(BRUSSELS) - The European Commission said on Monday it would reduce fines on companies it accuses of running illegal cartels by 10 percent if they admit guilt.

The European Union's top antitrust watchdog said the new rule for settling cartel cases would ease regulators' administrative burden and reduce the chances of litigation, allowing trustbusters to pursue other cases.

"This new settlements procedure will reinforce deterrence by helping the commission deal more quickly with cartel cases, freeing up resources to open new investigations," EU Competition Commissioner Neelie Kroes said.

"Companies which are convinced that the commission can prove their involvement in a cartel, will also benefit from quicker decisions and a fine reduction," she added,

The new settlement procedure is due to take effect in the coming days, a commission spokesman said.

The commission already provides leniency to companies that blow the whistle on cartels in which they participate or which provide important evidence.

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