Hong Kong people are being asked to give their feedback on antitrust regulations under a proposed competition ordinance.
The regulations cover price cartels and other anti-competitive tactics, collusion and monopolistic practices, the Hong Kong Economic Journal reported Tuesday, citing Anna Wu, chairperson of the Competition Commission.
The public consultation will last six months, with legislation expected to be in place next year.
The proposal calls for a three-pronged strategy — collection of evidence by the commission, whistleblowing and formal reporting. This approach has precedent in other jurisdictions, Wu was quoted as saying.
The measures are intended to ensure a level playing field by penalizing any abuse of market power.
Companies with more than 25 percent market share will be liable to such penalties if found guilty of antitrust violations, the report said.
However, the measures apply only to enterprises with annual revenue of HK$40 million (US$5.16 million) and above. Smaller companies are deemed to have a limited impact on the overall market.
Wu said preferential treatment for whistleblowers similar to the European practice is likely to be adopted in Hong Kong.
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