Wednesday, July 23, 2014

2013 Annual Report on Russian Competition Law Released

The Federal Anti-Monopoly Service (FAS) recently released its 2013 Annual Report, highlighting changes in competition law, enforcement and the role of the FAS in working with business and other government agencies.  The report highlights changes to Russia's competition laws, which included legislation aimed at, among other things, eliminating post-merger notification, management of administrative fines, the role of the Bank of Russia in overseeing financial markets, and updating customs laws.  Proposed legislation addresses such issues as transactions involving natural monopolies, vertical arrangements, the establishment of an FAS Presidium, and elimination of barriers for foreign investment.  Under the enforcement section, the report indicates that FAS initiated 10,028 cases in which 9,597 antimonopoly violations were exposed (a slight increase over the prior year).  In addition, FAS levied fines of approximately $261M, down from approximately $370 in fines imposed the prior year.

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