Presidential Decree No 313/18, 21 of December, approving the Competition Authority Framework Law.
The Competition Authority is the entity responsible for the enforcement of the terms and provisions of the Competition Law and its Regulations, specifically for reviewing and authorizing company concentrations, preventing the abuse of dominant positions or restrictive practices and applying penalties for infringements.
For further information about the content of this Legal Alert, please contact: