Best Antitrust Lawyers in Clarke Quay

Share your needs with us, get contacted by law firms.

Free. Takes 2 min.

Yuen Law LLC
Clarke Quay, Singapore

Founded in 2012
40 people in their team
English
Chinese
Yuen Law LLC is a highly accoladed Singapore law practice established in 2012. Our practitioners are highly experienced in sale and purchase of companies and assets, joint ventures, venture capital, corporate law, fintech regulations, disputes resolution, family law and trusts, and conveyancing....
AS SEEN ON

About Antitrust Law in Clarke Quay, Singapore

Clarke Quay, Singapore, like the rest of the country, is guided by the Competition Act. The Act aims to protect businesses and consumers by promoting fair competition in the market. This Act has significance in Antitrust law as it aims to prevent business practices that limit competition, such as monopolies, price-fixing, market-sharing, or abuse of a dominant position. The Competition Commission of Singapore (CCS) is the main body responsible for implementing and enforcing these laws.

Why You May Need a Lawyer

Legal assistance may be crucial if you're involved in an investigation by the CCS, or if you require advice on the legality of your business agreements. Understanding the implications of non-compliance and the penalties associated can be complex, to ensure your business practices do not fall foul of the Competition Act, consulting an experienced lawyer is vital. Additionally, if you suspect that a competitor is engaging in anti-competitive behavior, a lawyer can assist you with the necessary steps to report such practices and take legal action if necessary.

Local Laws Overview

The Competition Act in Singapore is primarily segmented into three prohibitions: The Section 34 prohibition against anti-competitive agreements, the Section 47 prohibition against the abuse of a dominant position, and the Section 54 prohibition against mergers that substantially lessen competition. Companies found in breach of these laws can face massive fines of up to 10% of their annual business turnover. Therefore, a comprehensive knowledge and understanding of these laws are essential for all businesses.

Frequently Asked Questions

1. What constitutes an anti-competitive agreement?

Any agreement between parties that has the object or effect of preventing, restricting, or distorting competition in Singapore constitutes an anti-competitive agreement. This includes price-fixing, limiting or controlling production or market share, and bid-rigging.

2. What does the term 'abuse of a dominant position' mean?

This refers to the exploitation of a dominant position in a market sector to engage in anti-competitive practices such as setting unfair purchase or selling prices, limiting production to the prejudice of consumers, and leveraging a dominant position in one market to gain advantage in another.

3. How does the CCS determine if a merger reduces competition?

The CCS carries out a comprehensive assessment of the proposed merger, including market share analysis and the effect on competitors and customers. If it believes that the merger would substantially lessen competition, it has the power to block the merger or require modifications.

4. What can I do if I suspect a business is engaging in anti-competitive behavior?

If you suspect a business is engaging in anti-competitive behavior, you can report it to the CCS. A lawyer can assist you in this process and provide advice on potential legal action you can take.

5. What are the penalties for breaching Antitrust laws?

Penalties for breaching the Competition Act can be severe, including financial penalties of up to 10% of the turnover of the business in Singapore for each year of infringement, up to a maximum of three years, and other orders as deemed necessary.

Additional Resources

The Competition Commission of Singapore (CCS) website is a valuable resource to gain further insights about the Competition Act and its implications. Additionally, legal books and publications on Singapore's antitrust laws can offer more extensive knowledge on the subject.

Next Steps

If you need legal assistance in Antitrust, find a reputed law firm experienced in Competition Law. An initial consultation can help assess your situation and provide guidance on the best course of action. Always aim to prevent breaching Competition Act rather than having to deal with the consequences.

Lawzana helps you find the best lawyers and law firms in Clarke Quay through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Antitrust, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Clarke Quay, Singapore - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.