Directors' responsibilities for competition law infringement - new UK guidance
06 July 2011Antitrust, Competition and Economic Regulation Alert
At the end of June, the UK's Office of Fair Trading (OFT) published its final guidance on how it will assess the extent of an individual director's responsibility for infringements of competition law. The guidance makes clear that there is no room for complacency in competition law compliance programmes. All directors must understand the principles of competition law, demonstrate a commitment to competition law compliance, ensure their organisation is taking steps to identify and to assess the exposure to competition law risks, and put in place appropriate steps to mitigate those risks. Senior directors of large companies should take particular note as the guidelines set out the standards expected of them so that they may limit the risk of their own disqualification as a director for infringements that they are unaware of but ought to have known about.
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