Companies

Companies face fines of up to €10m under new competition law

Legislation hailed as a ‘powerful asset’ in stamping out white collar crime

Competition (Amendment) Act 2022: Breaches new legislation will be penalised through administrative sanctions taken by the competition authorities, with maximum fines of up to €10 million or 10 per cent of turnover. Picture: Getty

White collar crime “will not be tolerated” and “will be heavily penalised”, the enterprise minister has said, as new laws targeting competition enforcement come into force on Wednesday.

The Competition (Amendment) Act 2022 will result in major changes to competition enforcement in Ireland could see companies facing fines of up to €10 million. The act amends existing competition law to further empower the Competition and Consumer Protection Commission (CCPC) and the Commission for Communications Regulation ...