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Thursday, September 19 2019 @ 02:32 am EDT

A newer, more powerful Clicac...

Money Matters

Today the executive Cabinet will approve several reforms, including the changing Law #29 of 1996 that created the Commission of Free  Competition and Subjects of the Consumer (Clicac).  The Commission will now be called the Authority of Consumer Protection in Defense of Competition, and will be able to impose fines of up to $1 million dollars against companies engaging in monopolistic practices.  The organization will also have the power to fine companies up tp $25,000 for infringing consumers rights.  The Authority will also have the power to force companies to pay fines.  In addition, the positions of three commissioners will be eliminated, and in their place will serve a single administrator who will be named to a seven year term. The Authority will be advised by a board of directors and that will establish policy for the organization. This board will be formed by three government ministers (Commerce and Industry, Economy and Finance, and Health) as well as a representative from business and another one representing consumers. http://www.prensa.com/hoy/panorama/509245.html

 

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