On 23/04/015 the Competition Authority (AdC) opened an infringement procedure against the Association of Specialised Credit Institutions (ASFAC) and its member companies for suspected infringements of competition rules.
The investigation revealed the existence of a system of exchange of sensitive strategic information on products and services in the markets of leasing, ALD, classic credit, revolving credit (revolving) and supplier credit (stock), directly promoted by ASFAC, involving associated companies.
Taking into account the content, the relevance, the level of disaggregation and the target of the information exchanged, the AdC considered that the information exchange system institutionalized by ASFAC could be capable of enhancing a restrictive effect on competition, through a possible reduction of uncertainty in the market, allowing the participants to act in possession of sensitive information of their competitors, as well as the frequent monitoring of their strategic behaviour.
In order to respond to the competition concerns expressed by AdC, ASFAC presented a set of commitments, committing to introduce changes in its information disclosure system, by increasing the age of the individualised data it makes available to its associates, as well as introducing changes to the rules of reciprocity in the collection and disclosure of information.
After a public consultation regarding the content of the commitments submitted, the AdC concluded that it was in a position to accept the commitments presented, making their compliance mandatory for ASFAC, as a way to ensure the application of the rules for the promotion and defence of competition in the market sectors represented by ASFAC.
In October 2017, the AdC Board determined the closure of case PRC/2015/9 upon the acceptance of commitments of the imposition of conditions, pursuant to Article 24(3)(d) of Law No. 19/2012 of 8 May.