1. Competition Law Overview and CCCS Regulations

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Questions and Answers

What is the primary objective of competition law?

To limit consumer access to competitive goods.

To enhance the profits of large corporations.

To promote monopolies in business sectors.

To correct market failures caused by anti-competitive behavior. (correct)

Which body administers the competition regime in Singapore?

Ministry of Finance.

Singapore Economic Development Board.

The Ministry of Trade and Industry.

Competition and Consumer Commission of Singapore (CCCS). (correct)

What is the total amount of financial penalties imposed by CCCS as of May 2023?

S$50 million.

S$20 million.

S$100 million.

S$80 million. (correct)

Which sections of the Competition Act 2004 relate to structural prohibitions?

Section 54. Signup and view all the answers

How many infringement decisions had CCCS issued by May 2023?

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What distinguishes competition law from unfair competition laws?

Competition law addresses market competition issues. Signup and view all the answers

What type of behavior does Section 34 of the Competition Act prohibit?

Collusion among competitors. Signup and view all the answers

What is the main exclusion noted in Schedule 3 of the Competition Act?

Exclusions from section 34 and section 47 prohibitions. Signup and view all the answers

What does the term 'undertakings' refer to in the context of the Competition Act?

Any entity capable of commercial and economic activity Signup and view all the answers

Which of the following entities are explicitly included under the scope of the Competition Act?

Companies owned by the Singapore Government engaged in economic activities Signup and view all the answers

Which approach evaluates the total welfare of consumers and producers according to Singapore’s competition law?

Total welfare approach Signup and view all the answers

What is the focus of the structural prohibitions as outlined in the Competition Act?

Control of mergers that substantially lessen competition Signup and view all the answers

Which section of the Competition Act deals with the abuse of a dominant market position?

Part III, Division 3, Section 47 Signup and view all the answers

Which of the following is NOT a policy objective of competition law in Singapore?

Ensuring consumer privacy Signup and view all the answers

In the context of competition law, what does the term 'merger control' specifically refer to?

Monitoring and regulating mergers that could impact competition Signup and view all the answers

What does consumer welfare approach primarily focus on as part of competition law objectives?

Maximization of consumer choice and protection Signup and view all the answers

Study Notes

Introduction

Competition law aims to prevent anti-competitive behavior and promote fair competition.
Worldwide, over 125 jurisdictions have competition law regulations.
It is a rapidly growing field of law.

Competition and Consumer Commission of Singapore (CCCS)

The CCCS is a statutory board under the Ministry of Trade and Industry.
The CCCS is responsible for administering the competition regime in Singapore.
As of May 2023, the CCCS has recorded over 750 publicly reported cases.
The CCCS has issued 19 infringement decisions and imposed penalties of close to S$80 million.
Currently, there have been no jail terms for anti-competitive conduct.

The Competition Act 2004

This module focuses on the Competition Act 2004 and the CCCS guidelines.
Statutory exclusions to the application of the Competition Act 2004 are included in Schedule 3 and Schedule 4.
Schedule 3 excludes specific practices from both the section 34 and 47 prohibitions.
Schedule 4 excludes specific practices from the section 54 prohibition.

Application of Competition Law

The Competition Act applies to "undertakings," which can be an individual, a corporation, or any legal entity engaging in commercial activity.
This includes both foreign and Singapore-owned entities.
Government-owned companies are also subject to the Competition Act if they participate in commercial activity.

Policy Objectives of Singapore's Competition Law

Singapore's competition law aims to maintain healthy competition by focusing on:
- Consumer welfare
- Total welfare
- Public interest.
Overall, a balance between producer surplus and consumer surplus is aimed for.

Prohibition Regimes in Singapore

The Competition Act outlines three key prohibitions:
- Section 34 Prohibition: Addresses anti-competitive agreements.
- Section 47 Prohibition: Addresses abuse of dominant position.
- Section 54 Prohibition: Addresses merger control to prevent "substantial lessening of competition".

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Description

This quiz covers the fundamentals of competition law, focusing on the Competition Act 2004 and the role of the Competition and Consumer Commission of Singapore (CCCS). Learners will explore the framework for preventing anti-competitive behavior and the significance of regulations in various jurisdictions, particularly in Singapore.