What is anti competition law Malaysia?
What is anti competition law Malaysia?
Competition law in Malaysia prohibits any anti-competitive agreements such as price-fixing, bid-rigging, sharing market, and abuse of dominant position in any market for products or services. This is to promote healthy competition and fair trading and ultimately, to protect the interest of the consumers.
How much can businesses be fined for breaking competition law?
1. You can be fined or even imprisoned. Anti-competitive collusion can lead to fines for the businesses involved of up to 10% of their annual worldwide turnover. Individuals can also face personal fines and even prison sentences.
Can you destroy documents that have been requested by a competition authority?
Anyone required to produce a document by the CMA investigating officer who intentionally or recklessly destroys, conceals or falsifies the document, or who knowingly or recklessly provides false or misleading information to the CMA, will also be guilty of a criminal offence, punishable by up to two years’ imprisonment …
What are consequences of breaking the law?
When individuals violate the law, they face prison, fines, injunctions, damages, and any number of other unpleasant consequences.
Is anti-competitive illegal?
It is illegal for businesses to act together in ways that can limit competition, lead to higher prices, or hinder other businesses from entering the market. Certain acts are considered so harmful to competition that they are almost always illegal. These include arrangements to fix prices, divide markets, or rig bids.
What characterizes antitrust laws also known as competition laws?
What Are Antitrust Laws? Antitrust laws also referred to as competition laws, are statutes developed by the U.S. government to protect consumers from predatory business practices. They ensure that fair competition exists in an open-market economy.
What is competition compliance?
Compliance means respecting the law. In the field of competition, compliance means proactively respecting competition rules.
What does competition law include?
1. Overview of competition laws. The Competition Act primarily seeks to regulate three types of conduct: anti-competitive agreements, abuse of a dominant position and combinations (i.e., mergers, acquisitions and amalgamations).
What is the Competition Act in Malaysia?
The Competition Act prohibits the following: agreements which have the object or effect of significantly preventing, restricting or distorting competition in Malaysia; and conduct which amounts to the abuse of a dominant position in a market in Malaysia. 2.
What is a market under the Malaysian Fair Trade Act?
The term ‘market’ under the Act means, “a market in Malaysia or in any part of Malaysia, and when used in relation to any goods or services, includes a market for those goods or services and other goods or services that are substitutable for, or otherwise competitive with, the first-mentioned goods or services.”
When did the Competition Act come into force?
The Competition Act 2010 prohibits anti-competitive agreements and the abuse of dominant position in the market. The Act has been in force since 1 January 2012 Pursuant to the First Schedule to the CA 2010, commercial activities regulated under the following legislation are excluded:
What are the petroleum regulations in Malaysia?
Petroleum Development Act 1974 and the Petroleum Regulations 1974 in so far as the commercial activities regulated under these regulations are directly in connection with upstream operations comprising the activities of exploring, exploiting, winning and obtaining petroleum whether onshore or offshore of Malaysia; and Aviation Commission Act 2015.
