The legal importance of the regulation No. 17. of the European Economic Community

The importance of the Regulation No. 17. of the European Economic Community adopted in 1962 came to light only in the early 1990s. It did not create a set of rules that could be applied without exception in practice, but there was the fact that the formulation of detailed rights, obligations and responsibilities borne by participants in the European market was done. The basis of the legislative framework on which this Regulation is based refers to defining the terms and conditions of business which must be respected on the market of today's European Union, the rights of the Member States and third parties in the process of investigation of abuse of office, the ceilings for the violation committed, the institutionalized mechanism in relation to national levels, the conditions under which there are allowed the exemptions from the application of the sanctions through a competition policy as well as the Commission's research power in a practical application of competition law.