Antitrust lawyer warns Hong Kong businesses 'unprepared' for new competition law
According to John Hickin, an antitrust lawyer and partner of Mayer Brown JSM, one of Hong Kong's largest firms, some businesses in Hong Kong are still not ready for a competition law that will come into effect on 14 December.
The new Competition Ordnance prohibits practices such as price fixing, market sharing, bid rigging and output restrictions, while the Competition Commission is tasked with investigation and prosecution of anti-competition conduct.
‘Some businesses are well prepared; they have changed practices, they have changed provisions in their agreements, they have compliance officers appointed,’ said Mr Hickin. ‘At the other end of the spectrum, there are some businesses engaged in clearly cartel-type activities that have done nothing.’ He added that business sectors identified as vulnerable to breaching the new law are supermarkets, petrol stations and building maintenance. Source: South China Morning Post