The Government of Venezuela

“ The judicial ordinance of the Cartagena Agreement will apply when restrictive forces are imposed on free competition in the Sub-regional Andean market.
Article 3: For the purposes of this Law, economic freedom is understood as the right of all persons to devote themselves to the economic activity of their choice without any limitations but for those derived by the rights of others and those established by the Constitution and the laws of the Republic.
Economic activity is understood to be every instance of production or sales of goods and services directed towards obtaining economic gains. ”

“ Control means the possibility that one person has of exercising a decisive influence on the activities of one of the persons subject to this Law, be it either through the exercise of property rights or by the use of all or part of the assets of that person, or through the exercise of rights or contracts that permit a decisive influence on the membership, deliberations, or decisions of the bodies of said person or on their activities. ”

“ Economic concentrations are prohibited, especially if they arise from the exercise of a single activity, when as a consequence of this activity free competition is restricted or a situation of dominance results in the market or in any part of the market. ”

“ An official will disqualify himself if commissioned to investigate firms or persons, if that would involve, in any way, a conflict of interest, or if his spouse or any of his relatives to the fourth degree of consanguinity or second degree of affinity are employed by the firms or persons. The framework of incompatibility spelled out in Chapter II of the Organic Law of Administrative Procedures will also be applied.
CHAPTER II Its Powers Article 29: The Superintendency shall be responsible for monitoring and controlling the practices that impede or restrict free competition. ”

“ Contracts between persons subject to this Law, are prohibited insofar as they set prices and contractual terms for the sale of goods or provision of services to third parties, and are intended to have, or have, or may have the effect of restricting, falsifying, limiting or impeding competition in all or part of the market. ”

“ CHAPTER II Regulated Activities SECTION I General Prohibition Article 5: Conduct, practices, agreements, conventions, contracts, or decisions that impede, restrict, falsify, or limit free competition are prohibited.
SECTION II Specific Provisions Article 6: Acts or conduct of agents not specifically protected by Law, that willfully impede or obstruct the entry or exit of firms, goods or services into any or all areas of the market are prohibited.
Article 7: Prohibited are all actions designed to restrict free competition, induce third parties to refuse to supply goods or services ”

“ Legal action to recover payments improperly made as monetary penalties shall become barred by statute of limitations by an equal period of four (4) years.
Article 47: When the person penalized does not pay the fine within the period indicated in the only separate paragraph of Article 43, action shall be taken in conformity with the procedure for the imposition of taxes and charges payable as spelled out in the Code of Civil Procedure.
For this purpose, the terms of payment for the fines issued in conformity with this Title shall become documents proving the plaintiff's right of execution. ”

“ When the dominant position is derived from the Law, entities in this position shall be subject to the provisions of this Law unless specific conditions stipulated by the appropriate regulatory bodies dictate otherwise, as in conformity with Article 97 of the Constitution.
SECTION III Unfair Competition Article 17: The development of commercial policies which tend to eliminate competitors through unfair methods of competition are prohibited; especially in the following cases:
1o Misleading or false advertising directed to impede or limit free competition. ”

“ All persons and firms conducting business in the country, public and private, Venezuelan and alien, must furnish the information and documentation required of them by the office of the Superintendency. ”

“ Article 10: Agreements, decisions, collective recommendations or concerted activities are prohibited if they:
1o Fix, directly or indirectly, prices or other conditions essential to the sale or provision of goods or services;
2o Limit production, distribution, and the technical or technological development of investments;
3o Divide markets, geographical areas, supply sectors, or supply sources between competitors ”

“ Employees of the Superintendency who have investigated a firm, will not be able to work for said firm or any other firm with which that firm has a shareholder relationship, direct1y or indirectly, for one year following the investigation. ”

“ This work is excerpted from an official document of the United Nations. The policy of this organisation is to keep most of its documents in the public domain in order to disseminate "as widely as possible the ideas (contained) in the United Nations Publications". ”

“ These fines may be raised by fifty percent (50%) of the original amount for non-payment. Article 52: All violations of this Law and its regulations not specifically penalized shall be punished by a fine of up to three million Bolivars (Bs. 3,000,000.00) depending on the gravity of the offense, as judged by the Superintendent. ”