The Fair Competition Act (FCA) was enacted in November 2009 and came into operation on the 5th April 2010 to ensure that the benefits of the competition process in Seychelles are unhindered by anti-competitive activity. The objectives of the Act are:
- To promote, maintain and encourage competition
- To prohibit the prevention, restriction or distortion of competition and abuse of dominant positions in trade
- To ensure that enterprises irrespective of size, have the opportunity to participate equitably in the market place
The Law applies to all individuals and businesses, trade and professional associations, and the State and public bodies insofar as they are carrying on commercial activities. In general terms, the Competition Act outlaws any agreements, business practices and conduct which have a damaging effect on competition in Seychelles.
More specifically, the Law prohibits:
- Arrangements between undertakings that hinder competition, or are intended to do so e.g. agreeing to fix prices, cartel agreements, or bid rigging; the abuse by one or more undertakings of a dominant position in a market ; and certain mergers and acquisitions, unless the prior approval is obtained from the FTC.