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      Archive: 12/9/2013
      23:29
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      News Brief

        12/9/2013, Tevet 6, 5774

      Anti-Monopoly Law Passed by the Knesset


      The Knesset on Monday night approved on its second and third reading a law that will require fair competition in all government contracts and activities, and an end to the phenomenon where a single individual can own several “levels” of holding companies, effectively gaining strong control over wide swaths of the economy.

      In addition, the law requires banks and other large financial institutions to sell off their interests in companies that have a strong impact on consumers, such as supermarkets, cellphone companies, construction companies, etc. The law also requires that the public be involved in the selection of boards of directors of public corporations. Government agencies will have to ensure that the companies they work with are in compliance with the law before a project begins.