{"id":547377,"date":"2022-06-20T04:18:15","date_gmt":"2022-06-20T04:18:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/house-discusses-amendments-to-competition-act\/"},"modified":"2022-06-20T04:18:15","modified_gmt":"2022-06-20T04:18:15","slug":"house-discusses-amendments-to-competition-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/house-discusses-amendments-to-competition-act\/","title":{"rendered":"House discusses amendments to Competition Act"},"content":{"rendered":"

<\/a> House gets down to business on Competition Act amendments:<\/strong> The House\u2019s Economic Affairs Committee yesterday discussed giving greater powers to the Egyptian Competition Authority (ECA) underproposed amendments<\/a> to the Competition Act. The amendments, which have been up in the air since last year, will regulate mergers and acquisitions and place them under the supervision of the ECA to prevent monopolistic practices in the market.<\/p>\n

Want an M&A? You\u2019ll have to get through the ECA first: <\/strong>ECA would have the power to approve or block M&As under the legislation, said Ahmed Samir, head of the House\u2019s Economic Affairs Committee. Fending off monopolistic practices would require that the ECA is given more power to stand up to M&As that could be a threat to competition on the market.<\/p>\n

How it\u2019s done now: <\/strong>The ECA\u2019s role is currently limited to raising red flags, but only after a transaction is concluded. Successive antitrust bosses have sought the power to approve or reject M&As for years now<\/a>.<\/p>\n

As to what constitutes an approved M&A, from what we\u2019re hearing, the definition is shaky at best.<\/strong> We\u2019re told that the ECA would only greenlight those transactions that help save defaulting companies or improve economic efficiency, without an explanation on what that would mean.<\/p>\n

The amendments would also change the definition of \u201ceconomic concentration,\u201d<\/strong> a key principle in evaluating the potential market impact of a transaction. M&A transactions would be banned by the ECA that are found to restrict or cause harm to freedom of market competition, especially when the consolidation leads to a \u201ccontrolling position\u201d or reinforces an existing \u201ccontrolling position,\u201d Samir said.<\/p>\n

This is all too vague for comfort: <\/strong>We\u2019re still getting the same, general antitrust statements we\u2019ve been hearing since the amendments were first announced and we\u2019ve yet to hear any details on what constitutes bad corporate practice. Is it the unfair quashing of competitors or the fleecing of customers? Can I still acquire companies if I am the dominant player? Can I acquire a company and still become a dominant player? Where does that leave current market and sector regulators (FRA on capital markets)? As always, the devil will be in the details.<\/p>\n

A positive: The House wants some transparency from the ECA:<\/strong> The House committee recommended that the ECA submit quarterly reports on its performance and targets to the chamber. It also wanted a report on the ECA\u2019s supervisory powers and how much money was transferred to the state treasury from settling competition disputes in FY 2021-2022.<\/p>\n

The ECA got a boost in finances recently<\/strong>, with the House committee approving an EGP 50.5 mn budget for the authority in the upcoming fiscal year that starts in July, up from EGP 40.8 mn this fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"

House gets down to business on Competition Act amendments: The House\u2019s Economic Affairs Committee yesterday discussed giving greater powers to the Egyptian Competition Authority (ECA) underproposed amendments to the Competition Act. The amendments, which have been up in the air since last year, will regulate mergers and acquisitions and place them under the supervision of […]<\/p>\n","protected":false},"author":1,"featured_media":547378,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[7400,549,72,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-competition-act","tag-egyptian-competition-authority","tag-enterpriseam","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"9c27c4b7-c5f7-4a4c-a763-45bc4873d843","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/HouseofReps-1600px-fx-e1606665898323.jpg","photo_position":"above","related_issue":[547371],"teaser":"","voice_url":""},"yoast_head":"\nHouse discusses amendments to Competition Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/house-discusses-amendments-to-competition-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House discusses amendments to Competition Act\" \/>\n<meta property=\"og:description\" content=\"House gets down to business on Competition Act amendments: The House\u2019s Economic Affairs Committee yesterday discussed giving greater powers to the Egyptian Competition Authority (ECA) underproposed amendments to the Competition Act. 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Differences over proposed amendments to the Competition Act between our financial regulators have reached a stalemate, Ahmed Samir, head of the House Economic Affairs Committee, told reporters last week. The impasse means that the House has not\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577849,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/competition-act-amendments-pass-the-house\/","url_meta":{"origin":547377,"position":2},"title":"Competition Act amendments pass the House","author":"enterpriseam admin","date":"7 December 2022","format":false,"excerpt":"MPs give their final approval to Competition Act amendments: The House of Representatives yesterday voted to pass amendments to the 2005 Competition Act following two days of debate. The amendments \u2014 which got initial signoff from the chamber on Monday \u2014 grant the Egyptian Competition Authority (ECA) the power to\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599791,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/cabinet-approves-proposed-amendments-to-egypts-competition-act\/","url_meta":{"origin":547377,"position":3},"title":"Cabinet approves proposed amendments to Egypt\u2019s Competition Act","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"CABINET WATCH- The Madbouly Cabinet approved yesterday proposed amendments to the Competition Act (or Antitrust Act) that are meant to increase regulation against monopolistic practices and help protect competition in Egypt, according to a statement. The amendments would ban collusion in any form between competitors in any industry \u2014 including\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556292,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/19\/eca-poking-into-mas-again\/","url_meta":{"origin":547377,"position":4},"title":"ECA poking into M&As again","author":"enterpriseam admin","date":"19 October 2021","format":false,"excerpt":"The Egyptian Competition Authority (ECA) is not happy that a number of mergers and acquisitions that have taken place without it being notified. In a statement yesterday, the competition watchdog warned businesses making EGP 100 mn in annual revenues that they must inform the ECA of M&A activity within 30\u2026","rel":"","context":"In "COMPETITION WATCH"","block_context":{"text":"COMPETITION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/competition-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547708,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/theres-still-hope-that-changes-to-competition-rules-could-pass-the-house-this-month\/","url_meta":{"origin":547377,"position":5},"title":"There\u2019s still hope that changes to competition rules could pass the House this month","author":"enterpriseam admin","date":"4 July 2022","format":false,"excerpt":"Talks over amendments to the Competition Act aren\u2019t dead yet: The House Economic Affairs Committee continued to debate the contentious amendments to the Competition Act yesterday in hopes that an agreement could be found before MPs break for summer recess, committee head Ahmed Samir told reporters yesterday. \"The committee is\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/108.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547377"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547377\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547378"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547377"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547377"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}