A consultation has been launched on proposed changes to Jersey’s competition framework which are intended to support business innovation and growth, keep prices down, and look after consumer interests.
The key proposed changes to the Competition (Jersey) Law 2005 (the Competition Law) include:
- a revised framework for the control of mergers and acquisitions to reduce, wherever possible, the administrative burden for businesses and to enable the Jersey Competition Regulatory Authority (the JCRA) to better focus resources where they are most needed.
- an enhanced framework for market studies to enable the JCRA to better assess whether local markets are working well for consumers.
- a streamlined resolution process for Competition Law cases, and the creation of a more balanced framework for appeals.
- enhanced JCRA powers to seek director disqualifications, and the introduction of a new criminal offence for cartels.
The Minister with responsibility for competition policy, Deputy Kirsten Morel (pictured), said: “When competition in the market works well, consumers benefit through better products, greater choice and lower prices.
“It is essential for our economy that Jersey maintains an attractive and competitive business climate with a robust, transparent and supportive regulatory regime. This will work to protect Jersey consumers and help reduce the barriers to business, enabling Jersey companies to thrive.
“This consultation comes at a time Islanders are facing an unprecedented rise in their living costs. The increased cost of living affects us all, but particularly those Islanders struggling the most. Therefore, it is now more important than ever that businesses in Jersey feel the pressure of competition to keep their prices down.”
The consultation is open until 21 April 2023 with more information being available on the consultation webpage.