On August 1, 2012 Guernsey’s new Competition Law became effective. The law introduces tougher rules on entities’ business practices and aims to prevent abuses of market dominance.
The law requires that certain mergers and acquisitions be approved in advance by relevant authorities. The law also prohibits anti-competitive agreements to ensure businesses in a market to not abuse market dominance.
Organisations seen to to comply with the new law could face fines of up to 10% annual turnover for up to three years of the infringement.
Read more about what the law includes on Tax News.