In October 2018, the National Assembly approved the Competition Amendment Bill and it was later endorsed by the National Council of Provinces. This Bill will be signed into law by President Cyril Ramaphosa later this week.

According to the Presidency the Bill will strengthen regulations against anti-corruption behaviour in industrial markets and is also a step in the right direction for SMEs, economic inclusion and will open the economy to fresh investment and innovation.

“The bill provides greater clarity to firms and investors on prohibited practices and what constitutes abuse dominance, another expected benefit is improved administrative efficiencies in the work of the competition authorities and facilitative powers to the executive,” the Presidency told SA News.

The Competition Amendment Bill provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, added the Presidency.

It went on to note that the amendment legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as sociopolitical conflict.

“These changes are in the long-term interest of both business and organised labour and benefit small to medium-sized companies through a pro-growth, transformation model that can help lift investment and advance economic inclusion,” concluded the Presidency.

[Source – SA News] [Image – CC 0 Pixabay]