Amendment of Decree No. 1.490/2014 which regulates Competition Law No. 4956/2014

The main amendments set through Decree No. 3,488/2020 are:

i. Any natural or legal person is subject to the duty of collaborating with CONACOM if so required. In this sense, CONACOM may request the submission of data, information and documents, including attending to hearings.

iii. The required information should be submitted within the following 10 business days, term that can be extended once for the same period.

iv. Penalties for failing to meet the duty of collaborating with CONACOM are set in the form of fines amounting between 10 to 300 minimum daily wages (approx. USD 130 to USD 3900, at the current exchange rate), depending on the seriousness of the unfulfillment. Directors or managers who participated in the infringement are subject to the same fines.

v. Penalties are also imposed on officials responsible for public institutions that fail to comply with their duty of collaborating with CONACOM.

vi. In case of persisting in the failure to provide the required information, the CONACOM Board may impose this fine successively until the requirement is met.

vii. Besides the above mentioned penalties, CONACOM may communicate the infringement to the Tax Administration (SET), the Secretariat for the Prevention of Money or Property Laundering (SEPRELAD), the National Directorate of Public Procurement (DNCP), as well as to the respective Regulatory Authorities for financial activities subject of investigation, in order to conduct investigations deemed appropriate within the framework of their respective attributions and competencies.

For additional information, please contact Manuel Arias at and/or Cecilia Vera at