The Romanian Competition Council fines for client sharing agreements 14 administrators of mandatory pensions funds, applying for the first time both Art. 101(1) TFUE and national mirror provision (Pension Funds administrators case)

On 16 September 2010 the Romanian Competition Council (the “Council”) published Decision n° 39/07.09.2010 sanctioning almost all the players in the Romanian market for private administration of mandatory pensions funds (14 out of 18 players active on the market) for a client sharing cartel (the “Decision”). It is the first decision in which the Council applies both article 5(1) of the Competition Law n° 21/1996 (the “Competition Law”) and article 101(1) of the Treaty on the Functioning of the European Union (“TFUE”) while sanctioning agreements between undertakings on the Romanian market. Background The Romanian pension system is structured on 3 pillars, all of them regulated by law. The 1st Pillar is managed by the State and is mandatory for every individual irrespective of citizenship which

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Authors

  • Peli Filip (Bucharest)
  • Peli Filip (Bucharest)

Quotation

Carmen Peli, Manuela Lupeanu, The Romanian Competition Council fines for client sharing agreements 14 administrators of mandatory pensions funds, applying for the first time both Art. 101(1) TFUE and national mirror provision (Pension Funds administrators case), 7 September 2010, e-Competitions Bulletin September 2010, Art. N° 32663

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