MyCC: Stronger enforcement aims to protect fair competition
KUALA LUMPUR: Corporate Malaysia should not view amendments to the Competition Act 2010 as anti-business, as they target anti-competitive practices rather than large, successful companies.
The Malaysian Corporate Competition Act (MyCC) has undergone significant amendments aimed at strengthening enforcement and protecting fair competition in the market. According to MyCC chairman Tan Sri Idrus Harun, the legal overhaul targets anti-competitive practices such as cartels, price-fixing, market sharing, bid rigging, and abuse of dominant positions, rather than large, successful companies.
The 34-clause bill significantly expands MyCC's investigative and enforcement capabilities, aiming to curb practices that drive up the cost of living and provide a level playing field for businesses. MyCC's expanded enforcement authority is balanced by strict accountability and procedural safeguards, ensuring affected businesses retain the right to respond to MyCC cases and make formal representations.
To effectively address competition risks, Harun advised businesses to treat compliance as a core element of risk management and corporate governance, including reviewing commercial agreements, conducting staff training, and implementing systems to detect potential risks early. The ultimate goal is to create an economy where businesses can invest, innovate, and compete while consumers benefit from better prices, greater choice, quality, and innovation.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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