NZ Regulation: Increased Penalties for Price Fixing?
February 26th, 2010
A discussion paper looking at options criminalising of cartels has published for comment. Hard-core cartels are formed when rival firms agree to not compete with each other, and limit or remove competition that would provide products at competitive prices. Criminal penalties for cartels have recently been introduced in Australia, but here, while hard-core cartels are unlawful under the Commerce Act 1986, they are subject to civil sanctions.
There are a number of options in the discussion paper are: funding for more Commerce Commission public awareness and enforcement; rewarding whistleblowers; granting investigators covert surveillance powers; increasing the level of financial penalties; and other penalties - such as imprisonment.
Submissions close on 31 March 2010. They go to Cartel Criminalisation, Ministry of Economic Development, PO Box 1473, Wellington 6140, email <cartels@med.govt.nz>. The paper is at <http://www.med.govt.nz/templates/MultipageDocumentTOC____42186.aspx>
Copyright © The Main Report Group
