Penalties for anti-competitive conduct increased, with enhanced cartel sanctions measured by profit or turnover per year. The amendment revises section 27 to authorise the Commission to impose a capped penalty based on a proportion of the average turnover or income of a person or enterprise for the preceding financial years, to be determined by regulations, and prescribes enhanced penalties for agreements entered into by cartels measured against either profit for each year of continuance or turnover/income for each such year, applying the higher amount; 'turnover' is defined as global turnover from all products and services.
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Penalties for anti-competitive conduct increased, with enhanced cartel sanctions measured by profit or turnover per year.
The amendment revises section 27 to authorise the Commission to impose a capped penalty based on a proportion of the average turnover or income of a person or enterprise for the preceding financial years, to be determined by regulations, and prescribes enhanced penalties for agreements entered into by cartels measured against either profit for each year of continuance or turnover/income for each such year, applying the higher amount; "turnover" is defined as global turnover from all products and services.
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