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Press Release – Commerce Commission
Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today.
Cartel conduct includes price fixing, market allocation and bid rigging (see Background below).
The financial penalties for cartel conduct were already significant: individuals can be fined up to $500,000 and companies can be fined up to $10 million, three times commercial gain or 10% of turnover per year per breach. Now, businesses and individuals can be liable for criminal conviction and individuals convicted of engaging in cartel conduct could face a term of imprisonment.
iTWire Thursday, 08 April 2021 12:02 NZ enforcement agency gets tougher, with cartels now facing jail time Featured
New Zealand’s competition enforcement agency has got tougher on the country’s cartels, with cartel conduct - including price fixing, market allocation and bid rigging - now punishable with a term of imprisonment of up to 7 years.
The criminalisation of cartel conduct by The Commerce Commission comes after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect on Thursday.
The financial penalties for cartel conduct were already significant and individuals can be fined up to $500,000 and companies can be fined up to $10 million - three times commercial gain or 10% of turnover per year per breach.
Friday, 9 April 2021, 9:21 am
The Commerce Commission has issued its revised cartel
leniency and immunity policy and revised template
leniency agreement.
The cartel leniency and immunity
policy has been updated to reflect changes to the
Commission’s cartel leniency policy resulting from the
introduction of the new criminal cartel offence which came
into effect on 8 April.
“The Commission will
continue to consider applications for leniency in relation
to civil proceedings for cartel conduct. However, only the
Solicitor-General can grant immunity from criminal
prosecution. Our updated Cartel Leniency and Immunity Policy
explains how the Commission will continue to grant leniency
in respect of civil proceedings, and how it will make
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