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July 16, 2010

Amendments of the Protection of Competition Act

New amendments to the Protection of Competition Act were promulgated in the State Gazette today.

According to the new amendments the number of the members of the Commission for Protection of Competition is reduced from 7 to 5 and the term of office of the Commission’s chairperson is shortened from 6 to 5 years. In its new composition the Commission consists of one chairperson, one vice-chairperson and three members, with an equal term of office of 5 years.

As a direct consequence of the amendments, new members of the Commission for Protection of Competition are to be elected by the parliament within a month of the amendments’ entry into force.

The above amendments are part of the overall strategy aimed at reducing the members of the regulatory bodies in order to tighten financial discipline due to financial crisis negative effects.




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