Singapore's Competition Commission Proposes Change To Basis Of Fines.
Legal News & Analysis - Asia Pacific – Singapore - Competition & Antitrust
4 July, 2016
The Competition Commission of Singapore (CCS) has proposed changing the date range used to calculate competition infringement fines.
The CCS has said that financial penalties should be based on the organisation's turnover in the financial year preceding the end date of the infringement. Currently it is based on the financial year preceding the CCS' decision.
It has also put together guidelines on how regulations should be enforced. It is consulting the public on its proposed changes.
The guidelines themselves are based on an initial public consultation that ran from 25 September to 27 November last year.
This would bring Singapore into line with Europe and the UK, the CCS said. Singapore's Competition Act is modelled on the UK's, it said.
The CCS has said that infringement decisions should include the amount of the proposed fine. This would give recipients the chance to respond to the CCS on both their liability and the penalty, it said.
The consultation will run until 8 July.
For further information, please contact:
Mohan Pillay, Partner, Pinsent Masons