Chile: Industry group prepares for Competition Law reforms

Chile’s Production and Commerce Confederation, a trade group representing major Chilean companies, announced that they will hire a team of experts ahead of their members’ preparations for expected changes in the country’s competition legislation.

One of the group’s main concerns is the large fines proposed by the new law, which may amount to 30% of total sales during the period when any wrong-doing takes place. These are considerably higher than the international norm, and many consider that they “may affect the economic survival of these companies and irreparably damage the jobs-creating capacity “, according to a spokesman for the group.

The commission appointed to review these laws on behalf of the CPC will meet weekly, elaborating arguments to be presented before the Chamber of Deputies’ economic commission before the Law is settled.

Full content: Revista EI

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