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CCPC given new powers to fine companies up to €10m

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From today, the Competition and Consumer Protection Commission (CCPC) will be able to fine companies for breaching Irish and EU competition law.

The main purpose of the Act is to implement an EU directive which is designed to ensure that national competition authorities across Europe have similar powers for investigations and enforcement.

To incentivise companies to come forward, the CCPC said full immunity from administrative financial sanctions is only available to the first successful applicant. The Competition Act 2022, which was signed into law last June, also introduces an express provision against bid-rigging, and additional powers in the areas of mergers and surveillance.

 

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