Exactly 20 years ago, on 1 July 2005, the Competition Authority began its operations in its current form. Prior to that, from the enactment of the Competition Act 1993, the Competition Authority and the Competition Council had been responsible for the enforcement of competition law, as well as for monitoring unfair business practices and market transparency.
The 2005 changes were aimed at Strengthen competition oversight, in particular by separating competition law from consumer protection and thereby clarifying the focus of competition law. Also, administration competition authority simplified.
Since the Competition Authority was established, it has taken various measures to strengthen competition in markets. The Authority has run about five thousand Administrative law, of which decisions have been published on the website for around 850 cases, while most other cases were concluded by letters. The total administrative fines paid into the state treasury for breaches of competition law and the regulator's decisions amounted at the end of the last year to almost 19 billion króna, at 2024 prices. On the other hand Competition-restricting mergers have been invalid and about 100 mergers set Conditions to prevent the competition-limiting effects of mergers.
The supervisory authority's solutions are regularly put to the test. Appeals Authority for Competition and courts. During the supervisory authority's term of office, the following have been in force 150 Decisions of the appeal board, nearly 50 Reviews in the district court, about tens judgments in the Court of Appeal and nearly 40 Supreme Court judgements.
The Competition Authority has also directed on nearly three hundred reviews to the government on bills and government regulations and put forward a local approach 100 formal recommendations to the government on various measures to strengthen competition. This does not include various informal contacts with the government on the same subject. The Competition Authority has also issued around 70 reports of various kinds.
The Competition Authority publishes an annually updated assessment of the estimated benefits of its interventions over the past decade. The estimated benefits of interventions in the years 2015–2024 amounted to 0,29-0,48% of gross domestic product over the period, or amounting to 18-29-hidden financial contributions to the institution during the period. The calculated benefit was on average 11.6-19.1 million square metres. per year, at 2024 prices.
„There are both challenging and exciting times ahead for the business world, both at home and abroad. Experience shows us that the nations which fare best are those that create a strong foundation for their business life, where active competition is prioritised. In such circumstances, companies compete to offer the best possible products and services at the most favourable prices, based on innovation and enterprise. The priorities of the Competition Authority going forward will, by its very nature, be based on this.“.
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