Parliament Passes Amendments to Competition Protection Act
Bulgaria's Parliament passed at second reading amendments to the Competition Protection Act regarding the large retail chains, reports Dnevnik.bg.
The amendments will regulate the business relations between the large retail chains and the suppliers and will impose a number of restrictions on the chains.
They also introduce the term “stronger negotiating position”. The abuse of such position, according to the new rules, will bring a fine of up to 10% of the retail chain turnover, generated by the product or service in question. The amendments will force the retailers to offer to their suppliers uniform contracts, subject to approval by the Competition Protection Commission (CPC).
The amendments have been harshly criticized in a World Bank report, ordered by the Government, the retailers and EuroCommerce. According to them, the new rules will lead to higher food prices and damages to the local suppliers.
According to the MPs who tabled the amendments, however, they will better protect the interests of the local suppliers and producers.
- » 1438 Square Meters of Concrete were Removed from the Seaside of Sunny Beach Resort
- » Bulgaria’s Q4 Household Spending Rises 13%
- » Environment Minister Signs Contracts for Construction of Waste Handling Plants
- » UK to Seek EU Mutual Recognition Deal For Financial Services
- » Bitcoin is Currently over $10,000
- » Liza Minnelli Auctions Cabaret Outfit in Huge 'Downsizing' Sale