South Africa’s president Cyril Ramaphosa will sign into law the Competition Amendment Bill, which will strengthen regulations against anti-competitive behavior in industrial markets, reported All Africa.
The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs (small and medium sized enterprises), economic inclusion, and it opens up the economy to fresh investment and innovation.
It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday, February 11.
“The bill provides greater clarity to firms and investors on prohibited practices and what constitutes abuse of dominance.
“Another expected benefit is improved administrative efficiencies in the work of the competition authorities and facilitative powers to the executive,” the Presidency explained.
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