Singapore’s Ministry of Trade and Industry has set up a new statutory board, the Competition Commission of Singapore (CCS), to administer and enforce the Competition Act 2004. The CCS came into effect on 1 January 2005 and will be chaired by Mr Lam Chuan Leong.
The CCS will be responsible for enforcing the provisions on anti-competitive agreements, decisions and practices, abuse of dominance, enforcement, appeal processes and other miscellaneous areas of the Act when they are implemented in a year’s time on 1 January 2006.
The remaining provisions of the Competition Act, relating to mergers and acquisitions, will not come into force until January 2007. The phased approach is designed to allow sufficient time for the CCS and businesses to prepare for the introduction of the new competition law, ensuring greater understanding and compliance with the law.
