Does Singapore have antitrust laws?
Table of Contents
Does Singapore have antitrust laws?
Overview of competition laws The Competition Act prohibits the following three main activities: agreements which have as their object or effect the prevention, restriction or distortion of competition in Singapore; conduct which amounts to the abuse of a dominant position in any market in Singapore; and.
What does competition law prohibit?
Competition law – an introduction It bans anti- competitive agreements between firms such as agreements to fix prices or to carve up markets, and it makes it illegal for businesses to abuse a dominant market position.
Is collusion illegal in Singapore?
No market collusion The section prohibits anti-competition activities in Singapore in the form of formal and informal agreements between two or more undertakings with the objective of harming competition in any market.
What is the financial penalty for abuse of dominance?
The imposition of penalties of up to 10% of the average of the turnover for the last 3 preceding financial years. The Commission can pass an order to cause the split of the dominant enterprise so that does not abuse its dominant position.
Is the agreement in violation of Competition Act?
Section 3(3)(d) of the Competition Act, 2002 prohibits such an agreement that results in bid-rigging or collusive bidding.
What is the maximum penalty for an Organisation that breaches competition law?
$10 million
Determining penalties for breaches of competition law The Act provides that the maximum penalty for companies for a breach of competition law is to be calculated by reference to the greater of: $10 million; three times the value of the benefit the company received from the breach; or.
What is the Competition Act Singapore?
The Competition Act prohibits conduct that constitutes an abuse of a dominant position in a market, including conduct that protects, enhances or perpetuates the dominant position of an undertaking in ways unrelated to competitive merit.
What are the consequences for breaking competition law?
Businesses that are found to have breached competition law can be fined up to 10 per cent of their annual worldwide turnover and ordered to change their behaviour. Individuals who engage in cartel activity can be prosecuted and sentenced to up to five years in prison and/or a fine.
What is the maximum penalty for a company found responsible of price fixing?
The maximum level of fine is capped at 10% of the overall annual turnover of the company. See separate factsheet on fines. The parties subject to a Commission decision have the right to appeal to the General Court for the decision to be annulled.
Is price fixing illegal in Singapore?
Section 34 of the Competition Act prohibits agreements, decisions and practices that are anti-competitive. Price fixing involves competitors agreeing to fix, control or maintain the prices of goods or services. It can be ‘direct’ fixing of prices, where there is an agreement to increase or maintain actual prices.
What are penalties provided under Competition Act 2002?
In case the person or entity fails to comply with the orders and/or directions set up under the Competition Act 2002, he is liable to be punished with a monetary fine which could extend up to one lakh rupees for each day of non-compliance. However, this penalty cannot be more than ten crore rupees in a single instance.
What is Section 27 of the Competition Act, 2002?
Section 27 This section empowers the CCI to impose a penalty on entities which are involved in the anti-competitive conduct such as abusing its dominant position and entering into an anti-competitive agreement.
What is the financial penalty for entering into an anti-competitive agreement?
Impose a penalty that is less than 10% or the turnover of the preceding three financial years; in the case of a cartel, the penalty shall be 10% or three times the turnover of every financial year and shall continue for the period of continuance of such practices.
What are the penalties for breaching the competition and consumer Act?
Section 155: Penalties can be granted for non-compliance with a s155 Notice. The Court can impose a fine of up to $22,200 or 2 years imprisonment for individuals, or up to $111,000 for companies.
What are the penalties for breaching the Competition and Consumer Act 2010 in relation to giving false and misleading representations?
The maximum penalty for each offence is $500, 000 for an individual. Body corporates can be charged whichever is greater: $10 million, or. three times the value of the benefit received, or.
Which is Competition Act applicable?
Competition Act (Cap 50B, 2006 Rev Ed) To do so, the Competition Act applies to all private sector undertakings that are capable of carrying out commercial and economic activities, regardless of whether it is owned by the Government, a statutory body, or even a foreign entity.
How much can a company be fined for breach of competition law?
10%
Fines on the business Businesses that are found to have broken competition law can be fined up to 10% of their annual worldwide turnover and ordered to change their behaviour. Businesses can be subject to damages claims by third parties.
