The Competition Act 1998 received Royal Assent on 9 November 1998. It makes the most significant changes to competition law in the UK for many years.
Norton Rose is currently preparing a detailed briefing on the new Act. In the meantime, we bring you a summary of its key provisions, and key dates to bear in mind in order to ensure compliance.
KEY PROVISIONS
- A new Chapter I prohibition on agreements and arrangements between businesses which restrict competition in the UK (subject to the possibility of exemption)
- A new Chapter II prohibition on abuse of a dominant position by businesses in the UK (even where the dominant position is in only part of the UK)
- The new prohibitions are modelled on EC competition law (Articles 85 and 86 of EC Treaty respectively) and are to be interpreted in line with EC jurisprudence. However, they can apply to purely domestic UK arrangements (i.e. even if there is no effect on trade with other EU Member States).
