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A competition regulator is the institution that oversees the functioning of the markets. And the Law in which it takes cognizance of situations having any type of impediments and distortions on the markets and correct them is the
competition law Competition law is a law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its environment, is ...
(also known as anti-trust law). In general it is an
government agency A government or state agency, sometimes an appointed commission, is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an Administration ...
, typically a
statutory authority A statutory authority is a body set up by law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced ...
, sometimes called an economic regulator, that regulates and enforces
competition law Competition law is a law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its environment, is ...
s and may sometimes also enforce
consumer protection Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace A market, or marketplace, is a location where people regularly go to gather for the purchase ...
laws. In addition to such agencies, there is often another body responsible for formulating
competition policy Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as ''anti-monopoly A ...
. Many nations implement competition laws, and there is general agreement on acceptable standards of behaviour. The degree to which countries enforce their competition policy varies substantially. Competition regulators may also regulate certain aspects of
mergers and acquisitions In corporate finance Corporate finance is the area of finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money a ...
and
business allianceA business alliance is an agreement between businesses, usually motivated by cost reduction Cost reduction is the process used by companies to reduce their cost In production, research Research is "creativity, creative and systematic work ...
s and regulate or prohibit
cartel A cartel is a group of independent market participants who Collusion, collude with each other in order to improve their profits and dominate the market. Cartels are usually associations in the same sphere of business, and thus an alliance of r ...

cartel
s and
monopolies A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none) is as described by Irving Fisher, a market with the "absence of competition", creating a situation whe ...

monopolies
. Other government agencies may have responsibilities in relation to aspects of competition law that affect
companies A company, abbreviated as co., is a legal entity In law, a legal person is any person A person (plural people or persons) is a being that has certain capacities or attributes such as reason, morality, consciousness or self-consciousness ...
(e.g., the registrar of companies). Regulators may form supranational or international alliances like the ECN ( European Competition Network), the ICN (
International Competition Network The International Competition Network is an informal, virtual network that seeks to facilitate cooperation between competition law Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive cond ...
), and the
OECD The Organisation for Economic Co-operation and Development (OECD; french: Organisation de Coopération et de Développement Économiques, OCDE) is an intergovernmental economic organisation with 38 member countries, founded in 1961 to sti ...

OECD
(
Organisation for Economic Co-operation and Development The Organisation for Economic Co-operation and Development (OECD; french: Organisation de Coopération et de Développement Économiques, OCDE) is an intergovernmental economic organisation with 38 member countries, founded in 1961 to sti ...

Organisation for Economic Co-operation and Development
).


List of trade blocs and multinational regulators


List of national regulators


See also

*
Consumer protection Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace A market, or marketplace, is a location where people regularly go to gather for the purchase ...
*
Transparency (market) In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods a ...
*
Transparency (humanities)Transparency, as used in science Science (from the Latin word ''scientia'', meaning "knowledge") is a systematic enterprise that Scientific method, builds and Taxonomy (general), organizes knowledge in the form of Testability, testable explanat ...


References


External links

* {{cite web, url=http://www.ftc.gov/oia/authorities.shtm, title=Competition & Consumer Protection Authorities Worldwide, author=Federal Trade Commission, date=July 24, 2013, author-link=Federal Trade Commission Competition (economics) Anti-competitive practices Imperfect competition Monopoly (economics)