8. Regulation of Business Flashcards
1
Q
How do businesses respond to regulation
A
Entrenchment of a particular practice (nil or non-response)
Mere compliance
Full compliance
Innovation
2
Q
Regulatory compliance
A
Systems or department in businesses which ensure that people are aware of and take steps to comply with relevant laws and regulations
3
Q
What does the Competition Act 1998 prohibit?
A
Agreements, business practices and conduct that damage competition, namely:
Anti-competitive agreements (chapter 1 of the act)
Abuse of a dominant position (chapter 2)
4
Q
What does the Enterprise Act 2002 make a criminal offence?
A
Cartel activity
5
Q
What is the government body that promotes effective competition?
A
The Competition and Markets Authority (CMA)
6
Q
A
