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With entry into force of new Competition Code three laws will be canceled [PHOTOS]

29 September 2023 09:00 (UTC+04:00)
With entry into force of new Competition Code three laws will be canceled [PHOTOS]

In order to maintain transparency in all incomes, Azerbaijan is canceling the three laws on the Competition Code.

Tahir Mirkishili Сhairman of the Сommittee, said this at the meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, Azernews reports.

He said that with the entry into force of the draft law on approval of the Competition Code, the laws "On Antimonopoly Activities", "On Unfair Competition", and "On Natural Monopolies" will be canceled.
Additional financial sanctions will be applied to illegal income.

"The new Competition Code envisages achieving the deterrent goal of punishment through the application of categorized penalties."

Mammad Abbasbeyli, Head of the State Service for Antimonopoly Control and Consumer Market Control under the Ministry of Economy, said this during his speech at the meeting of the Committee on Economic Policy, Industry and Entrepreneurship of Milli Majlis held on 28 September.

Mamed Abbasbeyli noted that special financial sanctions will be applied to the subjects of natural monopoly, and additional financial sanctions will be applied to officials.

"The document will mainly define mitigating and aggravating factors. Additional financial sanctions will be applied in connection with illegal income," he added.

New rules for the inspection of natural monopoly entities will be defined in the Competition Code

"The new Competition Code will define separate rules for the inspection of natural monopoly subjects."

According to the draft, all stages of state control (complaint, analysis, monitoring, inspection, involvement of experts and specialists, etc.) will be regulated in detail. Monitoring and market inspections are included in the Code as additional control measures.

According to the Head, when implementing a state control measure, instruments of temporary measures are defined that stop or prevent actions of a market entity that have a significant or irreversible impact on the restriction of competition.

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With entry into force of new Competition Code three laws will be canceled [PHOTOS] - Gallery Image
With entry into force of new Competition Code three laws will be canceled [PHOTOS] - Gallery Image
With entry into force of new Competition Code three laws will be canceled [PHOTOS] - Gallery Image
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