When was the CMA made?
The formation of the CMA was enacted in Part 3 of the Enterprise and Regulatory Reform Act 2013, which received royal assent on 25 April 2013. In July 2012, Lord Currie was appointed chairman designate of the CMA and in January 2013 Alex Chisholm was appointed Chief Executive designate.
What is the Competition Act 1998 UK?
The Competition Act 1998 prohibits any agreement, business practice or conduct which has, or could have, a damaging effect on competition in the United Kingdom. This includes abuse by a company which uses its dominant position in a way that harms competition.
What does the Competition and Markets Authority do?
we investigate mergers between organisations, to make sure they don’t reduce competition. we investigate entire markets if we think there are competition or consumer problems. we take action against businesses and individuals that take part in cartels or anti-competitive behaviour.
What is the main legislation dealing with competition in the UK?
United Kingdom competition law is affected by both British and European elements. The Competition Act 1998 and the Enterprise Act 2002 are the most important statutes for cases with a purely national dimension.
When did the CMA acquire its powers?
1 April 2014
2.2 The CMA will acquire its powers on 1 April 2014.
Which two legislative acts cover anti-competitive agreements between businesses in the UK?
In the UK anti-competitive behaviour is prohibited under Chapters I and II of the Competition Act 1998 (the Act) and may be prohibited under Articles 81 and 82 of the EC Treaty. These laws prohibit anti-competitive agreements between businesses and the abuse of a dominant position in a market.
What is the Competition Act 1998 summary?
The Competition Act 1998 bans anti-competitive agreements between businesses. You must not, for example: agree with your competitors to fix prices or terms of trade, eg agreeing minimum prices or price rises. agree with your competitors to limit production in order to reduce competition.
What is CMA legislation?
The CMA is the main competition regulator in the UK and its responsibiltities include investigating markets, mergers and breaches of competition law, as well as enforcing consumer protection legislation.
What CMA regulates?
The CMA is a regulating body charged with the prime responsibility of supervising, licensing and monitoring the activities of market intermediaries, including the stock exchange and the central depository and settlement system and all the other persons licensed under the Capital Markets Act.
What does the Enterprise Act 2002 do?
The Enterprise Act (the Act) makes a number of significant reforms to competition and consumer law enforcement in the UK. These are designed to empower consumers and to give competition authorities such as the Office of Fair Trading (the OFT) a stronger role in ensuring that markets work well.
How does the Competition Act 1998 affect businesses?
What does competition law regulate?
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. Competition law is known as “antitrust law” in the United States.
What is competition law and CMA?
Which lawful authority regulates the capital market?
Securities & Exchange Board of India (SEBI) The Securities and Exchange Board of India (SEBI) is the regulatory authority established under the SEBI Act 1992 and is the principal regulator for Stock Exchanges in India.
How capital markets are regulated in Kenya?
The capital markets industry is governed by the Capital Markets Act (and the regulations thereunder). The Act specifically establishes the Capital Markets Authority (CMA) which is responsible for regulation, promotion, and development of the capital markets in Kenya.
What is the Enterprise Act 2002 UK?
The Enterprise Act 2002 is an Act of the Parliament of the United Kingdom which made major changes to UK competition law with respect to mergers and also changed the law governing insolvency bankruptcy.
How does competition legislation impact a business?
Competition law affects businesses positively as it establishes a business culture which maintains competition, thus allowing businesses to improve and develop in order to remain a strong competitor in the field.