Part I of II - What you should know
After years of consultation and debate, and in the face of continuing opposition from many business sector representatives, Hong Kong is finally on the verge of enacting its first cross-sector competition law. The Competition Bill received its third and final reading last night (14 June) in the Legislative Council, meaning it is destined to become law when the final formalities (signature and promulgation by the Chief Executive and gazetting as an Ordinance) are completed shortly.
In this, the first of a special two-part legal update advising clients on this significant development, we highlight key aspects of the competition law that all businesses who operate in (or sell into) Hong Kong should be aware of. Part II will follow shortly, and will include detailed guidance on the steps businesses should be taking to ensure appropriate compliance and risk-management in relation to the new law.