Singapore competition watchdog CCCS seeks public feedback on merger, new settlement guidelines
It is proposing new settlement procedure guidelines and changes to its merger procedures guidelines
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCCS) has launched a public consultation to gather feedback on proposed changes to its competition guidelines.
“In view of stakeholder feedback, local and global regulatory developments, the proposed changes aim to provide greater clarity and guidance to businesses on CCCS’ procedures,” the competition watchdog said on Monday (Oct 27).
The recommendations follow a periodic review of the Competition Act 2004 guidelines, which outline the framework it applies in enforcing the Act, CCCS said.
Such reviews are conducted periodically “to ensure that Singapore’s regulatory regime continues to provide legal certainty, (and) does not unduly increase business costs whilst keeping markets efficient and well-functioning”, the regulator added.
Under the review, CCCS is primarily seeking public feedback on two proposed changes.
It is proposing a new set of settlement procedure guidelines – to replace its current practice statement on the fast-track procedure for certain cases – and is also recommending changes to its merger procedure guidelines.
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Additionally, it is seeking feedback on consequential changes to other CCCS guidelines that follow from the two key proposed changes.
The proposed changes to the merger procedure guidelines aim to ensure that CCCS’ regime continues to operate optimally, with notifications processed in a timely manner without compromising assessment rigour, it said.
To enhance the notification process, the organisation will introduce a streamlined track to its merger assessment process that cuts assessment time for those deemed unlikely to pose competition concerns.
This will also reduce the regulatory burden of merger parties and third parties in submitting information to CCCS and give them greater clarity at earlier stages on whether their merger is likely to be cleared.
Meanwhile, the new settlement procedure guidelines will encourage settlements by making it easier for parties to initiate them.
They will raise the maximum settlement discount quantum to reflect the efficiency of parties who successfully conclude an investigation via a settlement.
In the event that a party that has entered a settlement agreement subsequently appeals against CCCS’ decision, the new guidelines will provide greater clarity on the competition watchdog’s position.
They will also lower administrative costs, operational uncertainty and provide an expedient way for businesses to obtain closure if they are under CCCS’ investigation, it said.
The organisation added that the guidelines allow it to better utilise its investigatory and legal resources.
Consultation documents can be accessed from CCCS’ website and submissions will close on Nov 17. More details on the proposed changes are included in the consultation documents.
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