SINGAPORE - The Competition Commission of Singapore (CCS) is seeking public feedback on proposed changes to its guidelines on financial penalties and enforcement for breaches of competition regulations.
CCS said on Wednesday (June 8) that after conducting an earlier round of public consultations between Sept 25 and Nov 27 last year, it is now considering further proposed changes to its guidelines following the feedback received.
One proposed change involves calculating financial penalties based on turnover for the financial year preceding the date when the infringement ended rather than the date on which the CCS decision is taken, which is the practice now.
CCS said the change would bring its practices in line with those of the European Union and the United Kingdom, on which its Competition Act is modelled.
CCS is seeking feedback on amending its enforcement guidelines so that proposed infringement decisions clarify the proposed amounts of financial penalties. This is to permit those who receive the proposed infringement decisions to make written and oral representations to CCS on matters of liability and penalty, it said.
The closing date to submit feedback is July 8.