European authorities are looking to update competition protection rules to make them more efficient, EU antitrust chief Margrethe Vestager said on Thursday.
Under the rules, known as Regulation 1/2003 and in force since 2004, the European Commission has framed Google, Apple, Amazon, Meta, Microsoft and Intel and imposed billions of euros in fines.
The rules also allowed the European Union’s competition body to take action against auto parts cartels, manipulation of benchmarks in financial markets and other illegal pricing practices, putting the EU’s agency at the forefront of antitrust enforcement.
The Commission wants to maintain its leadership position, Vestager said. “I’m announcing today that in the coming months we will launch an assessment of Regulation 1/2003, the foundation of our antitrust oversight framework,” Vestager said at a conference hosted by economic consultancy CRA.
“It is important to hear stakeholder views on what has worked well and where there is room for more efficient and effective enforcement procedures and tools; making sure that Regulation 1 is really ‘fit for the digital age,’” she said.
Vestager said the updating of the rules will seek to make them more operational and useful for companies. Such procedural changes would relate to requests for information sent to companies, search operations, oral hearings in which companies seek to defend their cases and the 10% ceiling on fines imposed for non-compliance.
Source: CNN Brasil
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