31 January 2018
On 21 December 2017, the Competition Commission of Singapore (“CCS”) issued a consultation paper on proposed changes to the Competition Act (“Act”). The consultation closed on 11 January 2018.
The proposed changes to the Act have been introduced after taking into account CCS’s practical experience in enforcing the Act. 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.
These developments signal CCS’ strengthening of its capabilities and expectations on increasing enforcement activity of the Act. This follows on the back of a record year for CCS in proceeding to three Phase 2 merger reviews, two market studies with wide-ranging impact on commercial practices, three infringement decisions (including proposed infringement decisions), and two public consultations on commitments.
The proposed changes seek to:
- Codify the process of providing confidential advice to businesses for anticipated mergers, which already exists under the CCS Guidelines on Merger Procedures 2012;
- Financial penalties aside, 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.
The following materials are available on the CCS website www.ccs.gov.sg:
- Media release
- Public consultation: Proposed amendments to the competition regime of Singapore
- Draft Competition (Amendment) Bill