Small businesses should not fear competition law, says watchdog chief Dr Stanley Wong
Watchdog chief says firms that avoid four core offences have no reason for concern
Small businesses have little to fear from the new competition law, according to the city watchdog chief who has advised governments around the world.
Competition Commission CEO Dr Stanley Wong has more than 30 years' experience relating to competition laws.
Wong worked for Ireland's competition authority from 2006 to 2011. Since then, the firm he founded has advised authorities, courts and tribunals in Singapore, Malaysia, the Philippines, Britain, Croatia, South Africa, Colombia and Canada, as well the European Commission.
Usually it is the big players who fear the law. There was "no other place in the world" apart from Hong Kong where small businesses were worried about competition laws, he said.
Small businesses should focus on not committing any of four core offences. "Do not agree to price fixing. Do not engage in agreements to reduce output. Do not share markets. Do not engage in bid-rigging. These are sort of the four don'ts," he said.
Other business arrangements would require case-by-case analysis to determine if they were anti-competitive, he added.
