Combating unfair competition

In Russia, unfair competition is prohibited by law. The very notion of unfair competition includes the following components: spreading false, inaccurate or distorted information* capable of damaging the financial interests or reputation of another economic structure.

It is also against the law to mislead* consumers about the nature, methods and place of production, the consumer properties and quality of a commodity*. Besides, the relevant law* covers such vital issues as the protection of commercial secrets and intellectual property. So, several years ago there was set up a federal antimonopoly body.

While promoting the development of market relations, the federal antimonopoly body takes steps against unfair competition. It can give orders, obligatory for execution*, to transactor units* on their termination of breaches* of the antimonopoly legislation.

The federal antimonopoly body gets a lot of support from its territorial agencies which have a direct access* to the executive and governmental bodies of the subjects of the Russian Federation. These bodies are able to respond promptly and efficiently to any actions leading to unfair competition. But it is the federal anti-monopoly body that submits to the government proposals for improving antimonopoly legislation and its practical application. This body also presents judgments on draft laws and other regulations.

Combating unfair competition is an extremely complicated kind of legal activities. Therefore, Russia needs a new breed of lawyers who could analize not only the legal aspects of business but also its economic and financial fundamentals. These experts are supposed to work out such laws that would help Russia's economy develop successfully.

Notes

distorted information — искаженная информация

mislead — вводить в заблуждение

quality of a commodity - качество товара

relevant law — соответствующий (имеющий отношение закон)

execution — выполнение, исполнение

transactor units - подразделения, совершающие сделки

breach — нарушение

direct access — прямой выход