CCC Collaborates to Empower Cambodia's Business Landscape: Strengthening Compliance with Competition Law and Business Combinations
Phnom Penh: As a Secretariat of Cambodia Competition Commission (CCC), the Consumer Protection Competition and Fraud Repression Directorate-General (CCF) of the Ministry of Commerce, in collaboration with the National Bank of Cambodia, the Non-Banking Financial Services Authority of the Ministry of Economy and Finance, and the Bar Association, successfully concluded a series of dissemination workshops aimed at enhancing understanding and compliance with the Law on Competition (“Law”) and the Sub-Decree on the Requirements and Procedures for Business Combinations and Related Regulations (“Sub-Decree”). The workshops took place on the 13th, 14th, and 17th of July 2023, at the CCF Directorate-General.
The workshop further aimed to foster fair business practices across all sectors, ensuring healthy competition and ethical business conduct. The workshop brought together 520 participants from diverse backgrounds, including independent members of the Cambodia Competition Commission (CCC), senior compliance officers and lawyers, all actively engaged in the fields of banking and finance, non-banking financial services, and legal practices.
H.E. Phan Oun, Delegate of the Royal Government of Cambodia in charge as the Director General of CCF and Head of the CCC Secretariat, highlighted the importance of these workshops as a platform for stakeholders in the banking and financial sector, non-banking financial services sector, and legal professionals to gain a comprehensive understanding of the Law and Related Regulations, with special emphasis on the recently adopted Sub-Decree, which will take effect on 20th September 2023. He further emphasized that the Sub-Decree outlines 3 (three) core obligations for parties engaging in business combinations, which include (1) Pre-Notification of Business Combinations, (2) Post-Notification of Business Combination, and (3) Registration of Business Combinations.
This collaborative effort marked a momentous milestone, representing the first joint initiative between the CCF Directorate-General, the National Bank of Cambodia, the Non-Banking Financial Services Authority of the Ministry of Economy and Finance, and the Bar Association. Through this endeavor, vital information was disseminated to professionals within the banking and financial sectors, non-banking financial services operators, and legal practitioners.
In addition to this initiative, the CCF Directorate-General has previously organized 27 outreach workshops dedicated to the dissemination of competition law and consumer protection law. In 2022, a total of 21 events were held, including 4 collaborations with GIZ and 17 events with the Cambodia Chamber of Commerce. Additionally, in 2023, 6 collaborative events with GIZ were conducted across the country.
The collaborative workshops showcased the commitment of various government agencies and professional bodies towards promoting transparency, fairness, and compliance within Cambodia's business landscape. By fostering a deeper understanding of competition law and business combination regulations, these workshops are expected to further strengthen Cambodia's position as an attractive destination for investment and business growth.