Engage in Learning launches an e-learning course on Competition Law
Competition law - otherwise known as antitrust law in the United States of America and anti-monopoly law in China and Russia - promotes or seeks to maintain market competition by regulating companies' anti-competitive conduct. Chris Horseman, Engage in Learning (EIL)'s Managing Director, commented, "Competition law aims to keep the keep businesses honest and protect businesses - small and large - from unfair practices.
"This isn't new," he added. "There was competition law in effect during the days of the Roman Empire. For example, we know that, to protect the grain trade, around 50BCE, heavy fines were imposed on anyone stopping supply ships."
Focusing on current UK legislation, the EIL e-learning course features the provisions of the Competition Act 1998 and the Enterprise Act 2002. It defines key terms, such as 'cartel' and 'anti-competitive agreements', as well as exploring such issues as price fixing and market sharing.
Among other things, it indicates how easy it is to break competition law unknowingly - and stresses that the resulting penalties are substantial. Individuals can face fines, imprisonment, and other penalties.
"In law, all businesses - whatever their legal status, size or sector - must comply with competition law," said Chris Horseman. "Non-compliance can mean serious consequences for businesses and individuals."
Businesses breaching competition law can be fined up to ten per cent of their annual worldwide turnover and ordered to change their behaviour. Third parties may claim damages against a business, and individuals may have assets confiscated under the Proceeds of Crime Act 2002.
Individuals who engage in cartel activity may face criminal prosecution. Conviction carries a fine and/or a maximum sentence of five years imprisonment.
Company directors who fall foul of competition law can be disqualified from managing a company for up to 15 years. In addition, reputational damage – to individuals and organisations - can be significant and long lasting.
The EIL e-learning course on competition law explores six key areas - dividing up and sharing markets; bid-rigging and discussing tenders; price fixing; abusing a dominant market position; forcing retailers to sell at a certain price, and sharing sensitive commercial information. It goes on to outline a four-step competition law compliance process – and explains how to report any concerns.
According to EIL's Marketing Manager, Kate Carter, "As with all EIL e-learning courses, the Competition Law course is highly interactive, with easy-to-use bite-sized modules. Learner engagement is encouraged through the course's quizzes and virtual scenarios."
"Complying with competition law makes business sense," stated Chris Horseman. "If managers show - by their words and deeds – that they're committed to complying with the law, it reinforces a compliance culture in their organisation.
"Moreover, if the organisation puts in place effective policies, procedures and processes – including using the EIL competition law e-learning course in its learning and development activities - it should reduce the risk of a breach of that law. This should save money by avoiding the risk of fines and significant damage to an organisation's reputation."
For further details of EIL's Competition Law e-learning materials, visit: https://www.engageinlearning.com/
For further details of EIL's e-learning materials, visit: https://www.engageinlearning.com/
About Engage in Learning
A UK-based supplier of eLearning courses and solutions focusing on helping organisations improve their safety, compliance and performance, Engage in Learning provides engaging and affordable learning that's practical and effective in an organisational setting.
Further information from:
Kate Carter, Engage in Learning, +44 (0) 203 876 2991, email@example.com
Bob Little, Bob Little Press & PR, +44 (0)1727 860405, firstname.lastname@example.org
Engage in Learning