Pursuant to the fundamental constitutional principles for the organization and regulation of economic activities, which inter alia include a mandate for establishment of a market economy based on sound competition, the National Assembly approved last week a new competition law.

The goals to be attained by this new statute are the implementation of a market economy, identification of practices susceptible of breaching or distorting competition between economic agents, and fostering economic growth and development through market regulation and monitoring.

Subject to confirmation once the statute is published in the Official Gazette, the following points are the most relevant features of this new competition law:

• Creation of a Competition Regulatory Authority, whose remits, regime and organization will be established by means of a statute to be enacted by the President of the Republic, which shall ensure compliance with competition rules;

• Provision for competition restrictive practices (including abuse of dominant position, abuse of economic dependency, and prohibited corporate practices), which are sanctioned with nullity of the relevant acts;

• Regulation of control of concentrations between undertakings, together with a regime on procedures relating thereto;

• Establishment of specific competition breaches and corresponding sanctions, together with a regime on sanctioning procedure;

• Setting-up of procedures for studies, inspections, audits and control of state support.

Should you wish to receive further information on this new competition law, please contact:
[email protected]