Authors: Cătălin Suliman (partner), Silviu Vasile (partner)
The Competition Authority has recently published its 2025 Activity Report, which highlights the extent of its involvement in economic activity and the impact of enforcement measures across sectors of national interest.
The year 2026 is expected to be particularly active for the Competition Authority. Several high‑profile cases — affecting key segments of the economy, including the financial sector — are likely to be finalized in the first half of the year, alongside the initiation of new investigations. In addition, the expiry of the mandates of the members of the Competition Council Plenum will represent a pivotal moment for the future positioning of the authority.
Maintaining a high degree of autonomy and institutional balance will be essential to ensuring economic stability. To enhance the effectiveness of enforcement, the level of fines should be carefully balanced with the use of corrective instruments, such as commitments, in order to avoid disproportionate effects on market players or, in extreme cases, their exit from the market.
The Competition Authority’s role as a constructive dialogue partner for the business community — particularly in the areas of merger control and foreign direct investment (FDI) screening — remains critical. Measures aimed at simplifying administrative procedures and ensuring transparency would have a positive impact on the economy, including by supporting Romania’s attractiveness for investment.
Looking ahead to 2026, expectations also include the development of clearer principles of competitive conduct in key sectors, notably digital markets, banking and finance, food retail, pharmaceuticals, and unfair competition.
From a broader perspective, the Authority has the opportunity to issue more extensive guidance and recommendations, thereby increasing business predictability regarding notification obligations and acceptable market conduct. Finally, sector‑wide screenings are expected to continue, particularly in markets with a significant impact on consumers.
Introductory Remarks
The Competition Authority has recently published its 2025 Activity Report, which illustrates the level of engagement of the Competition Council in economic activity and the effects of its interventions across various sectors. The accompanying data and charts highlight the Authority’s key areas of focus.
Beyond the information already communicated by the Authority, this analysis seeks to anticipate the main competition‑related developments expected in 2026, with a particular focus on the core responsibilities of the Competition Council.
Competition Law Infringement Investigations
There is a notable consistency in both the number of investigations completed and those newly initiated. The Competition Authority remains among the most active competition authorities in the European Union, although it continues to adopt a comparatively stricter approach in certain areas, such as the sanctioning of vertical agreements.
The total value of fines imposed in 2025 is broadly in line with previous years. However, in practical terms, enforcement has become more severe, as leniency and settlement mechanisms were applied in several of the major cases closed during the year.
The Authority’s enforcement priorities remained focused on cartel‑type infringements, public procurement cases, and hardcore vertical restrictions, including resale price maintenance and online sales restrictions.
Outlook for 2026
The first half of 2026 is expected to be particularly intense, with an acceleration in the completion of ongoing investigations and an increased number of sanctioning decisions, many of which are likely to be finalized by June 2026.
The second half of the year is less predictable, given that all mandates of the members of the Competition Council Plenum will have expired by that time. As a result, the future composition and approach of the Plenum remain uncertain.
Several sector inquiries are also expected to be completed in 2026. These may result either in the issuance of best‑practice recommendations or in the initiation of new investigations.
Market feedback will continue to play a significant role in triggering new investigations, whether through formal complaints or informal channels, including the competition whistleblower platform, which has already generated notable enforcement outcomes.
In terms of enforcement priorities, the sectors most likely to be targeted include energy (across its various segments), digital markets, pharmaceuticals, food and agriculture, as well as public procurement related to major development projects, irrespective of whether funding is local or European.
Sanctions
In 2025, the total value of fines imposed by the Competition Council amounted to approximately EUR 70 million, broadly consistent with recent years (excluding exceptional cases involving multinational companies with substantial turnover). Nevertheless, there is a clear trend towards more severe sanctions, reflected in higher base fine levels and a reduced emphasis on mitigating circumstances.
This trend is likely to lead to an increase in litigation, as investigated parties may become less inclined to engage in settlement or acknowledgment procedures — particularly where fines pose a risk to financial stability.
Outlook for 2026
The continued escalation of fines presents certain risks. From a market and consumer welfare perspective, sanctions should primarily have a corrective, rather than purely punitive, function. While the Authority’s success rate before the courts remains high, a significant proportion of fines are ultimately reduced on appeal.
Assessing the performance of the Competition Authority primarily by reference to the aggregate value of fines may be detrimental to the economy, especially where sanctions weaken the market position of key players or reduce incentives for investment and innovation. For smaller undertakings, fines in the range of 4–5% of turnover may negate prior compliance efforts and, in some cases, threaten their viability.
Against this background, a more balanced approach — combining sanctions with dialogue and remedial mechanisms such as commitments — could better address competition concerns while limiting adverse effects on future business activity.
In addition, imposing very short deadlines for acknowledgments or commitments at an early stage of investigations may reduce the likelihood of identifying proportionate solutions with a lower long‑term impact on the companies concerned.
Economic Concentrations and Foreign Direct Investment Control
The year 2025 was particularly active in terms of merger control, with 119 transactions reviewed—a record level in recent years. Notable cases included: (i) the acquisition of the La Cocoș retail chain by the Schwarz Group, which remains under investigation as to its compatibility with competition rules (the first such investigation in eight years); and (ii) the acquisition of Telekom Romania, a complex transaction involving both competition law and national security considerations and requiring extensive commitments across several markets.
Market consolidation is a natural development in an economy such as Romania’s. While the Competition Authority has generally avoided blocking transactions, it has increasingly required complex commitments. In this context, the Authority plays a crucial role in preserving Romania’s competitiveness and attractiveness for investment.
From the perspective of the business community, key expectations include shorter review timelines and greater predictability, without compromising the quality and robustness of competition assessments. It is essential that remedies imposed during merger reviews do not undermine local business models or reduce competitiveness at a regional level.
Outlook for 2026
There is scope for further streamlining the merger review process. Potential improvements include reducing clearance timelines for simplified procedures to one month, initiating discussions on commitments no later than two months after filing, and simplifying internal review and dialogue mechanisms for complex cases. Greater transparency regarding procedural timelines would significantly enhance investor confidence, as uncertainty in this area remains a key factor deterring certain transactions or diverting them to other jurisdictions.
Similar challenges arise in the context of FDI screening, which now formally applies to both non‑EU and EU investors, including Romanian entities. Additional guidance is needed regarding sectors with potential national security implications, as the current tendency to notify virtually all investments creates administrative bottlenecks and reduces predictability. In both 2024 and 2025, the number of FDI reviews exceeded merger control notifications by more than threefold.
Dawn Raids
While the precise number of dawn raids in 2026 is difficult to predict, on‑site inspections are expected to remain a key investigative tool for the Competition Authority. Given the priority assigned to concluding ongoing cases, fewer resources may be allocated to new inspections during the first part of the year.
Unfair Competition
The food sector continues to be subject to heightened scrutiny, particularly in relation to compliance with Law no. 81/2022 on unfair commercial practices in the agricultural and food supply chain. In 2025, enforcement efforts focused on the milk and dairy segments, and further investigations in other areas of the food sector cannot be ruled out.
Judicial Review of Competition Council Decisions
There is an emerging trend of courts partially overturning Competition Authority decisions, a development that should be viewed as a normal and constructive aspect of enforcement. Judicial scrutiny contributes to more robust competition analysis and greater legal certainty.
As fines increase and the incentives for settlement or acknowledgment diminish, the number of appeals is likely to grow. This trend ultimately benefits all market participants, as a body of case law developed by experienced judges will help clarify acceptable market conduct and enhance overall predictability.