Barbados has been making significant progress in its efforts towards removing major longstanding cultural, social and economic problems. The Barbadian economy has long suffered from under-development particularly in financial and credit markets. The enactment of a new competition law and the establishment of a new competition authority have been part of a wider effort to enhance technical and business knowledge, protect consumers and improve enterprise and productivity.

Relevant legislation and statutory standards

Mergers are regulated under section 20 of the Fair Competition Act 2002–2019 (Chapter 326C) (FCA2002 or ‘the Act’) which prohibits any relevant merger unless specifically pre-approved by the Fair Trading Commission. The law therefore requires prior notification and approval for all mergers satisfying certain size thresholds.

Decision-making bodies and enforcement authority(ies)

The Fair Trading Commission (‘the Commission’) is an independent body – created on 2 January 2001 pursuant to section 3 of the Fair Trading Commission Act (CAP. 326B) – responsible for assessing and investigating mergers in Barbados and determining whether they comply with the terms of the FCA2002. The Commission may also direct that a given merger be subject to an assessment by it. Its responsibilities under the Act include the following:

• promotion and maintenance of fair competition;

• investigating the conduct of trade to prevent practices contravening the Act;

• review of commercial activities to ensure prevention or termination of practices adverse to the interests of consumers;

• taking necessary action to prevent abuse of a dominant position, eliminate anti-competitive agreements and control mergers;

• advising the Minister responsible for Commerce and Consumer Affairs on matters of operation of the Act;

• other functions required to give effect to the Act.