On 3 July 2023, the President of Uzbekistan signed the Law No. ЗРУ- 850 “[o]n competition” (the “New Law”), which comes into force on 4 October 2023, replacing the law on competition No. ЗРУ-319 dated 6 January 2012 (the “Old Law”).
The New Law (i) defines new criteria for identifying a dominant market position, (ii) introduces the concept of superior bargaining power, (iii) sets out antimonopoly compliance requirements for certain business entities, (iv) clarifies the requirements for obtaining preliminary consent for certain transactions, and (v) imposes financial sanctions for violations of the New Law.
Antimonopoly Compliance
The New Law introduces the concept of antimonopoly compliance (the “Antimonopoly Compliance”) defining it as an internal control system of organizational procedures designed to enhance competition, ensure compliance of activities with the requirements of the New Law, and identify and prevent the risks of competition law violations.
Antimonopoly Compliance is obligatory and shall be implemented in:
a) State executive bodies (ministries, agencies and committees of Uzbekistan) and other organizations;
b) business entities that hold a dominant position in the commodity or financial markets;
c) legal entities that have: Read more
