LegCo passes Competition Bill
The Competition Bill was passed by the Legislative Council today (June 14).
The Secretary for Commerce and Economic Development, Mr Gregory So, said, "The passage of the Competition Bill is a major milestone in the development of competition policy in Hong Kong, signifying the determination of the Government in maintaining fair and free competition in the market."
"The Government is grateful to the Members of the Legislative Council, the Consumer Council, academics, and members of different sectors for their contributions to the introduction of the competition law into Hong Kong.
"We hope that we would all continue to work together on the early implementation of the whole Competition Ordinance so that anti-competitive conducts that are of most concern to the public can be effectively tackled," he added.
The Bill was introduced to the Legislative Council in July 2010. It aims to provide a legal framework to curb anti-competitive conduct in various sectors, and to set up the Competition Commission and the Competition Tribunal responsible for enforcement of the legislation.
In the past one and a half years, the Government met the Legislative Council Bills Committee for 38 times, as well as listened to the views from different sectors of the community on the Bill.
"Upon the passage of the Bill, we will implement the legislation in phases so that the public and the business sector can familiarise themselves with the new legal requirements during the transitional period and make necessary adjustments.
"Our immediate work now is to establish the Competition Commission and the Competition Tribunal as soon as possible. The Competition Commission will then conduct publicity campaigns and public education activities, and prepare the guidelines. It is expected that the whole preparatory process will take at least one year," Mr So said.
Thursday, June 14, 2012