Bogdan Chiri]oiu, chairman of the Competition Council, has on his desk the first self-denunciation of a company in the institution's 14 years of existence and is preparing to give a verdict in the investigation involving the mandatory private pensions market, where there are suspicions of illegal agreements between players.
A few weeks ago, the Competition Council had its first case of clemency, following a company that denounced itself, admitting to its anti-competition practices and supplied information on its illegal agreements with other players. Chiri]oiu did not wish to provide more details on the case, merely specifying that the results of the inquiry would reveal the name of the company that asked for clemency.
Clemency is a EU practice allowing companies that report their own illegal practices to get the fine reduced. In some cases, the reduction in the fine can exceed 50%.
Why do companies end up confessing to the Competition Council? "Many cases are prompted by changes at the helm of a company: a new manager, who uncovers the illegal practices of their predecessor, and wants to resolve the problem by self-denunciation."
As far as inquiries are concerned, the Competition Council could give its verdict on the investigation of the private pensions market in August, after it receives the points of view of the European Commission on the matter.
The inquiry was prompted by the fact that all mandatory private pension funds on the market decided to go for the maximum management commissions allowed under the law, of 2.5% of contributions, with the CC seeking to find out if there were agreements between companies to keep commissions at this level. The funds currently have 5 million clients and emerged on the market in 2007, when the private pension system was introduced.
The most important Competition Council inquiries are u
