By Thomas Chilaya:
The Competition and Fair Trading Commission (CFTC) has highlighted the importance of educating business operators on provisions of the new competition and fair trading law for enhanced adherence.
This effort is intended to help businesses understand the direction the institution is taking, the implications of market misconduct and the associated penalties and fines.
The Competition and Fair Trade Act of 2024 came into effect on July 1, replacing the Competition and Fair Trading Act of 1998.
CFTC Chief Executive Officer Lloyds Vincent Nkhoma emphasised the need to clarify the provisions, especially regarding the consequences of misconduct and the implications of the new regulations.
He was speaking at a media training in Blantyre.
“There is substantial information on many provisions that we believe are crucial for stakeholders to understand so that we are all on the same page,” he said.
One of the significant changes concerns the definition of a consumer under the old Act, which only considered someone who purchases a product for final use.
“We encountered cases where companies or individuals bought products to use as inputs in the production of other products. If these people complained, they were not considered consumers under the old law,” Nkhoma said.
The new Act has expanded the definition to include those who purchase a product for use as well as those who did not purchase it but were injured by using that product as a final consumer.
Other provisions cover merger notifications, abuse of dominance, penalties for violations, the appointment and removal of commissioners and settlement and leniency measures
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