Senate endorses new Competition Law

Senate Speaker Faisal Al-Fayez
Senate President Faisal Fayez. (File photo: Jordan News)
AMMAN — The Senate approved the new Competition Law, as referred by the Lower House, in its session on Sunday chaired by Senate President Faisal Fayez and attended by the Cabinet, the Jordan News Agency, Petra, reported.اضافة اعلان

The senators also agreed to return Social Security Law to its joint Legal and Labor Committee for further scrutiny.

The efforts to amend the law were made in tandem with the restructuring of the Competition Affairs Committee at the Ministry of Industry, Trade, and Supply as the body concerned with implementing laws and legislations for regulating competition.

Promoting fair competitionIn the final version, amendments to the Competition Law aim to combat monopolistic practices and protect and promote fair competition in accordance with international best practices.

In addition, the law stiffens penalties for anti-competitive practices by raising fines to range between 2 percent and 7 percent of the annual total sales of goods or service revenues.

If the value of sales and revenues cannot be identified, the fine will be a minimum of JD10,000 and a maximum of JD100,000.

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