Competition Law means that law which Promotes or Seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition Law is implemented through public and private enforcement. Competition Law is well known as Anti-trust Law in the United States, and as anti-monopoly law in China and Russia. In previous years it has been known as trade practices law in the United Kingdom and Australia. In the European Union, it is referred to as both antitrust and competition law.
Competition Law Examples
The Competition Act 1998 prohibits anti-competitive agreements between businesses. You must not, for example: agree to fix prices or terms of trade, eg agreeing price rises with your competitors. agree with your competitors to limit production in order to reduce competition.
What is the Competition Law UK?
The Competition Act 1998 and the Enterprise Act 2002 are the most important statutes for cases with a purely national dimension. Like all competition law, that in the UK has three main tasks. prohibiting agreements or practices that restrict free trading and competition between business entities.
What does Competition Law Prohibit?
Competition law prohibits businesses from: Entering into anti-competitive agreements or concerted practices with others. Competition law applies not only to formal agreements but also to any sort of informal arrangement between businesses, whether written or verbal, which has an anti-competitive object or effect.
What are Anti Competitive Practices?
Anticompetitive practices refer to a wide range of business practices in which a firm or group of firms may engage in order to restrict inter-firm competition to maintain or increase their relative market position and profits without necessarily providing goods and services at a lower cost or of higher quality.
Competition Law in Pakistan
The Competition Act, 2010 (CA ’10) is a state of the art modern law which gives the Competition Commission of Pakistan legal and investigative instruments and powers to engender free competition in all spheres of commercial and economic activity, enhance economic efficiency, and to protect consumers from .
Competition Law in Europe EU
European Competition Law is the competition law in use within the European Union. It promotes the maintenance of competition within the European Single Market by regulating anti-competitive conduct by companies to ensure that they do not create cartels and monopolies that would damage the interests of society.