Tanaiste and Enterprise, Trade & Employment Minister Mary Harney today signed the order which will bring the Competition Act 2002 into force.
The new legislation will significantly increase the legal penalties for breaches of competition law and provide greater powers to the Competition Authority.
The authority's remit will also be widened to include the assessment and approval of mergers and takeovers.
Ms Harney said the act represented a major step forward in Irish competition policy. She said the authority was being given real teeth, with fines of up to €4m in operation for price-fixing.
