Government plans to fully commence Competition Ordinance on December 14, 2015
The Competition Ordinance (Commencement) (No.2) Notice 2015 (the Commencement Notice) and the Competition (Fees) Regulation will be published in the Gazette tomorrow (July 17).
The Commencement Notice appoints December 14, 2015 as the date for the Competition Ordinance (the Ordinance) to be fully commenced.
"Since the enactment of the Ordinance in 2012 and the subsequent establishment of the Competition Commission (Commission) and the Competition Tribunal in 2013, the Government, the Commission and the Judiciary have worked together on the necessary preparatory work in order to pave the way for the full implementation of the Ordinance," said the Secretary for Commerce and Economic Development, Mr Gregory So.
During the past year, the Government and the Judiciary completed a series of legislative exercises to enact subsidiary legislation essential for the implementation of the Ordinance. The Commission has also reached out to the stakeholders, and finished the drafting and consultation of the Guidelines as required under the Ordinance. The Commission will publish the finalised Guidelines soon.
"With the completion of the necessary preparatory work, we are pleased to announce that time is ripe for the Ordinance to become fully operative in December 2015 as planned. The Commencement Notice appoints December 14, 2015 as the date for the full commencement of the Ordinance.
"We believe the announcement of the planned commencement date of the Ordinance tomorrow will further raise the awareness of the community and remind the business sector of the requirements of the Ordinance in the coming five months leading up to the full commencement. The Commission will step up the publicity and education efforts to enhance understanding of the Ordnance by the public and the business community.
"We trust that the commencement of the Ordinance will help to promote sustainable competition, which will enhance economic efficiency and bring benefits to both the business sector and consumers. We look forward to completing the remaining legislative process as soon as possible and to the full implementation of the Ordinance," Mr So added.
The Government will also publish the Competition (Fees) Regulation in the Gazette tomorrow to provide for the fees to be charged for making various applications under the Ordinance. This Regulation will become effective when the Ordinance is fully commenced.
The Ordinance was enacted on June 14, 2012 by the Legislative Council to provide a legal framework to tackle anti-competitive conduct in all sectors. It has been the Government's intention to implement the Ordinance in phases. The phased implementation approach allows the public and the business sector to familiarise themselves with the new legal requirements during the transitional period and make necessary adjustments to their business practices.
The Commencement Notice and the Competition (Fees) Regulation will be tabled at the Legislative Council for negative vetting on October 14.
Thursday, July 16, 2015