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Sunday, January 29, 2023

Legislation to strengthen the transparency and efficiency of the EPA was passed

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The Parliament passed a law to strengthen the transparency and effectiveness of the decisions and powers of the Competition Protection Commission (CPC). 25 MPs voted in favor, while there was also an abstention from EDEK MP Kostis Efstathiou.

The law was formulated following a proposal of the Parliamentary Energy Committee. Among other things, it provides for the publication of the code of ethics which concerns the rules regarding the conflict of interests of the president and the members of the EPA, after its approval by the Parliamentary Committee on Energy, Trade, Industry and Tourism instead of the Minister of Energy, Trade and Industry, as provided for in the existing legislation.

Also included is a ban on the president and members of the EPA to be members of any guild.

It also provides for the submission of the EPA's annual report to the Parliamentary Committee on Energy, Trade, Industry and Tourism, which will include, in addition to the prescribed information , information regarding political and strategic priority issues for the protection of competition for the year in question due to the report and for the next year.

The Parliament also passed regulations to complete the harmonization with the EU directive. The purpose is to ensure effective leniency programs by the competition authorities of the member states, including the EPA, for the companies participating in a secret collusion, meaning that they voluntarily cooperate with the competition authorities of the member states and/or with the European Commission in the context of the relevant investigations they conduct, voluntarily providing valid information that contributes to the disclosure of  illegal collusions and/or cartels.

25 MPs voted in favor of the regulations, while the of Kostis Efstathiou abstained.

Source: www.reporter.com.cy

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