For the first time in Irish law, breaches of competition law can be enforced through administrative actions taken by competition authorities, with maximum fines of up to €10 million or 10 per cent of total worldwide turnover, whichever is the greater.
“This groundbreaking new law will give our competition authorities the power to crack down on those rogue operators that do.” “It’s really good news for customers. These new powers will act as a big disincentive for those taking part in anti-competitive practices, which drive up costs, freeze out start-ups and smaller businesses and lead to bad-quality products and poor services. The Bill also enables greater co-operation between competition authorities across the EU, allowing us to challenge these practices on a cross-border basis,” he said.
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