The Office of Fair Trading (OFT) is consulting on two guidance documents designed to help businesses and company directors comply with competition law.
One document has been developed for businesses and their advisers and the other for executive and non-executive directors.
The guidance for businesses and their advisers sets out in detail the practical compliance measures that businesses might be able to take and includes a separate quick guide intended to meet the specific needs of small to medium-sized enterprises.
The guidance for company directors is intended to explain the level of understanding of competition law that they are expected to have and steps they should be taking to detect and prevent breaches of the law.
Cavendish Elithorn, the OFT’s senior director of policy, said: “Sanctions for involvement in competition law infringements can be severe for both businesses and individuals, especially directors.
“The OFT is well aware that most businesses and directors wish to comply with competition law. We are keen to help them do so. These guidance documents are intended to set out steps that businesses and company directors can take in order to avoid competition law infringements.”
As the two consultation documents are complementary, interested parties should read both when considering and submitting their views.
Responses to the consultations are due by 21 January 2011.