The new competition law will help the Competition Council conclude investigations faster than before, Bogdan Chiritoiu, the institution’s president told a press conference yesterday, according to Mediafax. He gave as example fines being cut down by 10 per cent to 30 per cent for those companies that acknowledged wrongdoing, adding that companies asking for clemency will be sanctioned with the lowest fine, whereas the abuse of authority will be sanctioned most severely.
Chiritoiu said he expected the investigation time period to decrease from two years to a couple of months. The new competition law came into effect from yesterday. Also, the Competition Council will continue cooperating with the World Bank in order to make two-three ‘retouches’ to the competition law, changes opposed by Parliament previously, Chiritoiu also said.