SINGAPORE Law and Practice Contributed by: Lim Chong Kin and Corinne Chew, Drew & Napier LLC
1. Legislation and Enforcing Authorities 1.1 Merger Control Legislation The merger control legislation in Singapore is set out in the Competition Act 2004, which is the primary competition legislation in Singapore. In particular, Section 54 of the Competition Act prohibits mergers and acquisitions that have resulted in a substantial lessening of competition (SLC) within any market in Singapore, or may be expected to do so (the Section 54 Prohibition). The Competition Act was enacted on 19 October 2004 and implemented in phases, with the merger provi - sions coming into force on 1 July 2007. It is adminis - tered and enforced by the Competition and Consumer Commission of Singapore (the Commission), which has issued the following guidelines on how it will inter - pret and give effect to the merger control provisions in the Competition Act: • Guidelines on Merger Procedures (revised on 1 May 2026); and • Guidelines on the Substantive Assessment of Mergers (revised on 1 February 2022). 1.2 Legislation Relating to Particular Sectors In March 2024, the Significant Investment Review Act 2024 (SIRA) came into force. The SIRA regulates significant investments into critical entities, and aims to safeguard national security interests. Designated critical entities under the SIRA must notify or seek approval from the Minister for Trade and Industry before undergoing changes in ownership or control. Aside from the SIRA, Singapore does not have any general legislation prohibiting or requiring consent for foreign transactions or investments, although certain sectors (eg, media and telecommunications) may have laws on foreign ownership. In addition, certain indus - try sectors (eg, telecommunications, media, post, gas and electricity) are regulated by industry-specific stat - utes containing merger control provisions, which are in turn enforced by industry-specific regulators. In particular, the Section 54 Prohibition does not apply to the following mergers specified in the Fourth Schedule of the Competition Act:
• mergers approved by any Minister or any regulato - ry authority (other than the Commission), including the Monetary Authority of Singapore, pursuant to any requirement imposed by or under any written law (other than Section 19 of the SIRA); • mergers under the jurisdiction of another regulatory authority under any written law or code of practice relating to competition; • mergers relating to the supply of licensed and regulated ordinary letter and postcard services, potable piped water, wastewater management services, licensed bus services, licensed and regu - lated rail services, or licensed and regulated cargo terminal operations; and • mergers with economic efficiencies that outweigh the adverse effects of the SLC within a market in Singapore. 1.3 Enforcement Authorities The Commission is the statutory body responsible for administering and enforcing the Competition Act. With effect from 1 April 2018, the Commission has assumed responsibility for administering and enforcing the Con - sumer Protection (Fair Trading) Act 2003, which pro - vides for the protection of consumers against unfair practices and related matters. The Commission’s pur - view was further expanded on 1 July 2025 to encom - pass product safety and legal metrology functions. As mentioned in 1.2 Legislation Relating to Particular Sectors , sectoral regulators have purview over merger control in their respective sectors. In cross-sectoral competition matters, the Com - mission will work with the relevant industry-specific regulator(s) to determine which regulator is best placed to handle the matter in accordance with statu - tory powers. The lead will be taken by the agency that is best placed in terms of its ability to investigate the alleged anti-competitive conduct and impose any necessary remedies. 2. Jurisdiction 2.1 Notification Notification in respect of a merger or an anticipated merger is voluntary.
556 CHAMBERS.COM
Powered by FlippingBook