Argentina: New Defense of Competition Law Approved

Argentina’s new Antitrust Law was approved on May 9. The law will seek to provide greater control over abusive practices and dominant companies, and give a boost to the figure of ‘leniency programs’, as well as increase the fines that can be charged to the infringing companies.

The law also creates a new National Competition Authority, whose members will be determined by public contest and will operate autonomously. “It implies a quality leap in the regulatory framework … With the changes, it is possible to have a legal framework in accordance with international standards,” said Esteban Greco, head of the current National Commission for the Defense of Competition.

The main points of the new law will be: The creation of a new Agency for the Defense of Competition, consisting of a Court and two Secretariats, one for Economic Mergers and another for Anticompetitive Behaviors. Updating the figures for possible sanctions, which had lagged behind at 1999 values; establishment of a leniency program, applicable to those companies that participate in cartels and want to provide evidence to reduce their corresponding sanction. Raising thresholds for notification of operations.

Full Content: Cronista

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.