Competition Authority

The Competition Authority is responsible for the enforcement of the Competition Act, the object of which is to promote effective competition in business activities. The Competition Authority is charged with the task of achieving the objectives of the Competition Act by preventing unreasonable barriers and restrictions on freedom in business operations, preventing harmful oligopoly and restriction of competition and facilitating the access of new competitors to the market.

More precisely, the role of the Competition Authority includes the following:

• To enforce the requirements and prohibitions of the Competition Act and, as applicable, Articles 53 and 54 of the EEA Agreement, and to permit exceptions pursuant to the Competition Act
• To decide on measures to be taken against anti-competitive behaviour of undertakings
• To observe that measures taken by public entities do not restrict competition, and to indicate to the relevant authorities any means by which competition can be made more effective and the entry of new competitors into the market facilitated
• To monitor the development of competition and trade practices in individual Icelandic market sectors and investigate the management and ownership relations between undertakings

The supervisory work of the Competition Authority extends to all forms of business activity, regardless of whether such activity is conducted by individuals, companies, public entities or other parties.

The Competition Authority (isl. Samkeppniseftirlitið) was launched on 1 July 2005, at the time of entry into force of the Competition Act No. 44/2005 (in icelandic). By the same Act, the former Competition Authority (icel. Samkeppnisstofnun) and Competition Council (icel. Samkeppnisráð) were discontinued.

Prior to the entry into force of Act No. 44/2005, the competition authorities were also responsible for supervision of unfair business practices and market transparency. These tasks have now been assigned to the Consumer Agency pursuant to Act No. 57/2005 on the supervision of unfair trade practices and market transparency.