The Icelandic Competition Law Came Into Force On March 1,1993.
The objective of the Law is to promote active competition and thus increase the efficiency of the means of production in the society. This objective is to be reached by:
- preventing unreasonable limitations or barriers to freedom of economic operation;
- preventing unfair trade practices, harmful absence of competition and restriction of competition;
- facilitating the entry of new competitors into the market.
The Law applies to any economic operation, including the manufacturing industry and trade in goods and services, irrespective of whether such an operation is conducted by individuals, companies, public parties or others.
