Competition Law at Bermuda (BOT)
Competition Law in Bermuda (BOT - British Overseas Territory)
Bermuda, as a British Overseas Territory (BOT), has its own legal system, and its competition law is relatively modern. The main legislation governing competition in Bermuda is:
The Bermuda Competition Act 2010
(Implemented fully by 2015)
Key Features:
Competition Commission:
The Bermuda Regulatory Authority (RA) acts as the main body overseeing competition in regulated sectors.
The Bermuda Competition Commission (BCC) was established to enforce the law in non-regulated sectors.
Anti-competitive Agreements:
The law prohibits agreements between businesses that prevent, restrict, or distort competition (e.g., price-fixing, market-sharing).
Both horizontal and vertical agreements are covered.
Abuse of Dominance:
Businesses holding a dominant market position must not abuse it (e.g., through predatory pricing, exclusive dealing).
Merger Control:
Mergers or acquisitions that may substantially lessen competition must be notified to the Competition Commission.
A pre-merger notification regime exists for certain sectors.
Investigative Powers:
The Commission has wide investigative powers, including the right to require documents and conduct interviews.
Penalties:
Significant financial penalties can be imposed for breaches of competition law.
Agreements in violation can be declared void and unenforceable.
Exemptions and Leniency:
Certain exemptions are available, such as for agreements that contribute to improving production/distribution or promoting technical progress.
Leniency programs exist for whistleblowers or businesses that cooperate with investigations.
Bermuda's Unique Context:
Due to Bermuda’s small market size, certain monopolies or dominant positions may naturally exist.
The law balances fostering competition with the realities of operating in a small island economy.
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