The Italian Competition Authority imposes the national banks association to withdraw its interpretative circular relating to the new provisions on the unilateral changes of banking contractual conditions (ABI)

On 14 September 2006, the Italian Antitrust Authority (the “Authority”) started an in depth investigation (the “Decision”) to ascertain whether the circular, distributed by the Italian Banks Association (“ABI”) on 7 August 2006, and dealing with the application of new rules on unilateral changes to the contractual conditions governing current accounts (art. 10 of the law dated August 4, 2006 n° 248, “New Banking Law Provision”), may constitute an anti-competitive agreement in breach of Article 81 of the EC Treaty which may cause damage to competition. The Authority has also decided to apply its new powers set out in art. 14-bis of the law 287/90 (as recently amended by law 248/2006) and obliges ABI, as a precautionary measure, to suspend immediately the Circular which risks causing serious and

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Luciano Vasques, Annalisa Luciani, The Italian Competition Authority imposes the national banks association to withdraw its interpretative circular relating to the new provisions on the unilateral changes of banking contractual conditions (ABI), 14 September 2006, e-Competitions Interim measures, Art. N° 12434

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