Second Round Public Consultation on the Draft Competition Bill
Following the close of the public consultation on the proposed draft Competition Bill1, the Ministry of Trade and Industry (MTI) has on 26 July 2004 released a second consultation paper seeking feedback from the public on a revised draft Competition Bill ("draft Bill").
In reviewing the submissions and proposed changes to the draft Bill, MTI stated that it continues to be guided by the following principles:
1. While the competition law should incorporate relevant international best practices, it should also take into account Singapore’s characteristics, including the fact that Singapore is a small, open economy with a fairly competitive domestic economy; and
2. Regulatory costs should be kept to a minimum. Businesses should not face undue regulation, which would add to business costs and reduce Singapore's international competitiveness. The framework of the draft Bill also remains unchanged. However, specific provisions were revised, taking into account the comments received. The consultation paper outlines the main changes made.
The consultation paper and the draft Bill, and an explanatory note of the draft Bill, are on the MTI website at www.mti.gov.sg. These materials can also be accessed at the Government Online Consultation Portal at www.feedback.gov.sg.
All views and comments should reach MTI on or before 12.00 noon, 20 August 2004. MTI targets to table the Competition Bill in Parliament in the fourth quarter of 2004.
In reviewing the submissions and proposed changes to the draft Bill, MTI stated that it continues to be guided by the following principles:
1. While the competition law should incorporate relevant international best practices, it should also take into account Singapore’s characteristics, including the fact that Singapore is a small, open economy with a fairly competitive domestic economy; and
2. Regulatory costs should be kept to a minimum. Businesses should not face undue regulation, which would add to business costs and reduce Singapore's international competitiveness. The framework of the draft Bill also remains unchanged. However, specific provisions were revised, taking into account the comments received. The consultation paper outlines the main changes made.
The consultation paper and the draft Bill, and an explanatory note of the draft Bill, are on the MTI website at www.mti.gov.sg. These materials can also be accessed at the Government Online Consultation Portal at www.feedback.gov.sg.
All views and comments should reach MTI on or before 12.00 noon, 20 August 2004. MTI targets to table the Competition Bill in Parliament in the fourth quarter of 2004.
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