Antitrust Alert: UK’s OFT issues new guidelines on penalties for competition law violations
The UK Office of Fair Trading has published new guidelines on how it will set fines for competition law violations. The Guidelines take into account developments in case law since the 2004 previous guidelines and bring the OFT’s policy on financial sanctions into line with that of the European Commission. They introduce a number of changes to the methodology for calculating penalties, including listing factors which may lead to a higher or lower fine (so-called aggravating and mitigating factors), which all companies should take into account.
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For the past 10 months, the US Department of Justice and the Enforcement Division of the Securities and Exchange Commission have advised the public that they are in the process of drafting guidance for companies regarding the requirements of, and prohibitions within, the US Foreign Corrupt Practices Act.