KUALA LUMPUR: Public consultation efforts will provide a new perspective to improve the Competition Act 2010 (Act 712), the Ministry of Internal Trade and Consumer Affairs has said.
Its Secretary General Azman Mohd Yusof (Photo) said the sessions with the public, organized by the Malaysian Competition Commission (MyCC), were important in obtaining input from various stakeholders in an effort to strengthen the law.
“Inputs will be compiled and shortlisted for discussion by the Ministry before being presented to Cabinet.
“This will then be presented to Parliament, hopefully by the end of this year. Dragging it around any longer could lead to unwanted incidents,” he said in his speech at MyCC’s public consultation on amendments to the Competition Act 2010 on Wednesday, June 8.
Also present were MyCC Managing Director Iskandar Ismail and commission member Nasarudin Abdul Rahman.
Azman added that the planned changes are also aimed at improving the investigative and enforcement aspects.
“It makes it possible to investigate mergers (to see if they) are real or intended to monopolize markets, (as well as) to take action.
“Similarly, the purpose of the amendments to the law is to make the content more specific (to) be easily interpreted for implementation,” he said.
Efforts to change the law began in 2019 but were postponed due to the Covid-19 pandemic.
The amendment is in line with MyCC’s goal of establishing optimal and harmonious economic activities between industry players, sellers and consumers, with the government as the facilitator.