{"id":547708,"date":"2022-07-04T04:19:13","date_gmt":"2022-07-04T04:19:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/theres-still-hope-that-changes-to-competition-rules-could-pass-the-house-this-month\/"},"modified":"2022-07-04T04:19:13","modified_gmt":"2022-07-04T04:19:13","slug":"theres-still-hope-that-changes-to-competition-rules-could-pass-the-house-this-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/theres-still-hope-that-changes-to-competition-rules-could-pass-the-house-this-month\/","title":{"rendered":"There\u2019s still hope that changes to competition rules could pass the House this month"},"content":{"rendered":"

<\/a> Talks over amendments to the Competition Act aren\u2019t dead yet: <\/strong>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 keen that the debate over the amendments is finished very soon in order for it to be discussed and voted on by the House before it adjourns for summer recess,\u201d he said.<\/p>\n

Serious disagreements remain over how much power to give to the ECA:<\/strong> Officials from the Central Bank of Egypt (CBE), the Financial Regulatory Authority (FRA) and the EGX have been unable to agree<\/a> with the Egyptian Competition Authority (ECA) on key parts of the proposed changes, which would hand the authority greater powers to regulate mergers and acquisitions. There remain disagreements over how much time the ECA would have to assess M&As and the fees it would charge companies for investigations.<\/p>\n

The current draft would allow the authority 30 days to investigate transactions<\/strong>, a period that EGX chief Mohamed Farid wants to cut in half to minimize the \u201cnegative impact.\u201d Some MPs want to prevent the ECA from having a say over smaller M&As, arguing that the proposed EGP 900 mn threshold is too low and that the authority should only deliberate over larger transactions.<\/p>\n

There may only be a few days left before parliament breaks for the summer:<\/strong> Some MPs expect the House to break for the summer recess as soon as Tuesday. Failing to reach an agreement during the current legislative session would mean that the amendments wouldn\u2019t be discussed in the general assembly until our elected representatives return from the break in October.<\/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 making its position clear when it objects to certain acquisitions).<\/p>\n

Want more on the proposed changes to competition rules?<\/strong> We have an explainer here<\/a>.<\/p>\n

ALSO FROM THE HOUSE- <\/strong><\/p>\n

One MP wants answers on British American Tobacco\u2019s decision to exit Egypt:<\/strong> MP Mahmoud Essam has asked Prime Minister Moustafa Madbouly to explain whether British American Tobacco\u2019s (BAT) decision to discontinue operations in Egypt is related to the new tobacco manufacturing license<\/a> given to Philip Morris earlier this year. BAT said last week<\/a> that it would be leaving Egypt after 22 years due to concerns about the market\u2019s long-term commercial viability, and denied that the license factored into its decision. BAT was reportedly one of the companies to object to the tender last year, arguing that the conditions would establish a new monopoly over the manufacture of e-cigarettes and heated tobacco products.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 keen that the debate over […]<\/p>\n","protected":false},"author":1,"featured_media":547709,"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":[2114,7400,72,274,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-british-american-tobacco-egypt","tag-competition-act","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"5ca9167f-3d70-49b8-8ada-4ecece5dd8f0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/108.jpg","photo_position":"above","related_issue":[547698],"teaser":"","voice_url":""},"yoast_head":"\nThere\u2019s still hope that changes to competition rules could pass the House this month - 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\/04\/theres-still-hope-that-changes-to-competition-rules-could-pass-the-house-this-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"There\u2019s still hope that changes to competition rules could pass the House this month\" \/>\n<meta property=\"og:description\" content=\"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. 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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":577772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/","url_meta":{"origin":547708,"position":1},"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":648223,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/31\/house-council-of-state-and-policymakers-are-in-a-sprint-to-the-summer-recess-finish-line\/","url_meta":{"origin":547708,"position":2},"title":"House, Council of State and policymakers are in a sprint to the summer recess finish line","author":"enterpriseam admin","date":"31 May 2017","format":false,"excerpt":"RACE TO THE FINISH: The passage this week of the stamp tax comes as MPs and other state officials kicked off a race to finish work on key pieces of economic legislation before they go on summer recess on 30 June. 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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":629861,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/legislation-watch-ride-hailing-apps-bill-faces-final-vote-next-week-after-clause-on-state-access-to-data-amended-2018-19-budget-is-now-with-the-house-for-debate\/","url_meta":{"origin":547708,"position":4},"title":"LEGISLATION WATCH- Ride-Hailing Apps Bill faces final vote next week after clause on state access to data amended; 2018-19 budget is now with the House for debate.","author":"enterpriseam admin","date":"3 April 2018","format":false,"excerpt":"LEGISLATION WATCH- House Transport Committee approves Ride-Hailing Apps Act, with amended user data stipulations: The House of Representatives\u2019 Transport Committee approved yesterday the Ride-Hailing Apps Act after amending clauses on user data privacy, Al Ahram reports. MPs eventually agreed yesterday to amend a clause that allows companies such as Uber\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":547786,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/the-house-is-out-for-summer-heres-what-it-achieved-this-session\/","url_meta":{"origin":547708,"position":5},"title":"The House is out for summer \u2014 here\u2019s what it achieved this session","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"The House is out for summer: The House of Representatives held its final session before adjourning for the summer recess yesterday. Some 184 laws were passed by the House this legislative season, with economic bills leading the pack. Among the most important laws that made it through were the Unified\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\/140.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\/547708","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=547708"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547708\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547709"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547708"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547708"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}