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21 August: Latvia regains independence
3 December: The Law on Competition and Restriction of Monopolies is adopted


1 February: The Law on Competition and Restriction of Monopolies enters into force, and the Department for the Monitoring of Monopolies and Promotion of Competition under the Ministry of Economic Reform commences operations

12 November: The Monopoly Monitoring Committee is formed pursuant to a Council of Ministers decision


18 June: The Competition Law is adopted, thus making a significant step towards bringing together the Latvian regulatory framework of competition monitoring and the policy implemented in this field by the European Union


1 January: The Competition Law takes effect

14 January: The Competition Council is formed by a Cabinet order. Pēteris Vilks is appointed the first Chairperson of the Council


1 January: The Competition Law currently in force takes effect


1 May: As Latvia joins the European Union, the competition legislation of the European Commission becomes directly applicable in Latvia. From this moment on, the Latvian Competition Council is also charged with the effective monitoring of EU internal market rules and integration in the cooperation and information networks of the EU competition monitoring authorities


15 February: Ieva Jaunzeme is appointed the Chairperson of the Competition Council


16 April: Comprehensive amendments to the Competition Law take effect. Some of the more important ones include introducing a special framework to regulate the relations between producers/suppliers and major retailers; the option to terminate a legal dispute by way of an administrative contract


1 January: The Competition Council commences participation in the OECD Competition Committee as an observer. This enables acquisition of international expertise and participation in the shaping of international economic policy

12 February: Skaidrīte Ābrama is appointed the Chairperson of the Competition Council