The competition authorities in the Nordic countries now have an effective tool in their fight against cartels and companies who abuse their market power. A new Nordic cooperation agreement makes it easier for the competition authorities to exchange information and provide assistance to each other during dawn raids.
“When anti-competitive practices cross national borders, our authorities need to be able to go after them. The government hopes that the cooperation agreement will give the Swedish Competition Authority better tools to do exactly that,” says Mikael Damberg, Minister for Enterprise and Innovation.
“Consumers and law-abiding businesses will be the ones that benefit most from the Nordic cooperation agreement. We will now have greater opportunities to cooperate and exchange information across borders when we suspect infringements of the competition rules and when we review mergers,” says Rikard Jermsten, Director General of the Swedish Competition Authority.
The new Nordic cooperation agreement gives greater opportunities for the competition authorities to gather information on behalf of one another, for example through dawn raids, and to exchange information in conjunction with investigations.
“Companies increasingly work across national boundaries, so it is important that competition authorities can do the same,” says Rikard Jermsten.
The agreement was signed at a meeting of Nordic authorities in Helsinki and includes Sweden, Finland, Norway, Denmark, Iceland and Greenland. The agreement replaces a previous, more limited cooperation agreement. The approval of each country’s parliament is now required for the agreement to come into force.
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