Spain: CNMC to seek higher penalties for executives

Spanish regulator CNMC has begun a series of public consultations with the aim of undertaking a thorough reform of the country’s Competition Law, which dates back to 2007. This period, the CNMC argues, has seen important regulatory and political changes, including the creation of the regulator itself in 2013.

Beyond clearing up the sanctions and measures in the current legislation, the reform will seek to increase the limits on fines imposed on individual executives found guilty of violating competition laws. Currently the limit is set at €60,000 euros, which the CNMC has said to be insufficient to present a true deterrent.

The CNMC will also seek to incorporate various normative changes that have taken place at national and community levels, such as measures that could ease the filing of collective action lawsuits, giving consumers more tools to fight back against cartels.
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