New regulations of the Competition Law: Companies that admit anticompetitive offences can benefit 10- 30 pc cuts in fines

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The government has approved on Tuesday, by Emergency Ordinance, a series of measures in the field of competition. Following the new changes, the company which admits its offence throughout the investigation can benefit from a reduction of the fine between 10% and 30% of its initial value. It should be noted that currently the law provides for a reduction of only 10%, hotnews.ro reports.
Also, in accordance with the European Union regulations to stimulate companies to admit anticompetitive an offence prior to the completion of the investigation, the Competition Law was introduced the procedure of trading. This procedure has advantages both for the competition authority and for companies. The trading mechanism consists in admitting the anticompetitive offence during the investigation. Until now, companies could admit that they have committed an anticompetitive offence only after the completion of the investigation report.
The ordinance regulates the current deadline of 48 hours to 72 hours during which the court ruling may be appealed to reject the authorization required in order to perform an unannounced inspection.
The amendments of the Competition Law have been included as a reform measure in terms of developing the economic environment among the conditions assumed by the Romanian Government in order to conclude the series of Development Policy Loan with the International Bank for Reconstruction and Development.

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