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Spain reshuffles its competition deck

The Spanish government has passed a draft bill that aims to reorganise competition regulation, and to improve supervision and regulation in the economic and financial domains, specifically the banking, capital markets, and insurance sectors, notes a report by JD Supra. The background is that in 2013, Spain created the Comisión Nacional de los Mercados y la Competencia (CNMC). This comprises several regulatory bodies: the National Energy Commission; the National Antitrust Commission; the Telecommunications Market Commission; the Rail Regulation Committee; the Airport Economic Regulation Commission; and the National Postal Industry Commission. According to the new draft Bill, the CNMC will be replaced by four independent administrative authorities: an independent administrative authority for antitrust; an independent authority for the supervision and regulation of markets; and authorities for insurance and pension plans, and consumer/investor financial protection. This structure follows a similar approach to the German system in which there are two separate authorities: the Antitrust and Consumers Rights Authority (Bundeskartellamt) and Federal Network Agency, which is the German regulatory office for electricity, gas, telecoms, post and railway markets (Bundesnetzagentur). The main goals of this reform are to guarantee the independence of such authorities and to avoid political interference, with a view to complying with European Union requirements for national regulators. The EU has pointed out that Spain has not adequately addressed these regulatory requirements over the past few years. Read more

  • Tuesday, 20 June 2017

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