Single Market Information Tool (SMIT) – legislation in progress
Single Market Information Tool (SMIT) – legislation in progress
Jul 11, 2017
To improve competition and consumer protection, on the 2nd of May of this year, the European Commission brought forward a ‘compliance package’ with three proposals to ensure this. One of these proposal is the created of a tool known as the “Single Market Information Tool (SMIT).
The SMIT would provide the Commission with powers to request business-related information (such as cost structure or product volumes sold), and to address regulatory and market failures in a more timely and efficient way. Thus ensuring a stronger and fairer protection of competition and the consumer.