Antitrust Law Daily Wrap Up, ANTITRUST NEWS: U.K. competition authority seeks comment on redress settlements, (Mar 4, 2015)
The Competition and Markets Authority (CMA) has opened a consultation on draft guidance on its power to approve voluntary redress schemes offered in cases where competition law has been infringed, the agency announced on March 2.
The Consumer Rights Act 2015 is expected to come into force in October 2015, and it will give parties to competition investigations who have breached the law the power to submit a voluntary redress scheme to the CMA for approval.
It is intended that in appropriate cases this new power will make it easier for parties to provide, and consumers and businesses to gain access to, redress where harm has been caused by a competition infringement.
The CMA is seeking the views of interested parties on the draft guidance it has on the operation of this new power. The consultation will run through March 29. A final version of the guidance will be published after taking into account consultation responses received.
News: Antitrust