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Hong Kong: World’s last developed economy to implement competition law

By  |  March 27, 2014

Hong Kong is gearing up to unleash its competition policy as the last developed economy on the planet to do so, reports say. In preparation, EU officials hosted a slew of Hong Kong competition officials for a crash course in competition policy.

As the Hong Kong Competition Commission gears up to begin operations, the new watchdog will hold powers that extend further from the Monetary Authority’s current ability to probe rate-rigging in banks. The Competition Commission will also be able to pursue cases of price-fixing and other competition matters.

The Hong Kong Competition Ordinance was passed in June 2012, say reports, and is set to come into effect later this year. The legislation cracks down on anticompetitive agreements between businesses and abuse of market dominance.

Full Content: Financial News

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