Competition Bill 2018

Overview

Competition law in the IOM is governed by the 1996 Fair Trading Act (FTA). There have been major developments in international competition law and the OFT has decided it would be beneficial to modernise IOM competition legislation, to better reflect international standards.

In light of the UK leaving the EU it is now even more important than ever to ensure the IOM ability to deal with anti-competitive practices and abuse by institutions of their market power is at the same standard as that of the UK and Europe. European competition law is covered by articles 101 and 102 under Trade of the Functioning of the European Union, which covers both anti-competitive practices and abuse of dominant market position.

Why your views matter

The consultation will help the OFT understand views from members of the public and from companies and Government entities on the proposals for new Competition legislation and the predicted impact of the proposals on consumers and the wider economy. A draft of the Competition Bill is available.

What happens next

Once the OFT has carried out analysis of the results, the feedback from the consultation will help to refine the next draft of the Bill which will go to House of Keys later in 2018.