Minister upgrades business regulator

THE Minister for Enterprise and Employment will announce four new appointments at the Competition Authority this week, with the…

THE Minister for Enterprise and Employment will announce four new appointments at the Competition Authority this week, with the director, Mr Patrick Massey expected to become its new director of competition enforcement.

This new position, granted to the authority under the Competition (Amendment) Bill, gives the authority the power to take legal proceedings against companies or individuals breaking the Competition Law.

The authority previously was unable to move against those infringing competition rules unless it received a formal complaint.

The Minister will also appoint a new chairman to the authority to replace the outgoing chairman, Mr Paddy Lyons, who will soon complete his term of office.

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Two further appointments are also expected.

With increased powers and strengthened manpower the Competition Authority is expected to take a more active role in the policing and monitoring of business agreements.

The new director of competition enforcement, for instance, will have the power to search premises of those believed to be breaching competition law and to take prosecutions against them in the civil courts.

Under the Competition (Amendment) Bill, anyone found to have broken the law could face a jail sentence of up to two years. Businesses can also be fined up to 10 per cent of worldwide turnover.

Agreements which constitute criminal offences under the Bill include the direct or indirect fixing of purchasing or selling prices; those which limit or control production, technical development or investment; or those which share markets or sources of supply.