by David Phelan April-12-2022 in Commercial & Business, Competition Law, Corporate
A previous article discussed The Competition (Amendment) Bill 2022 (the “Bill”), which was published in late January. By way of reminder, the Bill aims to ensure stricter compliance with Competition law and proper overall functioning of the internal market. This will primarily involve an overhaul of the authoritative bodies, while ensuring that their powers are utilised in a measurable, predictable and accountable manner, as outlined by the Competition and Consumer Protection Commission (the “CCPC”’).
As part of the consideration process, a series of consultations have taken place and will continue for a number of months, to allow stakeholders to raise queries and submit information that may be relevant for the reformation of the CCPC’s enforcement procedures. It is hoped that the consultations will result in effective and straightforward transition into the new regime, which is set out in the proposed legislation. Stakeholders, from the business community, legal advisers, experts in economics and from consumer advocacy groups are invited to make submissions to consultations@ccpc.ie.
Initial consultations regarding the enforcement powers of governing and regulatory authorities took place between 14 February – 11 March 2022.
We are now moving into the second series of the consultation process, which runs until 6 May 2022. This stage will focus on the administrative financial sanctions and periodic penalty payments to be imposed for breaches of Competition Law, which are proposed in the Bill. Calculations for the financial penalties, as well as aggravating and mitigating factors to consider when making such calculations, will be the focal point of this round of consultations.
No dates for the next round of consultations have been published to date but the Bill is expected to be passed later this year.
For more information on the changes proposed by the Bill, please take a look at our previous article Publication of the Competition (Amendment) Bill 2022, or you can contact David Phelan to discuss at dphelan@hayes-solicitors.ie.
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About the Author
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David Phelan
David is Head of the Commercial & Business team at Hayes solicitors and advises a number of the firm’s major corporate clients. He advises on a wide range of corporate and commercial law issues. He has expertise in advising on general corporate and commercial matters, particularly in the manufacturing, retail, aviation, sports and motor sectors, and also frequently advises clients who operate in regulated areas.