Knowledge & Insights

Following the end of the "pandemic era", which was a relatively quiet period on the enforcement front, 2023 marked the start of a steady pick-up in the enforcement activities of the Competition and Consumer Commission of Singapore (CCCS). In particular, 2023 saw the CCCS carry out dawn raids at numerous building construction services premises and affirm its policy that businesses engaged in cartelistic conduct can expect to receive heftier fines moving forward.

Sustainability remains a key policy priority for the CCCS. The CCCS is currently in the midst of reviewing the public's responses to its proposed guidance note for business collaborations pursuing environmental sustainability objectives, to be issued in due course. It is also developing guidelines on environmental claims made in advertising that could amount to unfair practices under the Consumer Protection (Fair Trading) Act.

On the merger control front, the CCCS unconditionally cleared seven mergers in 2023. Three merger notifications from 2023 remain pending the CCCS' decision, one of which is currently undergoing a Phase 2 review.

Aside from competition issues, 2023 also saw the introduction of the Significant Investments Review Bill (recently passed in January 2024) which will come into force as the Significant Investments Review Act (SIR Act), likely in the coming months. The SIR Act seeks to ensure the continuity of entities that are critical to Singapore's national security interests and imposes approval, notification and other obligations on potential acquirers and existing owners / potential sellers of entities designated by the Government, as well as on such designated entities themselves.

This update reviews some of these key trends and developments from 2023 and provides our take on how businesses can navigate the regulatory and enforcement landscape in Singapore going into 2024.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:

Ameera ASHRAF
Head – Antitrust & Competition
d +65 6416 8113
e ameera.ashraf@wongpartnership.com
Click here to view Ameera’s CV.

CHAN Jia Hui
Partner – Antitrust & Competition
d +65 6416 2794
e jiahui.chan@wongpartnership.com
Click here to view Jia Hui’s CV.

Clarissa KOH
Partner – Antitrust & Competition
d +65 6517 8685
e clarissa.koh@wongpartnership.com
Click here to view Clarissa’s CV.