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Luis Pedro Del Valle
GT | Partner
+502 2240-1630
luispedro.delvalle@ariaslaw.com
In the early hours of today, November 20 of 2024, the Congress of the Republic approved, as a matter of national urgency, the bill of the Competition Law, which seeks, among others, to promote and defend competition, as well as to prevent, investigate, combat, prosecute and sanction anticompetitive practices.
Although the decree by which Congress approved the initiative ("Decree") still needs to be ratified by the Presidency of the Republic, it is important to consider that the Decree regulates, among others, anticompetitive practices and the way to address them; as well as economic concentrations and the cases in which they must be previously authorized. The Superintendence of Competition is created as an autonomous and decentralized entity in charge, mainly, of the promotion of free competition.
Finally, and among other important aspects to consider of the Decree, it is important to note that the validity of the Law - once ratified by the President of the Republic - will occur in a staggered manner, and on January 1, 2025, certain rules relating to the promotion of free competition and the promotion and defense of it will enter into force; and two years after the publication of the Law in the Official Gazette, the rules relating to economic concentrations and other provisions related to the Defense of Free Competition, among others, will enter into force.
Ratification by the President of the Republic is expected to occur in the coming weeks.