MyCC LAUNCHES ONLINE PUBLIC CONSULTATION ON THE AMENDMENTS TO THE COMPETITION ACT 2010
KUALA LUMPUR, 26 APRIL 2022 – The Malaysia Competition Commission (MyCC) has embarked on an amendment exercise for the Competition Act 2010 and has launched an online public consultation yesterday to invite the public and relevant stakeholders to provide their opinions, views, inputs and feedback on the said proposed amendments.
This amendment exercise was undertaken by MyCC to make Malaysia’s competition law more extensive and in line with international practices and for MyCC to effectively perform its statutory function to promote and protect the process of competition in the market. The amendment of the Competition Act 2010 includes the amendment of provisions relating to the investigation and enforcement powers and procedures as well as appeal provisions, taking into account developments on the digital economy; and the introduction of a merger control regime.
“This exercise has been in the works since 2019 but was delayed due to the pandemic. We hope that this amendment will strengthen MyCC’s mandate in protecting competition in the market with the appropriate investigation and enforcement tools. More significantly, MyCC will be empowered to review mergers that will substantially lessen or distort competition in the market. We are hopeful that this amendment can be passed in Parliament by the end this year. As it stands, Malaysia is currently the only
country in Southeast Asia that does not have merger control provisions,” said Iskandar Ismail, the Chief Executive Officer of MyCC.
The softcopy of the proposed amendments has been made available on MyCC’s website at https://www.mycc.gov.my/public-consultation and the Malaysia Productivity Corporation’s Unified Public Consultation (UPC) portal starting 25 April 2022. Any
opinions, views, inputs and feedback may be submitted by email to MyCC at firstname.lastname@example.org or through UPC’s portal by 27 May 2022. Submissions made after 27 May 2022 will not be accepted and entertained by MyCC.
MyCC will also hold two physical sessions for the same purpose tentatively in June 2022. There will be no fees payable for participation in the physical sessions. Interested parties are, however, required to register their attendance. More information will be provided in due course.