The new Belgian Competition Act

With the amended legislation Federal Minister of Economic Affairs, Johan Vande Lanotte, aims to react faster when abnormal price evolutions occur or when price fixing agreements are suspected. To reach this goal the new Act completely reforms the current Competition Authority and revises the procedural architecture in an ambitious attempt to make it less complex and more efficient by imposing e.g. some strict procedural time-limits. Following an OECD report, Belgium also did an effort to eliminate the loopholes for natural persons. The management of companies will now be facing administrative fines in case of certain infringements. Finally, the bill grants new powers to the reformed Competition Authority in terms of price control, a move that has not passed unnoticed…