Open Markets Board

The  (: Junta de Mercados Libres, JML) is an agency of the Trade Commission in Ventora. Its purpose is to ensure fairness in the 's free market by preventing monopolistic and predatory practices. It was established in 1899 by the Law for Ensuring Adequate Provision of Goods and Services. The board itself consists of five superintendents who are assisted by a staff of professional economists, statisticians, lawyers, jurists and magistrates, and bureaucrats. JML interprets, administers, applies, and enforces fair trade laws rather than establishing policies in its own right.

Ventora's open market system generally does not allow for so-called anti-dumping tariffs. Instead, the Open Markets Board pursues anti-competitive practices of both domestic and foreign firms through legal actions in the financial courts or its own magistrate tribunals. Businesses and their agents may be fined, imprisoned, or both, if found guilty of unfair or exploitative actions in violation of the laws.

Role
JML's mandate is to safeguard free and fair trade through oversight of business mergers and acquisitions as well as prevention of predatory or exploitive commercial practices. JML also acts to ensure appropriate protections for purchasers of goods and services through assuring adequately competitive markets without deceitful practices.

The law provides for merger and acquisitions management. In this regard, JML denies consolidations and asset purchases that result in market shares exceeding 60%. Furthermore, the board investigates and takes measures against prohibited exclusive dealings and territories actions.

By law, businesses may not engage in predatory or exploitative pricing or require purchase of a good or service contingent on the purchase of another good or service. Businesses also may not prohibit consumers from doing business with other firms nor make the honoring of warranty or guarantee provisions subject to any conditions of sale beyond the initial purchase. Consumers may be required to ensure adequate servicing and maintenance, however. Businesses must not discriminate in pricing among similarly situated customers and transactions and the price of goods or services sold must equal or exceed their cost.

Organization
Superintendents serve 5 year terms but may continue to serve beyond their term's expiry until the seating of their replacement. The regent appoints them with approval of the Grand Council of the Realm. The rest of the staff of the Board are professional career government employees. Valerio Ojeda Raverra is the current Chief Superintendent.

Secretariat
The Secretariat consists of the executive offices of the Board and sees to its guidance, direction, and management. The superintendents set the JML's policies while an Executive Director sees to the management and direction of the divisions.

Combination Division
The Combination Division provides oversight of business entity mergers, acquisitions, and amalgamations to ensure no single entity has an unfair dominance over the markets. In simplest terms, the Combination Division evaluates the potential impact of mergers, acquisitions, and amalgamations on competition. The Board approves those combinations without significant impact on competitiveness and disapproves agreements between enterprises which have or likely will have an appreciable adverse effect on competition. The Division also has authority to review post-merger impacts and order divestitures or other remedies in cases where the action unexpectedly resulted in an environment detrimental to competition.

Fair Trade Division
The Fair Trade Division enforces laws prohibiting predatory and exploitative sales and service methods. It seeks to protect consumers, including individuals and businesses, from misleading and deceptive conduct and unfair trading practices. All aspects of the promotion and sale of goods and services, including for example advertising, pricing, sales techniques and finance agreements, fall within its purview. Although considered important consumer information, the Open Markets Board does not enforce standards covering labeling, clothing and footwear labeling, fiber content labeling, and care labeling, which are all the responsibility of other elements of the Trade Commission.

Fair Trade also monitors, prevents, detects, investigates, and takes action to suppress anti-competitive agreements or abuse of dominant position conduct that substantially restricts, prevents, or lessens competition. This includes non-merger business practices that may impair competition such as agreements between competitors and collusion between suppliers and commercial buyers.

Market Studies Division
The Market Studies Division researches market dynamics and assesses economic statistics and data. This includes considerations regarding resource availability, manufacturing capacity, infrastructure utilization, transport means, workforce availability and employment, purchasing power, and a number of other factors. The division draws on information available from the Directorate General for Intelligence, Statistics Ventora, and other government agencies and offices as well as public sources.

Administrative Division
The Administrative Division sees to the necessary support services for the efficient operation of the JML as well as support to the Combination and Fair Trade Divisions. It includes personnel, finance, records, procurement, and technical services.