Ecuador’s New Competition Law

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On October 11, 2011, Ecuador passed a new competition law, two weeks after it was approved by the legislature. The new Regulation and Control of Market Power Law (the Law) introduces merger control in Ecuador as well as behavioural penalties for cartels and abuse of dominance. The new law also contains provisions specifying limits to the interests that can be held in the media and banking sectors in Ecuador. The passage of the new Law has attracted criticism from the business community raising concerns that it vests excessive power to control and sanction private enterprises and may be subject to undue political pressure in its enforcement.

Background

Until the current developments, Ecuador was one of the few remaining Latin American countries without comprehensive competition and merger control legislation. It began drafting specific legislation two years ago through the Ministry of Industries and under the supervision of President Rafael Correa.

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Published In: Antitrust & Trade Regulation Updates, Communications & Media Updates, Finance & Banking Updates, Mergers & Acquisitions Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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