Malaysia: Entry into force with grace period of Competition Act (Act 712) including competition authority governance regulation

On 1 January 2012, the Malaysian Competition Act (Act 712) entered into force. The Act is applicable to any commercial activity within or outside of Malaysia. The Act grants the Competition Commission, as established by the Competition Commission Act 2010, the power to conduct investigations concerning compliance with the Act as well as pose requests for information. Beyond that, the Act allows the Competition Commission to issue interim measures during an investigation and propose a solution for the conclusion of an investigation in case of non-compliance with the Act. Further, the Act establishes a Competition Appeal Tribunal with the jurisdiction to review any decision made by the Commission.