Antitrust and Competition Law in Liechtenstein
Antitrust and Competition Law in LiechtensteinUpdated on Thursday 20th July 2017
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Liechtenstein is a member of the EEA (Economic European Area) and shares the same important values and ideologies regarding the Competition Law, but with the mention that there was no necessity of an Antitrust Law which numerous states worldwide adopted. The meaning of this important international law, the Competition Law, is to offer equality and fair competition conditions on the global market, between the member states of the EEA and other countries. It is good to know that the competition rules and regulations in the EEA convention are enforced by the Authority in Iceland, Liechtenstein, and Norway, and can be explained by our lawyers in Liechtenstein.
What are the competition rules in Liechtenstein?
From the beginning, we remind that the competition rules mentioned in the EEA Agreement are the same as the regulations imposed by the EU (European Union). Among them, the Article 53 mentions that the conduct which misrepresents or limits the competition is without doubt prohibited. If there are cases where economic improvements need to be made in order to satisfy the consumers, such conduct is permitted. Please consider that large companies in Liechtenstein, local or foreign, cannot abuse their market power to eliminate the competitors on the market, as mentioned by the Article 54. It is good to know that the Competition Law in Liechtenstein offers a proper regime for the mergers and acquisitions in the country, for an operative competition between the EEA and EU country members. For a better understanding of the Competition Law in Liechtenstein, it is recommended to solicit complete information from our attorneys in Liechtenstein.
Fines for breaking the competition rules in Liechtenstein
The Authority in Iceland, Liechtenstein, and Norway, alongside with the European Commission can impose certain fines if companies have broken the rules of the Competition Law. For example, a fine can sum up 10% of the global profit of an enterprise. The same authorities need to verify the competition, in a fair manner, and to make sure it is not distorted or changed by breaches of regulations. Our Liechtenstein lawyers can offer on request extra details about the Competition Law and the consequences if the rules are breached.
The purpose of the competition law in Liechtenstein
The Authority in Iceland, Liechtenstein and Norway must uphold the equal surveillance regarding the Competition Law in the EEA states and need to enforce measures which regard the public activities, especially the ones that come with particular rights.
For additional information about the Competition Law in Liechtenstein and its provisions, we invite you to contact our law firm in Liechtenstein.