Changes to Ukraine's Competition Law Pass First Reading
On 19 April 2011 the Ukrainian Parliament passed in the first reading the changes to the Competition Law proposed by the Antimonopoly Committee of Ukraine. The most notable of these aim to:
- introduce fines for giving recommendations which induce or facilitate competition law offences in the amount of up to 1% of the offender's turnover;
- vest local subdivisions of the competition authority with a broader competence and increase the cap on fines which they can impose (to be approx. EUR 6,000);
- eliminate some procedural imperfections of Phase 2 review of mergers and concerted practices;
- detail the authority's powers to remove the effects of a competition offences, in particular through requesting elimination or mitigation of the negative effects of concerted practices or concentrations; and
- allow foreign applicants for merger clearance, authorization of concerted practices, and official clarifications to pay filing fees and make other payments in EUR or US Dollars.
Some other changes proposed by the competition authority did not find their way through the first reading, in particular those related to broadening the Commissioners' individual authorities.
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