27th September 2023 |
The Competition (Amendment) Act 2022 came into force on 27 September 2023. The Act gives more powers to the Competition and Consumer Protection Commission (CCPC) and the Commission for Communications Regulation (ComReg) to protect consumers and challenge anti-competitive practices by business.
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% of total worldwide turnover, whichever is the greater.
In addition to the introduction of administrative fines, the Act also introduces increased fines for breaches of competition law, new leniency provisions, an express provision against bid-rigging, and additional powers in the areas of mergers and surveillance powers.
The Act aligns competition policy across the EU, enabling greater cooperation between competition authorities and allows for the challenging of illegal practices across borders.