Financial Services, Latvia, Legislation, Markets and Companies

"In 2017, the Competition Council made four decisions about prohibited concerted practices, fining 20 companies for a total of EUR 10,116,138," the competition watchdog said.

In addition, warnings were issued to 15 entities for minor prohibited agreements and negotiation procedures were conducted with several other businesses about non-compliance with the principles of fair competition.

The Competition Council said that cartel agreements in public tenders was the main problem in Latvia but last year it had dealt also with two complicated cases of prohibited vertical agreements concerning the fares for passenger transportation services in Riga and the supply of building materials to retailers. In those two cases, EUR 9.7 million in fines were imposed on the offenders.

In 2017, the competition watchdog also took 13 decisions about proposed mergers, in particular in retail trade. Eleven of those mergers were approved as non-harmful to competition but in one case the Competition Council banned Rimi Latvia retail chain from opening a store in the Domina Shopping multi-function shopping center in Riga because it had concluded that the move would seriously harm the competition. It was the first case in the last eight years when the Latvian competition watchdog refused to approve a merger in the retail sector.