Many still unclear on effects of new Malaysia competition law
Malaysia’s Interim Competition Commission Unit is conducting a series of briefings around the country on the country’s new Competition Act 2010, amid concerns that many traders are still unsure how the Act will affect business.
Due to come into effect on 1 January 2012, the Competition Act is designed to combat anti-competitive and monopolistic behavior in business and provide a more investment-friendly environment. It will bring Malaysia in line with 100 other jurisdictions worldwide, including Asean neighbors Singapore, Indonesia, Vietnam and Thailand.
The new law will apply to businesses of all sizes and their subsidiaries, including government-linked companies (GLCs) and covering activity both within and outside Malaysia. CEOs and COOs will be personally liable for breaches of the law and the Competition Commission will have substantial investigation and enforcement powers.
The head of the Competition Commission said that, while there had been no objection to the Competition Act from traders or the general public, many were concerned about its impact and the commission would continue to hold information briefings between now and 2012.
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