Japan amends competition laws and establishes new consumer agency
Japan's government has endorsed amendments to the country's competition law, including improvements to its leniency program and a new pre-merger notification system. Additionally, various bills were passed into law by the National Diet establishing a new consumer affairs agency which will oversee almost 30 consumer laws, including food safety.
South African fertiliser cartel fines increased
South Africa's Competition Commission has increased the initial fine of A$28 million imposed on fertiliser company Sasol Nitro for alleged cartel conduct to a new record penalty of A$38.5 million. The fine was increased after further information was obtained pertaining to the company’s collusion in the fertiliser industry. The commission was quoted as stating that the information should have been provided five years ago when the commission first began its investigation.
New Zealand streamlines merger clearance process
Following public consultation, the New Zealand Commerce Commission (NZCC) has developed a fast-track authorisation procedure for mergers that have ‘clear public benefits' and a relatively limited impact on competition. Guidelines have been published that outline the criteria that the NZCC will use to determine which applicants may use the streamlined process and a description of the key milestones in the process.
Japan fines steel cartel
Three Japanese steelmakers, Nippon Steel & Sumikin Coated Sheet, Nisshin Steel and Yodogawa Steel, have been fined over A$129 million for allegedly fixing the price of steel plating and coated flat steel. A fourth company, JFE, alerted the JFTC to the cartel and subsequently escaped any fines for its involvement in the cartel.
United States proposes overhaul of financial regulatory system
In mid June United States President Barack Obama proposed a raft of new measures for financial regulatory reform. Leading the overhaul is a proposed new Consumer Financial Protection Agency with broad authority to protect consumers who use financial products and oversee lenders. This proposal would centralise enforcement and ensure all consumer financial products are captured. Other measures include new powers for the Federal Reserve to oversee the entire financial system and to take over any financial institution that's in trouble.
