Why is it important to have competition in business? When there is healthy competition in an economy, consumers can benefit from lower prices, more options and increased product quality. It encourages businesses to challenge themselves and innovate in their products and services if they want to remain a strong competitor within the market. But the engagement of businesses in anti-competitive activities can have an adverse effect in all those areas, so the Competition Act (2004) was established.
The Competition and Consumer Commission of Singapore (CCCS) is the statutory body in charge of enforcing the Competition Act. It aims to promote a strong competitive culture and environment throughout the Singapore economy, while preventing private businesses from engaging in unfair practices. Between January 2006 to November 2021, CCCS imposed financial penalties totalling more than $69 million for anti-competitive agreements.
Understanding what the competition law entails, and what constitutes anti-competitive behaviour, is crucial to ensuring you and your institution do not get penalised for non-compliance.
This course will cover:
– Working knowledge of Competition Law in Singapore
– Differentiating between types of anti-competitive behaviour
– Identifying applicable requirements, including exclusions and exemptions
– Comprehending the consequences of non-compliance
This course is IBF FTS and SFA/FAA Accredited with 1.5 Core CPD hours.