Ukrainian parliament has taken a major step towards establishing more stringent competition legislation with the passing of draft law No. 5431 On Amendments to Certain Legislative Acts of Ukraine on Improving the Activities of the Antimonopoly Committee of Ukraine. The Parliament has unanimously approved the draft and is expected to become officially signed by the President and published in due time.
The law seeks to improve the functioning of the Antimonopoly Committee of Ukraine (AMCU) by introducing changes to the body’s legal status, how it is funded, the right to conduct inspections, seize evidence, and grant greater powers to collect imposed fines.
Serhii Reva, chairman of the AMCU, commented on the draft law, “This is a historical moment for AMCU. This law is a major step forward toward effective and transparent enforcement of competition law. It will guarantee the observance of legislation on economic competition and the protection of entrepreneurs against violation of anticompetitive conduct”.
Surrounding market players will need to be mindful on the upcoming enforcement that is expected to enter into full force and effect on January 1, 2024.
The draft law has been welcomed by government officials, but further action is still needed. Ruslan Riaboshapka, Minister of Justice commented, “This is an extremely important moment for a new Ukraine, which is becoming more liberal and business oriented. However, the responsibility for the successful implementation of the law lies with us. We must create an effective system of implementation and oversight that will ultimately ensure economic growth”.
The enactment of the law will have a significant impact on the competition landscape in the country and is expected to lead to a more level playing field for everyone.