{"id":547674,"date":"2022-07-03T04:23:00","date_gmt":"2022-07-03T04:23:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/talks-over-amendments-to-competition-act-are-deadlocked\/"},"modified":"2022-07-03T04:23:00","modified_gmt":"2022-07-03T04:23:00","slug":"talks-over-amendments-to-competition-act-are-deadlocked","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/talks-over-amendments-to-competition-act-are-deadlocked\/","title":{"rendered":"Talks over amendments to Competition Act are deadlocked"},"content":{"rendered":"

<\/a> Will the Competition Act prove too controversial to pass the House this <\/strong>session?<\/strong> 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 tabled a wider debate on the amendments for this week as planned, potentially scuttling chances of passing them before the summer recess.<\/p>\n

Background: <\/strong>The amendments, which have been up in the air since last year<\/a>, would give the ECA the power to approve or block mergers and acquisitions before they are concluded if the regulator feels the transaction would be anti-competitive. As it stands today, the ECA can only raise red flags, typically after a sale is concluded (though that hasn\u2019t stopped the authority in recent years from loudly warning that it doesn\u2019t want to see specific acquisitions go through.)<\/p>\n

What\u2019s the issue? <\/strong>Last week saw the committee discuss<\/a> the amendments with officials from the central bank, the Financial Regulatory Authority (FRA), the EGX, and the Egyptian Competition Authority (ECA). Disagreement between the FRA and the ECA has led to a deadlock, Samir said, as the two bodies grapple over which of them would be responsible for regulating transactions that currently fall under the FRA\u2019s purview. Both Samir and ECA Chairman Mahmoud Momtaz have rejected an FRA request to exclude companies that fall under its jurisdiction from the amendments, Samir said.<\/p>\n

Legislation could be kicked to October:<\/strong> \u201cThe differences over the amendments are still big and need time to be ironed out,\u201d Samir said, without disclosing whether he believed the committee would be able to send the legislation to a House vote before the summer recess as it had hoped<\/a>to<\/a>. If the amendments aren\u2019t passed, they would be kicked to the next legislative session, which begins in the first week of October. There\u2019s a slight chance that the amendments could still be discussed before the House adjourns if it decides to extend its debates beyond the Eid Al Adha holiday.<\/p>\n

Check our explainer <\/strong>here<\/a><\/strong> on what we know so far about the points of contention over the amendments and what the business community thinks. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Will the Competition Act prove too controversial to pass the House this session? 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 tabled a wider debate on […]<\/p>\n","protected":false},"author":1,"featured_media":547675,"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":[271,549,72,76,274,187,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-central-bank-of-egypt","tag-egyptian-competition-authority","tag-enterpriseam","tag-financial-regulatory-authority","tag-house-of-representatives","tag-legislation-watch","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"3389a090-d075-4a50-9d73-793ac01dbee1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/91.jpg","photo_position":"above","related_issue":[547651],"teaser":"","voice_url":""},"yoast_head":"\nTalks over amendments to Competition Act are deadlocked - 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\/07\/03\/talks-over-amendments-to-competition-act-are-deadlocked\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Talks over amendments to Competition Act are deadlocked\" \/>\n<meta property=\"og:description\" content=\"Will the Competition Act prove too controversial to pass the House this session? 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The amendments\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":640247,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/22\/what-draft-laws-are-up-for-a-vote-at-parliaments-next-session\/","url_meta":{"origin":547674,"position":1},"title":"What draft laws are up for a vote at parliament\u2019s next session?","author":"enterpriseam admin","date":"22 August 2024","format":false,"excerpt":"The House will discuss the Labor Act that was pulled last year after backlash from the business community","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\/2024\/8\/1972.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/","url_meta":{"origin":547674,"position":2},"title":"MPs give initial approval to Competition Act amendments","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"MPs give initial approval to new and improved Competition Act: The House of Representatives yesterday gave its initial approval on amendments to the 2005 Competition Act, which would grant the Egyptian Competition Authority (ECA) more power over M&As.What\u2019s at stake: Introduced early last year by the government, the amendments would\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\/67.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578480,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/new-real-estate-registry-competition-law-and-tax-amendments-are-now-in-effect\/","url_meta":{"origin":547674,"position":3},"title":"New real estate registry, competition law, and tax amendments are now in effect","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"El Sisi signs into law real estate registry, competition, and tax law amendments: President Abdel Fattah El Sisi has ratified a number of legislative amendments recently passed by the House of Representatives, according to a decree published in the Official Gazette.#1- Amendments to the Real Estate Registry Act that streamline\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\/2023\/1\/8.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652591,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/15\/new-regulations-on-ma-private-placements-in-the-pipeline\/","url_meta":{"origin":547674,"position":4},"title":"New regulations on M&A, private placements in the pipeline","author":"enterpriseam admin","date":"15 January 2017","format":false,"excerpt":"New regulation is in the pipeline for the financial industry, with mergers and acquisitions and private placements set to come under closer scrutiny as a result of two separate reviews of existing legislation.ECA to have signoff on M&As? The Egyptian Competition Authority (ECA) intends to finalize by March amendments to\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":626834,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/12\/house-committee-approves-amendments-to-govt-accounting-act-enshrining-transition-towards-a-cashless-economy\/","url_meta":{"origin":547674,"position":5},"title":"House committee approves amendments to Gov\u2019t Accounting Act enshrining transition towards a cashless economy","author":"enterpriseam admin","date":"12 July 2018","format":false,"excerpt":"LEGISLATION WATCH- House committee approves amendments to Gov\u2019t Accounting Act enshrining transition towards a cashless economy: The House of Representatives\u2019 Planning and Budget Committee approved on Tuesday amendments to the Government Accounting Act that legally enshrine the transition towards a cashless economy, Al Mal reports. 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