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Bulgaria To Set Up Mega-Authority in charge of Antitrust Supervision

Business | March 28, 2014, Friday // 12:53| Views: 1169 | Comments: 0
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Bulgaria: Bulgaria To Set Up Mega-Authority in charge of Antitrust Supervision Yordan Tsonev, MP from liberal party DPS and Chair of the parliamentary budget committee, photo by BGNES

After boosting consumer protection laws, Bulgaria's government will focus on strengthening regulatory bodies, according to Yordan Tsonev, MP from liberal party DPS.

In a Friday interview for Nova TV, Tsonev explained that the first step would be to increase the capacity of the Commission for Protection of Competition and make it more powerful.

He informed that the government planned to establish a mega-authority in charge of anti-trust supervision, adding that the draft legal changes were ready and the coordination process with the European Commission was underway.

"Very often consumer protection goes hand in hand with anti-trust measures," the MP from liberal party Movement for Rights and Freedoms (DPS) noted, according to reports of investor.bg.

He announced that the law on fast loans was ready and was being coordinated with the Bulgarian National Bank (BNB), adding that what remained was for the Finance Ministry to come up with a pronouncement on it.

Tsonev predicted that the law on fast loans would enter Parliament by the end of next week at the latest.

He informed that the law would not apply to contracts already concluded.

Tsonev said that the Parliament was to decide on a proposal to apply retroactively the abolition of the early repayment charge.

Tsonev, Chair of the parliamentary budget committee, made clear that there were different opinions on the matter, stressing that banks were adamant that it would bring chaos and confusion into the system as they planned revenues according to the contracts already concluded.

The MP from DPS declared that hundreds of thousands of contracts were expected be signed under the new terms in 2014.

Tsonev snubbed attempts to dismiss the legal amendments as unimportant just because they would not apply to contracts already concluded.

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Tags: Yordan Tsonev, DPS, Movement for Rights and Freedoms, anti-trust, Commission for Protection of Competition, fast loans, Bulgarian National Bank, BNB, European Commission
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