The Securities and Exchange Commission of Pakistan (SECP) has duly paid the prescribed amount of 3 percent fees/charges to the Competition Commission of Pakistan (CCP). The CCP here Thursday informed the Senate Standing Committee on Finance that the SECP has submitted the prescribed amount of 3 percent of the fees/charges levied by other regulatory authorities under Section 20(2) of the Competition Act.
During the meeting, Chairman of the Committee Senator Mandviwalla inquired why the Commission was not in receipt of 3 percent of the fees & charges levied by other regulatory authorities, as mandated under Section 20(2) of the Act. Responding to this, the CCP officials informed that the commission had received the prescribed amount from the Securities and Exchange Commission of Pakistan (SECP) for the financial year 2014-15, and was midway through negotiations with other regulatory authorities and bodies.
The Chairperson of the Competition Commission of Pakistan Vadiyya Khalil, along with Member (Cartels & Trade Abuse & Legal), Ikram Ul Haque Qureshi, appeared before the Senate Standing Committee on Finance chaired by Senator Saleem Mandviwalla and briefed the Committee on the Competition Act, 2010, (the 'Act'), and the actions, achievements and challenges faced by the Commission. The Chairperson also gave a presentation to the Senate Committee.
Chairperson Vadiyya Khalil emphasised at the very outset that the Act has been promulgated by Parliament and embodies its intent to protect and promote a competition-based economy in Pakistan. She highlighted the main objectives of the Act, which include the enhancement of economic efficiency, the creation of a level playing field for undertakings and the protection and welfare of consumers.
The Senate panel was apprised of the enforcement responsibilities of the Commission, which are provided for under the Act in terms of Sections 3, 4, 10 and 11 and relate to protection against abuse of dominance, prevention of prohibited agreements and deceptive marketing practices as well as merger control. The Committee was further informed of the performance of the Commission with respect to these responsibilities, and provided with a record of the Commission's achievements since its inception. These include leading judgements against cartelization and deceptive marketing practices.
The Committee was also informed of the advocacy efforts of the Commission which consist of the organization of conferences, seminars and workshops to allow the Commission to work with different stakeholders and create awareness. The Chairperson went on to explain the major limitations being faced by the Commission in the course of its work, which consist of financial constraints and repeated challenges to the constitutional legitimacy of the Act and the Commission thereunder.
With regards to the challenge to the constitutionality of the Act, Vadiyya Khalil highlighted the fact that not only is competition in the economy within the legislative competence of Parliament but that a federal law on competition is the only practical and meaningful way in which competition rules can be applied.
Comments
Comments are closed.