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Review of new Venezuelan Antitrust Law has begun

By  |  May 24, 2012

Venezuela’s sub-committee of Economic Development has started its review of the Antitrust Law. The bill applies to both domestic and foreign natural and legal persons, but exempts public companies. Its provisions cover antitrust penalties, including expropriations. Under the bill, goods that are “necessary to develop production, distribution and trading of essential or basic products” are to be declared of public utility or social interest. The competition regulator, the Antitrust National Superintendence, will be created by the bill.

The sub-committee’s review is expected to be completed within 10 days, after which the Antitrust Law will be considered by the Committee on Finance. After the Committee’s review, the bill will go up to the National Assembly.

Full content: El Universal

 

Related content: The Consolidation of Competition Law in Latin America (Julian Pena, Allende & Brea)

 

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