The Central Bank of the Comoros regulates and supervise the entire financial sector. The Comoros' financial systems are purely banking, and capital markets are largely undeveloped. There is no stock exchange or primary or secondary market for fixed-income securities.

The purpose of the Competition law is to promote free market forces by controlling or eliminating any practice that has a purpose or an effect that restricts competition.

 In the sectors in which price competition is limited either due to a monopoly or due to long-term supply difficulties, price competition may be regulated. However, the Government may, if necessary, and following the opinion of the National Competition Commission established pursuant to Article 22 of competition law, regulate the prices of goods and services when price competition is limited due to monopolistic market situations or any other structural circumstances resulting in lasting supply difficulties".

Competent authority

 The National Competition Commission is an institution that regulates competition in the Comoros. Regulating competition means not only considering the companies prosperity, but also protecting consumers.

The National Competition Commission is responsible for providing the expertise required by the courts, which may refer disputes relating to competition issues to an advisory committee for a court ruling, and for investigating, monitoring and, where appropriate, prosecuting and punishing anti-competitive practices. The Commission is also charged with issuing an opinion on price regulation measures envisaged by the Government; undertaking any useful action to develop a competition culture within the Union of the Comoros.

Principal legislation

• Law no. 13-014/AU dated 26 December 2013 on competition in the Union of the Comoros,

Decree No 14-015 implementing Law No 13-014 of 2013 on competition in the Union of the Comoros.

Corruption Perception Index rank worldwide for 2022

167

Corruption Perception Index score for 2022

19

Structure of the court system

In Comoros, the Judicial Division is the supreme court for any civil, commercial, social or criminal decisions. This court decides on appeals in any matters against final decisions issued by the courts of competent jurisdiction.

Enforcement of foreign judgments

Decisions issued by foreign courts and documents received by foreign officers are enforceable on national territory.

The judicial system in Comoros are:

• The Supreme Court
• Courts of Appeal
• Assize Courts
• Courts of First Instance
• Cadial Courts
• Labour Courts
• Commercial Courts
• Administrative Courts
• Juvenile Courts