THE GOVERNMENT OF THE RUSSIAN FEDERATION APPROVED FAS DRAFT LAW ON ANTIMONOPOLY COMPLIANCE

The draft law introduces a new concept in the Law “On Protection of Competition” and improves violations prevention mechanisms

Antimonopoly enforcement practice includes turnover fines and criminal liability for breaching the Federal Law “On Protection of Competition”, as well as strengthening control over natural monopolies and companies that have the dominant position on markets.

Such remedies should motivate companies to suppress violations of the antimonopoly law.

One of the tools for preventing and decreasing the risks for entities is devising and implementing antimonopoly compliance – a system of in-house support to conform to the norms of the antimonopoly law.

Head of FAS Igor Artemiev emphasized: “The purpose of antimonopoly compliance for companies is reducing probability of violations. Adopting the draft law will shape a pro-competitive legal suture, among economic entities and prevent violations of the Federal Law “On Protection of Competition”, and, as a consequence, fulfill a goal of the National Competition Development Plan for reducing the number of violations”.

The government of the Russian Federation shall now forward the draft law to the State Duma that will consider and adopt it.