New Taiwan Fair Trade Act Amendments Pack Hefty 40-Fold Antitrust Fine Punch
January 2012
Noah A. Brumfield, Peter J. Carney, J. Mark Gidley, James R.M. Killick, Jacquelyn F. MacLennan, Mark D. Powell, Martin M. Toto, Aya Kobori
DOWNLOAD PDF
In December 2011, Taiwan dramatically increased the stakes for companies doing business in Taiwan. Cartel fines were increased more than 40-fold in Taiwan, and Taiwan became the most recent nation to adopt a full-fledged cartel leniency program. The new fines bring Taiwan into the range of hundreds of millions of US dollars or euros for future cases. The intended result of these two actions is a sharp increase in self-reported cartel conduct to Taiwan's antitrust authorities and a steep escalation in Taiwan's cartel fines. Taiwan thus joins other cartel enforcers in the race to post the steepest governmental fines against alleged cartel conduct.
At the same time, US and European enforcement actions against Taiwan-based firms are at an all-time high. Recently, US and EU competition authorities have both imposed significant penalties on Taiwanese companies. This has included US jail time announced for several Taiwanese executives.
40-Fold+ Increase in Taiwan's Cartel Fines to Hundreds of Millions of Euros or US Dollars
In December 2011, Taiwan's Fair Trade Commission (FTC) released details of amendments to Taiwan's Fair Trade Act and a new whistle-blower leniency program. Notably, Taiwan created a new leniency program to encourage companies to cooperate with the Taiwan FTC in the investigation of cartel activity. The sweeping new cartel law significantly raises fines for companies that violate the law.
This Client Alert is provided for your convenience and does not constitute legal advice. It is prepared for the general information of our clients and other interested persons. This Alert should not be acted upon in any specific situation without appropriate legal advice, and it may include links to websites other than the White & Case website. White & Case LLP has no responsibility for any websites other than its own, and does not endorse the information, content, presentation or accuracy, or make any warranty, express or implied, regarding any other website.
This Client Alert is protected by copyright. Material appearing herein may be reproduced or translated with appropriate credit.
© 2012 White & Case LLP
|