Today, 1. myear, is 20 years old since competition law came into force in Iceland. The Competition Act was first passed by the Althingi on 25 February 1993 and subsequently assented to by President Vigdís Finnbogadóttir on Monday, 1 March 1993, when it came into force.
The Competition Act was enacted, among other things. in connection with the making agreementsins on the European Economic Area but The Icelanders approved the law on the agreement in January 1993. When the Competition Act came into force, the Price Authority and the Price Council were abolished, but the Competition Authority and the Competition Council were established. Georg Ólafsson, who had served as price controller, was appointed director of the Competition Authority. The Competition Act has been amended several times since it first came into force.. The most significant was the change that came into effect on 1 July 2005. The Competition Authority was abolished, and its functions were transferred, on the one hand, to the Competition Commission and, on the other, to the Consumer Authority. The Competition Authority has since enforced competition law and has Páll Gunnar Pálsson Be Director of the Supervisory Authority since its foundation.
The supervisory authority currently has 24 staff members, including lawyers, economists, business administrators and other specialists. The authority's tasks are varied, but its main projects can be found on this page. here.
