Grand Cayman, Cayman Islands – 2 May 2017 – The Utility Regulation and Competition Office (‘OfReg’) advises that it has launched its second public consultation exercise which is open from 1 May 2017 until 1 June 2017 at 5 p.m. The purpose of the consultation is to get the public’s input on the criteria and items of evidence used in defining relevant markets, and in the assessment of Significant Market Power (‘SMP’) (or Dominance) within the Cayman Islands.

Section 44(1) of the Utility Regulation and Competition Law, 2016 (‘URC Law’) sets out that the Office may at any time, determine that a sectoral provider (i.e. an entity operating in the fuels, electricity, telecommunications, water or wastewater sectors) has SMP in a relevant market, and section 44(2) of the URC Law requires the Office to establish and publish criteria relating to the definition of relevant markets in the respective sectors, and against which market power may be assessed, for the purposes of making an SMP determination.

This consultation is very important and relevant for all sectoral providers operating within the fuels, telecommunications, electricity, water and wastewater sectors for which OfReg has responsibility. The proposed Guidelines on the Criteria for the Definition of Relevant Markets and the Assessment of Significant Market Power is meant to assist sectoral providers and other interested parties in understanding how OfReg will apply certain provisions of the URC Law. The proposed Guidelines set out the approach OfReg expects to take with respect to the principles applied in defining relevant markets, and the criteria used in assessing SMP. Following this analysis, OfReg must determine the action it should take, i.e. the imposition, maintenance, amendment or withdrawal, as appropriate, of specific regulatory obligations on sectoral providers designated as having SMP.

The consultation on the proposed Guidelines on the Criteria for the Definition of Relevant Markets and the Assessment of Significant Market Power’ document is now on the OfReg website (www.ofreg.ky), and responses must be made in writing to OfReg via email on [email protected] or by mail at P.O. Box 2502, Grand Cayman KY1- 1104. The Office will post any comments received on its website on 1 June 2017.

For more information about OfReg log on to www.ofreg.ky or call 345.946.4282.