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AMENDMENTS TO COMPETITION ACT

With the Competition Commission clamping down on a range of industry sectors and nailing companies – from milk producers to telecom providers – with fines for price fixing and collusion, it has also tightened up loopholes by coming out with an Amendment Act that covers three important areas:

Market Enquiries
Where in the past the Competition Commission could only act on complaints and anonymous tip-offs, the Amendment Act allows them to proceed with their investigation if they suspect that there is contravention of the Act.

Complex Monopoly
The Amendment Act allows the Competition Commission to investigate what they refer to as complex monopolies – those who surreptitiously control prices, collude or conduct parallel collusion.  Areas that could be investigated as part of this new amendment could be banks or cell phone operators who all, without admitting to it, regulate prices.

Criminalizing Conduct
Perhaps the most significant amendment to the Competition Act is the introduction of criminal sanctions against individuals who participate in cartel conduct. The Act will introduce jail sentences or fines for directors and managers who are responsible for – or knowingly acquiesce in cartel conduct in respect of fixing of prices and trading conditions, market division or collusive tendering.

 
Links

SOUTH AFRICA ON ITS WAY TO ECONOMIC RECOVERY
.................................................................. AMENDMENTS TO COMPETITION ACT
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SURVEY REVEALS ON-LINE SHOPPING HABITS
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HOW SOCIAL INFLUENCE MARKETING CAN GIVE YOUR BUSINESS A PERMANENT BOOST

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