General Directorate for Competition
The Directorate General for Competition (English Directorate-General for Competition , DG COMP ) is part of the European Commission . Its current general manager is Olivier Guersent . As the EU Competition Commissioner, Margrethe Vestager is currently responsible for this Directorate General. COMP has around 900 employees.
Directorates
The Directorate-General for Competition is divided into the following directorates, each of which is responsible for its own area:
- Directorate A: Policy and Strategy
- Directorate B: Market surveillance for energy and the environment
- Directorate C: Market surveillance for information technology , communication and media
- Directorate D: Market surveillance for financial services
- Directorate E: Market surveillance for industry and agriculture
- Directorate F: Market surveillance for transport and postal services
- Directorate G: Cartels
- Directorate H: State aid and concessions
Working method
The Directorate General for Competition has the task of enforcing the EU competition rules of the Treaty on the Functioning of the European Union on behalf of the EU Commission. The aim is to enable all companies to find fair and equitable conditions for competition in the European internal market. In the case of mergers and state aid, the COMP checks whether the EU competition rules are violated or, especially in the case of mergers, whether competition is severely restricted by the transactions. When the COMP detects an offense in the process, it can prohibit the operation or suggest remedies, as in the acquisition of the telecommunications provider E-Plus by Telefónica has happened in Germany. The information on companies and balance sheets must be kept strictly confidential according to the rules of the Commission. Once a year, COMP informs the European Parliament about current activities and upcoming programs.
Detected cartels
In 2013, COMP made a significant contribution to uncovering the LIBOR scandal , in which a group of banks manipulated various reference interest rates . The cartel was active between 2005 and 2010. Proceedings have been initiated against Deutsche Bank , Barclays , Royal Bank of Scotland , Société Générale , Crédit Agricole , HSBC and JPMorgan .
Also in 2013, a cartel was uncovered that influenced the yen interest rate derivatives. According to the annual report of COMP, this cartel was active from 2007 to 2010. The banks UBS , Deutsche Bank, Citigroup and JPMorgan, as well as the brokerage company RP Martin were involved . Proceedings have also been initiated against the International Partnership for Emissions Trading (ICAP).
Furthermore, a cartel of automotive suppliers was discovered in 2013, in which the companies Sumitomo, Yazaki, Furukawa, SY Systems Technologies and Leoni agreed on the prices of cable harnesses. In total, these five companies were held accountable with a total fine of € 141.8 million.
