Competition watchdog to amend Competition Act

It wants to provide more certainty to firms through confidential advice for upcoming mergers.

The Competition Commission of Singapore (CCS) opened consultations for amendments to Singapore's Competition Act.

According to a press release, the amendments aim to give the CCS "appropriate enforcement tools" to keep up with international practices and to streamline processes.

The first change is to codify the process of providing confidential advice to businesses for anticipated mergers, which currently exists under CCS's guidelines on merger procedures.

The second is to 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.

The final change CCS wants to make is to enable its evidence-gathering and investigation process to be more efficient and effective, which will minimise any potential disruption to businesses.

"The proposed changes to the Act have been introduced after taking into account CCS’ practical experience in enforcing the Act," CCS said.

The consultation documents are available at the CCS website and the government's consultation portal, REACH.

The closing date for sending in responses is 11 January 2018.