To level the playing field among businesses as well as to promote innovation and productivity, the Competition Commission of Singapore (CCS) is seeking public feedback on proposed changes to the Competition Act. People can give feedback on the proposed changes till January 11.
“The key aims of the amendments are to provide CCS with appropriate enforcement tools in line with international best practices and to streamline existing processes,” said CCS in a press statement.
It added, “The Act strives to level the playing field amongst businesses, promote innovation and productivity, which in turn benefits the Singapore economy, businesses and consumers.”
The proposed changes seek to codify the process of providing confidential advice to businesses for anticipated mergers, enable businesses under investigation to offer legally binding commitments to address any anti-competitive conduct involving sections 34 and 47 of the Act in a timely manner; and enable CCS’s evidence-gathering and investigation process to be more efficient and effective, which will minimise any potential disruption to businesses.
Notably, the Competition Act was enacted in 2004 to provide a generic law that protects consumers and businesses from anti-competitive practices of private entities.
Members of the public who are interested to provide feedback can download the consultation documents from the CCS website at www.ccs.gov.sg under the section “Public Register and Consultation” and the Government Online Consultation Portal at www.reach.gov.sg.
Competition Commission of Singapore is a statutory board to administer and enforce the Act. It comes under the purview of the Ministry of Trade and Industry. The Act empowers CCS to investigate alleged anti-competitive activities, determine if such activities infringe the Act and impose suitable remedies, directions and financial penalties.