Yerevan/Mediamax/. State Committee for the Protection of Economic Competition (SCPEC) presented today a draft law on changes and amendments into the law on “Protection of Economic Competition” to the members of the Union of Manufacturers and Industrialists of Armenia (UMIA).

Mediamax reports that SCPEC Chairman Artak Shaboyan stated that the draft law provides for broadening the authorities of the Committee, toughening sanctions it applies in case of proved violations, as well as eliminating from the law the interpretations, deprived of specifics, due to which companies sometimes try to judicially avoid responsibility towards SCPEC.

The draft law, in particular, provides for changing the size of the fine for manifestations of unfair competition: instead of the previous tariff at the volume of 500 thousand AMD, which has effect on all violators, they suggest establishing a tariff at the volume of 0.1% of the previous year’s proceeds (but no less than 300 thousand AMD). Moreover, in case of regular violations, the fines will increase.

The sizes of fines for anti-competitive agreements and abuse of dominating position is suggested to be established at the volume of 5% (instead of previous 2%) of the enterprise’s previous year proceeds (but no more than 500mln AMD). The fine for banned concentration of the market is suggested to be established at the volume of 7% of the previous year’s proceeds (but no more than 700mln AMD).

‘The draft law aims at depriving dominating subjects of “loop-holes” for abusing their position, expanding the channels for information collection, clarifying all procedural issued to increase efficiency of the Committee’s reaction to violations”, Artak Shaboyan stated.

UMIA Chairman Arsen Kazaryan stated in his turn that the Union hopes that as a result of legislative changes, SCPEC will become a serious tool for promoting economic reforms and suppressing monopolies.