Competition Law at Venezuela
Competition law in Venezuela is governed by legislation aimed at ensuring free and fair competition, preventing monopolistic practices, and protecting consumers in the market.
🏛️ Governing Authority
National Superintendency for the Defense of Socioeconomic Rights (SUNDDE)
The main authority responsible for enforcing competition law and consumer protection.
Oversees investigations, sanctions, and market regulation to promote competition.
📜 Legal Framework
Law on the Defense of Free Competition and the Protection of Consumers and Users (Ley de Defensa de la Libre Competencia y Protección al Consumidor)
Enacted in 2004, this is the principal competition law statute.
Combines competition rules with consumer protection provisions.
Constitution of Venezuela
Provides a constitutional basis for promoting economic freedom and fair competition.
🔍 Key Areas of Regulation
Anti-Competitive Agreements
Prohibits price-fixing, market division, bid rigging, and other cartel behaviors.
Abuse of Dominant Position
Prevents dominant firms from engaging in exclusionary or exploitative conduct.
Merger Control
Requires notification and approval for certain mergers and acquisitions that could reduce competition.
Consumer Protection
Ensures truthful advertising, fair pricing, and product safety.
⚖️ Sanctions and Enforcement
Administrative fines and penalties.
Orders to cease anti-competitive conduct.
Possible confiscation of goods and equipment used in violations.
Criminal sanctions may apply in severe cases.
Private parties may pursue damages claims in courts.
📈 Recent Developments
Enforcement has been challenging due to economic and political instability.
SUNDDE has issued several sanctions against cartels and price-fixing in essential goods sectors.
Continued efforts to strengthen regulatory frameworks and market oversight.
Summary
| Aspect | Venezuela |
|---|---|
| Main Law | Law on the Defense of Free Competition and Consumer Protection (2004) |
| Regulator | National Superintendency for the Defense of Socioeconomic Rights (SUNDDE) |
| Merger Control | Mandatory notification and approval |
| Enforcement | Administrative fines, cease orders, criminal sanctions |
| Focus Areas | Cartels, abuse of dominance, consumer protection |
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