This November 19th marks the fifth anniversary of the entry into force of Costa Rica’s new competition law approved with the country’s accession to the OECD (Law 9736). Important progress has been made, including the technical independence of the competition authorities (Coprocom and Sutel), the consolidation of the merger control procedure and the issuance of valuable guidance guides. On the other hand, great challenges remain, including the provision of sufficient budget to Coprocom. The perception that the law is still ineffective should not be misleading; competition authorities can open investigations up to four years or more from the time a prohibited practice takes place, and penalties can be significant. It is in every company’s best interest to inform itself and incorporate competition law issues into its compliance policies.