Competition law in Chelmsford and throughout the rest of the UK can be understood with an inter-disciplinary mindset; a willingness to look beyond traditional legal analysis and statutory interpretation and consider economic theory and analysis whilst applying the law. Whether competition law “regulates” the marketplace is hotly disputed, but it is clear that competition law and policy facilitates State intervention in the market in order to correct or prevent perceived market failure. Whether justified or not, the business community incurs a significant burden as a result of compliance with UK, EC and other competition laws from jurisdictions around the world. The business community must consider competition law in strategic planning and when engaging in risk management due to the potential for sanctions meaning it is in the top tier in a firm’s identification of risk.
Competition law primarily seeks to protect the process of competition and not competitors. Therefore it is the accumulation and exercise of significant market power (SMP) to the detriment of the marketplace, and thus consumers, which concerns most competition law authorities. Beyond the regional setting of EC competition law there is no over-arching international competition law agreement. Since competition law applies to markets, which spread beyond national boundaries and are caught up in the spread of globalization, the most onerous competition law/antitrust regime essentially becomes the de facto international standard.
Contact Andrew Douglas Wills and Legal Services today via www.andrewdouglaswills.co.uk for advice with regard to the application of competition law in Chelmsford and throughout the rest of Essex.
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