MZe: Significant market power act to help transparency

(CIANEWS) - On September 30, 2022, the Czech Chamber of Deputies approved an amendment to the act on significant market power in the third reading, which will result in higher market transparency and better inspections of unfair business practices. This information was provided by the Czech Ministry of Agriculture (MZe). The new act would mainly help farmers and food producers. The biggest change is in the act’s expanded applicability. Until now, it only applied to large corporations with an annual turnover of over CZK 5bn; now, it will also apply to firms with a turnover above CZK 51m. If a customer uses any illegal practice towards their suppliers, they can be fined up to CZK 10m or up to 10% of their net turnover. Agriculture Minister Zdeněk Nekula (KDU-ČSL) added that abuse of significant market power would now apply to more than 800 companies.



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