A public consultation has found that the community backs a
cross-sector competition law and the establishment of a competition
commission, Hong Kong's Financial Secretary Henry Tang said
Monday.
The Government will start drafting appropriate legislation, he
said, adding that the Government will continue to engage the public
to enhance their understanding of its content and implementation.
It will take into account the concerns that have been raised by
some respondents in drawing up a regulatory framework that suits
Hong Kong.
He said the Government received 114 written submissions, 60 pro
forma submissions and a 1,200-signature petition during the
three-month-long consultation that began in November.
Many respondents said that anti-competitive conduct can occur in
any sector and it would be unfair to target only certain sectors or
industries for regulation.
Some respondents from the business sector have expressed concern
that although the aim of such a law is to maintain a competitive
environment, small and medium enterprises may become the target of
complaints when the law is in place.
In a Legislative Council paper, the Government said the main
aspects of the legislation might include the definition of
anti-competitive conduct to be covered and the introduction of an
appropriate prohibition against such conduct; the establishment of
a competition commission as the regulatory authority and a
mechanism for exempting from the application of the law conduct
that was considered to be in the wider economic or public
interest.
The legislation might also include provisions related to
confidentiality and a leniency program; and the penalties that are
applicable to a breach of the prohibition against anti-competitive
conduct, refusal to co-operate with investigations or unauthorized
disclosure of confidential information.
The Government will brief legislators on the details of the
report at the meeting of Panel on Economic Services on March 26,
Tang said.
(Xinhua News Agency March 20, 2007)