MAXIMUM PENALTY FOR UNFAIR TRADE RAISED TO MNT10 MILLION

Parliament recently approved several amendments to the Competition Law which has been in force for 17 years. Mr. D.Mandakh, Head of the Department for Fair Competition and Consumer Rights, has said the new regulations ensuring fair competition will apply to all the nearly 40,000 registered business entities in the country, of which 160 are considered to be monopolies. The amendments are aimed at restricting these from deriving unfair trade advantages by exploiting their monopoly status, especially in matters of pricing.  At present, the maximum fine for violation of the law was MNT250,000, an amount which has proved to be no deterrent. This has now been raised to MNT10 million.
Source: Udriin Soniin

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