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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Global | Publication | July 2018
In December 2017 we explained the major changes proposed to the Competition Act in a draft bill. After a period of more than six months for comment, the Minister has tabled the Competition Amendment Bill (the Bill) in parliament for debate.
It is clear that some of the comments made on the December draft have been taken on board and some more controversial provisions have been amended. However the Minister has introduced some surprising new changes in this latest version which are sure to be open to extensive debate.
The most significant introductions in the Bill include:
We have set out in the table below some of the key changes in the Bill from the December 2017 draft bill. In the coming weeks we will be addressing the detail of proposed amendments on selected topics. The Portfolio Committee on Economic Development will conduct Public Hearings in Parliament on the Bill on August 28 and 29, 2018. Comments are due by August 17, 2018.
Given the impact that these significant changes are going to have on business in South Africa it is important to have your say. Please get in touch with the competition team for guidance on comments to be submitted to the Parliamentary Portfolio Committee.
Area | Main amendment |
Mergers |
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Administrative penalties |
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Horizontal and vertical restrictive practices |
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Abuse of dominance |
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Price discrimination by dominant firms |
|
Market inquiries |
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Exemptions |
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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