On 24 March 2017, the draft Trade Competition Act was approved by the National Legislative Assembly (NLA), following consideration and recommendations by the ad hoc committee considering the act. It is expected that the act will become effective in August or September 2017 (90 days from the date of publication in the government gazette).
Key dates under the act
1. The first Trade Competition Board must be appointed within 270 days from the date the new law comes into effect. The current Trade Competition Board will remain in position until the new board is appointed.
2. The Trade Competition Board must announce subordinate regulations under the new Trade Competition Act within 365 days after the law comes into effect. The subordinate announcements or regulations under the current law – the Trade Competition Act (1999) – will remain in force (to the extent that they do not contradict the new law) until the new regulations are announced.
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