THE competition law needs to be sensitive to the island’s economy when it is finally introduced. The Privy Council is in the process of approving the enabling legislation and Collas Day commercial lawyer Jason Romer said it was important for Guernsey businesses to prepare as much as possible for its introduction.
His comments came at a seminar put on by the law firm for local business leaders.
And Mr Romer said there was still time for businesses to influence the law.
‘From what we understand about the proposals at the moment, they look to be more sensitive and attuned to Guernsey’s economy than has been the case with Jersey’s economy.
‘Their competition law was brought in to reduce prices so they adopted a pretty full-on piece of legislation that was very similar to the UK’s.
‘Guernsey needs to adopt some of those principles but we also need to do it in a way that is slightly more sensitive to the size of our economy.
‘The ordinances will come out for consultation and I think it’s very important the business community speaks up to influence the development of those ordinances that will affect the way the competition law shapes Guernsey’s economy.’
The States agreed to the introduction of the law in July 2006.
‘Only once the ordinances come into force will we be able to see what teeth the law may or may not have. It’s important that the ordinances are sensitive to the Guernsey economy,’ said Mr Romer.
Guest speakers from Monckton Chambers in London were also at the seminar to pass on their expert advice after having had direct experience of competition legislation in Jersey.
Nicholas Paines QC said there were still a lot of decisions to be made about the shape of Guernsey’s law.
‘I’ve got the impression it’s been quite controversial and there will be some vociferous debate about what shape the law should take.
‘People have expressed concerns to me about whether the costs of introducing further regulation will bring concrete benefits for the consumers in terms of lower prices.’
The seminar was free, but audience members and Collas Day made an £800 donation to the Guernsey Cheshire Home.
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