Competition authority gets Shura council nod

Manama : A draft law governing the promotion and protection of commercial competition has received the approval of Shura Council strengthening Kingdom’s effort to promote consumer rights and protect national economy.
The approval will result in establishing a “Promotion and Protection of Competition Authority” with financial and administrative independence under the ministry of Commerce and Industry.
“The draft law aims to promote and encourage competition and prevent monopoly by persons and economic establishments, increase the attractiveness of foreign investments and promote domestic investments,” said Khalid Al-Maskati, the chairman of the Finance and Economic Affairs Committee of the Shura Council.
The authority will be responsible for receiving and investigating complaints, or anomalies identified by them or by the Minister.  Members, including from legal sectors, will also be authorised to examine laws and regulation and propose amendments, to remove elements that hinder competition.
This, according to Al-Maskati, will help achieve some degree of protection for the national economy as it contains many provisions that are necessary to protect and encourage competition to achieve transparency and flexibility.
Hefty fines, prison terms
The draft law calls for imprisonment not exceeding one year and a fine of not less than BD5000 and not exceeding BD50,000 or any of these two, for those who submit or provide false, misleading or contrary information in the records, data or documents.
A penalty of imprisonment not exceeding one month and a fine of not less than BD100 and not exceeding BD500 or one of these two penalties shall be imposed on anyone who unlawfully uses the emblem of the authority or a similar emblem.