Certain rules and regulations related to the commercial domain Essay

Certain rules and regulations related to the commercial domain - Essay Example This study looks into law as ‘the rule that the society will enforce’. The notion of law has been used by several aspects like economic activities, such as production and consumption, social activities, such as social integration and relationship, but the most important aspect is related to the business or the commercial activities. In this context the notion of business law has been used. The role of the competition commission where the person is working can be described by the Competition Act that has been introduced in 1998 under the UK law act. The competition commission is a member body of the ‘competition and regulatory responsibilities under UK law’. The competition commission is part of the competition law of the UK. The competition commission is public body that is characterised as a non-departmental organisation. The commission was started as an independent body by the act of 1998 by replacing the ‘Monopolies and Mergers Commission’ on 1999. The commission is aimed at conducting in-detail investigations into: †¢ Mergers (which are either anticipated or completed), †¢ Markets (which is related to the scale monopolies and monopoly practices) †¢ Regulations (including price regulations and industry regulations etc.). These are the major roles of the commission where the person works as a trainee. The role of the commission is to investigate those above mentioned practices and activities and to refer these investigations to the Office of Fair Trade (OFT). The commission cannot initiate any investigation unless it receives reference by another authority. The commission is responsible for taking decisions regarding the mergers and market and for providing remedial measures to industries. These remedial measures are related to the adverse effects which are or can be obtained by mergers and consumers or producers in the market. After completing its investigation the commission produces a report regarding the investigation and its associated results and submits this to the concerned authority and hence, provides remedial measures or decisions (Competition Commission: General Advice and Information, 2006, p.7). The commission conducted a study on â€Å"Public Enterprises, Government Policy and Impact on Competition: Indian Petroleum Industry† on reference by Indicus Analytics Pvt. Ltd. The objective of the study was to examine the nature of competition in Petroleum Refining. The study showed that there is monopoly in the domestic market and suggested that to introduce competition in the market, it is necessary to lift restrictions on imports (Public Enterprises, Government Policy and Impact on Competition:  Indian Petroleum Industry, 2009) Under the Competition Act 1998, 50 public schools were fined for fee fixing by OFT. These schools include Eton and Harrow. Each school was ordered to pay a fine of ? 10000. Around 40000 students who attended between 2001 and 2004 were supposed to beneficiaries (Smithers, 2006). 2. What are monopolies, mergers and cartels? Monopolies, mergers and cartels are the form of economic organisations where one or very few producers produce homogeneous products. A monopoly is defined as the market structure where only one producer or firm produces and supplies a particular product to all the customers of that product. In the UK market for postal service, the Royal Mail had a 350