Venezuela: New law on fair costs and prices (price controls)

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A Decree with status of Law on Fair Costs and Prices (hereinafter “LCYPJ” as per its Spanish Acronym) was published in July 2011 in the official Gazette N° 39.715. This Law will enter into effect after 90 business days from the publication date. The objective of this Law is to establish and regulate prices on goods and services in the local market.
The purpose and goals of this Decree-Law will be materialized in the National System of Costs and Prices constituted by the National Superintendence of Costs and Prices (hereinafter the “SUNACOPRE” as per its Spanish Acronym). SUNACOPRE shall establish the standards for the National Registry of Prices of Goods and Services, and willhave overall responsibility to regulate, supervise, control, and monitor prices, and it will also have the authority to establish Maximum Retail Prices (PMVP) or the price range for goods and services, among other activities.