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Commercial Law - 25% > Competition Law > Flashcards

Flashcards in Competition Law Deck (5)
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1

What is the statute surrounding competition law?

Competition law is governed by the Treaty of the Functioning of the European Union

enshrined in UK law by:
Competition Act 1998 and
Enterprise Act 2002.

2

What are the aims of competition law?

Competition Law aims to protect consumers and businesses to ensure that no single provider takes advantage of their dominant position in the marketplace.

3

What statutory provision exists against restricting or distorting competition?

Chapter I of the The Competition Act 1998 prohibits agreements which are intended to, or have the effect of, restricting or distorting competition.

4

Who is the regulatory body in the UK as regards Competition Law?

Enforcement of the Competition Act 1998 and the Enterprise Act 2002 is the responsibility of the Office of Fair Trading.

5

What Criminal offences arise from the Enterprise Act 2002?

The Enterprise Act 2002 provides that individuals who engage in :

price-fixing
limitation of supply or production
market sharing or bid-rigging

can face criminal prosecution.