Global Competition Law is primarly a practitioner's guide presenting the most salient aspects of the major competition laws country by country, giving an overview of their structure and most charasteristic elements.
Global Competition Law also provides insight into possible future developments in the field.

Global Competition Law

Competition in Iceland is governed by the Competition Act of 2005, as amended by Amendments No 52/2007, No 94/2008 and No 14/2011. The first Competition Act, which came into force in 1993, was largely inspired by EU competition law provisions and the principal reason behind its adoption was to harmonize Iceland's competition law provisions with the EU model of control in the context of EU/EFTA rel …

Context

Competition in Iceland is governed by the Competition Act of 2005, as amended by Amendments No 52/2007, No 94/2008 and No 14/2011. The first Competition Act, which came into force in 1993, was largely inspired by EU competition law provisions and the principal reason behind its adoption was to harmonize Iceland's competition law provisions with the EU model of control in the context of EU/EFTA relations.

Competition law in Iceland is applied at different levels of enforcement:

- at national level when the effects of a practice are restricted to the Icelandic market (Section 3(1));

- at EEA level when practices affect other contracting parties to the EEA Agreement (Chapter XI of the Competition Act; for a presentation of the EEA rules, please refer to the Liechtenstein commentary) (Section 3(2)).

Prior to the entry into force of Act No 44/2005, the competition authorities were also responsible for supervision of unfair business practices and market transparency. These tasks have now been assigned to the Consumer Agency pursuant to Act No 57/2005 on the supervision of unfair trade practices and market transparency. Misleading advertising (Section 14) and bribery and industrial espionage (Section 16(c)) are inter alia prohibited by Act No 57/2005.

The Competition Act was amended by Act No 44/2005 on 29 June 2020, which introduced several amendments to Icelandic competition law.

The Act covers activities which have effect or are liable to have effect in Iceland, regardless of whether such activities have been carried out in Iceland or not (Section 3). The Act does not apply to export cartels or practices concerning exports which only have an effect outside the national territory.

The Act prohibits agreements or concerted practices that restrict competition and the abuse of dominance. It covers all kinds of economic operations, irrespective of whether they are carried out by private individuals, companies or public authorities (Section 2). As regards the activities of public undertakings to which the State has granted exclusive rights, the control authorities have the right to segregate the activities of the undertaking to ensure that operations conducted in competition with private parties are not subsidized by operations which enjoy State protection (Section 14).

Global Competition Law

961. Context

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise

Les notions juridiques connexes

961. Context

Demandez un accès gratuit au contenu exclusif Livv – juristes d’entreprise

Les notions juridiques connexes

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise