The Senate, in its plenary session held Monday ,chaired by Counselor Essam Farid, gave final approval to the government’s draft law on protecting competition and preventing monopolistic practices. The session was attended by Counselor Hani Hanna, Minister of Parliamentary Affairs, and Dr. Mahmoud Momtaz, Chairman of the Competition Authority.
The law, referred from the House of Representatives, aims to strengthen the powers of the Competition Authority and provide it with more effective enforcement tools. Key among these is the introduction of administrative financial penalties on corporate entities, enabling swift responses to market distortions and ensuring deterrence without relying solely on criminal proceedings.
Minister Hani Hanna described the legislation as a strategic step that reflects the state’s commitment to constitutional provisions guaranteeing the independence of regulatory bodies. He emphasized that the law strikes a careful balance between safeguarding economic freedom and investment, as enshrined in Article 27 of the Constitution, and the state’s duty to prevent monopolistic practices.
The law dedicates a full chapter to regulating the status of Competition Authority members, ensuring impartiality and independence in their oversight role. It also sets conditions for exemptions from certain restrictions if agreements demonstrably achieve economic efficiency that benefits consumers.
Hanna explained that the legislation establishes clear rules for mergers and acquisitions, prohibiting economic concentrations that significantly restrict competition. It also introduces a coordination mechanism with the Financial Regulatory Authority to ensure complementary oversight. Importantly, the law extends its jurisdiction to cover actions committed abroad if they harm competition within the Egyptian market.
The minister stressed that this comprehensive framework is designed to reinforce principles of a disciplined free market, promote a fair competitive environment marked by transparency and equal opportunity, and align with national policies for sustainable development. It seeks to protect both investors and consumers alike.
Senators concluded that the law represents a significant national step forward, enhancing transparency, safeguarding consumer rights, and encouraging investment. Their deliberations ended with unanimous final approval of the Competition Protection and Anti-Monopoly Law.
