The Armenian Parliament discussed in a second hearing a draft package on amendments to the Law on Protection of Economic Competition, proposed by the Government of Armenia. The draft package was at the origin of heavy critics among the society, because of its authority to considerably expand the commission’s functions and powers, which acts as the only qualified institution in the domain.
Most importantly, the draft package provides a ban on the abuse of strong negotiation and a possibility of arrest on the property of a defendant during the proceeding. Besides, it allows a new mechanism of application of fines, gives the possibility of sealing any buildings or documents by the person carrying out the inspections, and provides the power of continuous monitoring to control the prices of goods.
Finally, the amendment on the above-mentioned Law establishes as a criminal offense the receipt of large profits (from AMD 1 million to AMD 5 million) of a participant in the commodity market under Article 195 of the Criminal Code of the RA.
To know more, read our recent Client Note on this topic.