Competition watchdog mulls changes to financial penalty calculation system

Fines will be aligned with international standards.

The Competition Commission of Singapore is seeking feedback on proposed changes to financial penalty guidelines.

During public consultations in 2015, the CCS received feedback that penalty guidelines should be amended so that the calculation of fines is based on revenue for the financial year preceding the date when the undertaking’s participation in the infringement ended.

At present, the regulator calculates penalties based on the turnover for the financial year preceding the date on which the decision of the CCS is taken.

The CCS has also reviewed its process with regard to the issuance of Proposed Infringement Decisions. The watchdog proposes to clarify in the Enforcement Guidelines that, in line with CCS’s practice, the proposed amount of financial penalty will be set out in the PID so as to permit addressees of the PID to make written and oral representations to CCS on matters of liability as well as penalty.