KUALA LUMPUR – The Malaysia Competition Commission (MyCC) has embarked on an amendment exercise for the Competition Act 2010 and has launched an online public consultation to invite the public and relevant stakeholders to provide their opinions, views, input and feedback on the proposed amendment.
MyCC chief executive officer Iskandar Ismail in a statement today said the exercise has been in the works since 2019 but was delayed due to the Covid-19 pandemic.
“We hope that this amendment will strengthen MyCC’s mandate in protecting competition in the market with the appropriate investigation and enforcement tools.
“More significantly, MyCC will be empowered to review mergers that will substantially lessen or distort competition in the market. We are hopeful that this amendment can be passed in Parliament by the end of this year,” he said.
He said Malaysia is currently the only country in Southeast Asia that does not have merger control provisions.
The statement also said that the amendment exercise was undertaken by MyCC to make Malaysia’s competition law more extensive and in line with international practices, and for the commission to effectively perform its statutory function of promoting and protecting the process of competition in the market.
The exercise includes the amendment of provisions relating to investigation and enforcement powers and procedures, as well as appeal provisions, taking into account developments in the digital economy, and the introduction of a merger control regime.
The softcopy of the proposed amendment had been made available on MyCC’s website at https://www.mycc.gov.my/public-consultation and Malaysia Productivity Corporation’s Unified Public Consultation (UPC) portal starting yesterday.
Any opinions, views, inputs and feedback may be submitted by email to MyCC at [email protected] or through UPC’s portal by May 27.
MyCC will also hold two physical sessions for the same purpose tentatively in June. – Bernama, April 26, 2022
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