The Senate on Sunday approved the new Competition Law, as referred by the Lower House, in its session chaired by its President, Faisal Fayez, and in the presence of the Cabinet.
The senators also agreed to return Social Security Law to its joint Legal and Labor committee for further scrutiny.
In their final version, Competition Law amendments aim to combat monopolistic practices and protect and promote fair competition in accordance with international best practices in this field.
This effort comes with re-formation of Competition Affairs Committee at Ministry of Industry, Trade and Supply as the body concerned with implementing laws and legislations for regulating competition “efficiently and adequtely.”
In addition, the law stiffens penalties for anti-competitive practices by raising the fine value, which now ranges between 2% and 7% of the annual total of sales of goods or service revenues.
If the value of sales and revenues cannot be identified, the fine will be JD100,000 maximum and JD10,000 minimum.
Source: Jordan News Agency