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Summary of the law to help business understanding.
The Competition and Markets Authority (CMA) has devised a “60-second introduction” to competition law after working with the Association of Chartered Certified Accountants and The Institute of Chartered Accountants of Scotland. It is for accountants to help their business clients comply with competition law.
The summary draws attention to research which shows that 77% of businesses do not understand competition law. It also outlines the penalties for breaking the law which can include fines of up to 10% of global turnover for businesses and a maximum five-year jail term for individuals involved in cartels. Directors can also be disqualified for up to 15 years.
In addition, it provides pointers on recognising common competition law risks and recommends steps that a business can take to deal with them.
