If your competitor is advertising through a fanpage or group then it would easier. Try to use the "exclude" options.
Don't insert political context in your ad, Ad Library triggering on political photo like D. Trump and words like "climat", "brexit" etc
if your store is named for example boomboomgadgets , try to not make the page name Boomboomgadgets, do something like Best Gadget , and when you are doing ads exclude business manager users, that will exclude everyone who has a BM on profile (competition). Only way I know to hide ads from ad library from what I know is to exclude countries from the page settings, for example if you are doing ads in italy , you can exclude rest of the world exept italy , and only italians will see your page.
Nope Ad Lib collect only data for all ads about social issues, elections or politicsI'll keep that in mind. But isn't it so that all ads will directly go to Ad Library?