On August 19, the Consumer Defense Committee approved the draft bill to modify the Emergency Decree establishing the prior control of business concentration operations in order to achieve “effectiveness” and “durability” over time. The legislators stated that the objective of this measure is to adapt the regulatory framework to the country’s economic and social reality. The regulations are ready to be studied by the full Congress.
The initiative approved proposes that the National Institute for the Defense of Competition and the Protection of Intellectual Property (Indecopi) be the entity in charge of controlling operations to concentrate companies in the financial system. It is worth mentioning that current regulations stipulate that this competence is exclusive to the Superintendency of Banking and Insurance.
The bill proposes various mechanisms, including voluntary notification. Through this tool, it is possible to control concentration operations that do not reach the economic thresholds. In turn, these will be notified to Indecopi so that the entity can act ex officio against concentration operations liable to create a dominant position in the market.