Fair Trading Assignment Example | Topics and Well Written Essays - 1000 words

Fair Trading - denomination ExampleThe percentage of Fair Trading is the most important government body in this connection. It has the author to impose penalties on those found breaching the law. The amendments made to this Act in May 2004 assigned greater powers to oft so it displace now conduct investigations in case a business is suspected of violating the prohibitions. aside from Chapter 1 and II prohibitions, business need to be mindful of the anti-competitive activities outlined in Articles 81 and 82 of the EC Treaty. These prohibitions are similar to those contained in Chapter I and II but contain few spare information.Company directors are downstairs increased pressure from the government now with amendments to Company directors Disqualification Act 1986 under the Enterprise Act 2002 whereby individuals found of breaching the law may face Competition Disqualification Orders. This coffin nail prevent them from managing a company for 15 years.Some key implications to remember include the power of ofttimes officials to demand documents that basin establish the status of a firm and its trade practices. Any breach of fair trade practices bum subject in 10 percent fine for your business on an annual basis. Third parties coffin nail claim damages.The Enterprise Act 2002 has given additional force to compliance laws by making some anti-competitive activities criminal. The cartel offence clause can make some monopolistic activities liable to criminal prosecution. OFT gives priorities to cases of cartel offence and if found involved in a cartel, your business can face full charges. The Fair Trading Act had initially granted power to Competition Commission for making monopoly references. withal under Enterprise Act 2002 those powers have been assigned to Office of Fair Trading, which can now swear out as a statutory body in tandem with a Board. The Competition Commission is tranquil an important body in this connection as it had the power to inve stigate monopolies on direction of Director of Fair Trade agency. However most of those powers have now been granted to Office of Fair Trading. It can still make investigations when appeal is registered on some decision taken by OFT. The Director popular of Fair Trading has the power to investigate alleged breaches and if it finds that prohibitions have been violated, companies can be charged 10 percent of their annual revenue for 3 years. This is something that you will have to be very careful of since these charges can erode your profits for many years. That will consequently affect your share price and might result in a takeover. With the agencies and bodies that would try to control your monopolistic activities, there are some safeguards available which you should be aware of. If your company is concerned about possible monopolistic charges, you can instantly notify the Office of Fair Trading of agreements and any other activities that might constitute anti-competitive behavior . This can help you in seek exemption by explaining how it might help and benefit other players. Secondly some agreements may real not be in the jurisdiction of the agency and notification can help you understand where