The Office of Fair Trading has launched a consultation on its competition policy.
The existing framework is based on a act which goes back to 1996, which in turn was based on a 1980 act of parliament which was later repealed.
The OFT says it now believes the Island's legislation now needs to be overhauled in order to ensure protection for consumers and also to provide an environment to encourage businesses to compete in an open and fair market.
Chief Executive of the OFT, Mike Ball, says he hopes the exercise will lead to a modernising of the current system to make it fit for purpose
Clip 1
Medical Staff Committee claims vote of no confidence led to leadership changes at Manx Care
47 buildings in the south waiting for protected status assessment since 2013
Nominations open to fill on seat on Douglas Council's North Ward
B&Q customers raise more than £3,000 for Hospice
Working hard 'no longer enough to afford to buy a home'