The President’s proposed anti-trust reform, like many of his recent announcements, has 10 points:
- Make it possible to terminate proceedings before the Federal Competition Commission (Cofeco) by mutual agreement, rather than engage in endless litigation. Provide incentives for cooperation.
- Provide for oral argument.
- Simplify the notification for market concentrations. In addition, make it easier to approve restructurings and mergers.
- Restructure Cofeco to make it more efficient and transparent.
- Empower Cofeco to investigate and sanction anti-competitive practices by government agencies and enterprises.
- Give Cofeco subpoena powers; currently it relies on companies to provide information voluntarily.
- Strengthen the sanctions available. The Commission would be able to levy fines of up to 10% of a company’s annual revenues.
- Simplify the determination of whether a company (or group of companies) has monopoly or oligopoly power.
- Empower Cofeco to issue preventive orders to stop probable anti-competitive behavior, before a final ruling is made.
- Empower Cofeco to make company inspections.