Malaysia: Implemented Competition Act (Act 712) including anti-competitive agreements regulation

On 1 January 2012, the Malaysian Competition Act (Act 712) entered into force including anti-competitive agreements regulation. The Act is applicable to any commercial activity within or outside of Malaysia. The Act prohibits any vertical or horizontal agreements that would lead to the prevention, restriction or distortion of competition. The Act defines an agreement as horizontal if it is conducted between companies operating on the same level of production or distribution and as vertical if it is conducted between companies on different levels. Further, the Act provides for possible reliefs of liability in the case of such an agreement as well as exemptions from this prohibition.