Jersey and Guernsey's competition regulators - JCRA and GCRA - have become members of a global initiative to promote the key principles of procedural fairness and transparency.
The Framework on Competition Agency Procedures (CAP) was established by the International Competition Network (ICN), following a meeting of competition regulators at the OECD in Paris last year.
By joining the CAP, every competition agency commits to adhere in good faith to the fundamental principles on procedural fairness.
The procedures ensure all parties are aware of their obligations and rights when a competition investigation takes place, particularly given that the consequences for contravention can be significant (up to 30% of turnover).
Pictured: Michael Byrne, CICRA Chief Executive.
Andreas Mundt, ICN Chair, said: "The creation of the CAP, bringing together prior consensus principles and new implementation tools, illustrates the close collaboration within the international competition community and the level of support, confidence and trust placed in the ICN. My thanks go to all agencies involved and it is a great pleasure to invite all competition agencies to be part of the CAP."
Michael Byrne, Chief Executive of CICRA, added: "The Framework is a remarkable achievement which we wholeheartedly support. We have joined it to demonstrate our universal commitment to transparency and procedural fairness and look forward to working with similar agencies around the world implementing the framework."
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