Competition Regulation Committee Holds First 2018 Meeting Discussing Punitive Measures to Address Credit Card Infringement Practices

Government

Competition Regulation Committee Holds First 2018 Meeting Discussing Punitive Measures to Address Credit Card Infringement Practices

The Competitors Regulation Committee organized its initial meeting for 2018 at the Ministry of Economy's Headquarters in Dubai. The conference was led by His Excellency (H.E.) Eng. Mohammed bin Abdul Aziz Al Shehhi, Undersecretary of Economic Matters, Ministry of Economic Situation and Chairman of the Committee, in the presence of other board members. The Competitors Policy Board was established for the Ministry of Economic climate to act as a competition Regulation Committee that controls and applies the UAE Competition Law (Federal Law No. 4 of 2012).

The conference saw the conversation of key subjects that consisted of the transfer to produce healthy and balanced competitors in the UAE and the development of standards and criteria connected to the application of the UAE Competition Law. The conversations also focused on evaluating a number of commercial practices in the local markets; its compliance with particular government stipulations and guidelines and the development of ideal recommendations to assist resolve challenges caused by competitors.

Likewise consisted of in the meeting's program was the conversation of imposing charges made by a number of charge card firms that exist in the UAE.

The committee members also discussed commercial methods of movie companies; the move to belong to the International Competition Network (ICN), a casual, virtual network that looks for to facilitate teamwork in between competition legislation authorities worldwide and the initiatives to promote a culture of healthy and balanced market competitors. The members also evaluated and completely reviewed the provisions and advantages to be obtained from Federal Law No. 4 of 2012.

H.E. Al Shehhi shared that the Competition Regulation Board has actually revealed its eagerness in offering an efficient and helpful setting for industrial establishments to maintain and practice key efficiency, competition and be a lot more consumer concentrated - crucial motorists in the efforts to achieve lasting growth. He included that the Ministry of Economic climate is operating in close teamwork with different economic entities, consisting of the different chambers of business, to make sure conformity with the legislations and legislation governing competition and to prevent concerns that could hinder it.

H.E. Al Shehhi noted that the agenda adhered to for the board's very first conference covered vital issues that the participants examined and examined meticulously since its last meeting held the previous year, specifically concentrating on the concern of charge card monopolies. He stressed that the committee is presently control with numerous companies and entities to learn more and data that could aid them in recognizing the worth of the charges being billed by bank card business from sales generated in retail electrical outlets.

H.E. also verified the committee's commitment in exploring the best ways on ways to control the costs being levied by these charge card companies as well as on the best ways to resolve the monopolies with then application of the UAE Competition Legislation-- which includes sanctions and penalties totaling up to AED 5 million.

The board also reviewed its current initiatives to sign up with the ICN. H.E. Al Shehhi worried on the relevance of preserving solid interaction ties between the committee and the ICN, that includes the seamless sharing of info, publications and experiences; the holding of conferences and execution of activities.

Committee members additionally reviewed the current efforts to promote and distribute a culture of competitors - aiming to raise understanding on the value of healthy competition practices by enlightening individuals regarding the arrangements, applications and advantages of the UAE Competition Legislation.

Lastly, the committee additionally talked about the current techniques of business and facilities running in the film industry, particularly its conformity with legal stipulations covering competition. According to this, H.E. Al Shehhi bought a research on the competition within this sector, which will be utilized as a recommendation and basis for developing regulations and guidelines for the local film industry.