"We hope that this amendment will strengthen MyCC’s mandate in protecting competition in the market with the appropriate investigation and enforcement tools," said MyCC CEO Iskandar Ismail
KUALA LUMPUR: The Malaysia Competition Commission (MyCC) has launched an online public consultation to invite the public and relevant stakeholders to provide feedback on proposed amendments to the Competition Act 2010.
In a statement, MyCC said it was embarking on the amendment exercise to make the country's competition law more extensive and in line with international practices.
It would also enable the MyCC to more effectively carry out its statutory function to promote and protect the process of competition in the market, it said.
"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," it said.
According to MyCC CEO Iskandar Ismail, the exercise has been in the works since 2019 but was delayed by 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," he added.
He expressed his hope that the amendment would be passed in Parliment by the year-end, noting that Malaysia is the only Southeast Asian countries without merger control provisions.
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 since April 25, 2022.
Any opinions, views, inputs and feedback may be submitted by email to MyCC at amendment@mycc.gov.my or through UPC’s portal by May 27, 2022.
Submissions made after the cut-off will not be accepted and entertained by MyCC.
MyCC said it 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.
