Competition Act 1998 (UK)

Receiving Royal Assent on 9 November 1998, the Competition Act 1998 establishes the United Kingdom's primary competition-law framework. Its Chapter I prohibition addresses restrictive agreements between undertakings, such as price-fixing and market-sharing, that may affect trade within the United Kingdom and have the object or effect of preventing, restricting or distorting competition. Its Chapter II prohibition addresses abuse of a dominant market position, covering conduct such as predatory pricing and refusal to supply. The Competition and Markets Authority enforces both, with fines of up to ten percent of annual global turnover per year of violation, up to three years.