Chile: Laws bolstering competition regime signed

Chile’s government has officially passed a long-awaited reform to competition laws, toughening up the penalties for those found guilty of collusion and price-fixing, as well as increasing the powers of the Tribunal for the Defense of Free Competition (TDLC), allowing the competition authority to harshly punish individuals and firms who strike agreements which harm their competitors and/or consumers.

“Chile does not stand for corruption or abuse, because the country needs good markets for better development. With this law, we have taken a decisive step in that direction” said president Michele Bachelet as she signed the document, ratifying the new laws.

The reforms include a strengthening of penalties on individuals, including prison time and being barred from occupying any public offices or director-level positions on any public companies, civil associations, industry groups or consumer advocacy units, as well as political parties or professional associations.

Full Content: Sputnik News

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