Competition law amendment bill 2023

What are the major changes in the competition Amendment Act 2023?
The amendments aim to strengthen competition regulation, streamline operations, and foster a business-friendly environment.
One of the most significant changes introduced by the amendment is the establishment of a new deal value threshold._{Aug 9, 2023}.
What is deal value threshold?
To dilute these vulnerabilities, the Competition Act of 2023 was introduced, wielding a potent weapon – the Deal Value Threshold (hereinafter DVT).
This revolutionary addition is based on the size of the transaction/the amount the acquirer is willing to pay as consideration in a transaction..

What changes have been proposed to the Competition Act 2002?

A summary of the key amendments proposed to the Competition Act, 2002 (" Competition Act ") is set out below:

1) 'Deal Value' thresholds:

Under the existing framework

only a transaction that crosses specified asset or turnover thresholds requires approval from the CCI.

What is Competition Amendment Bill 2023?

Recently, Rajya Sabha passed the Competition Amendment Bill, 2023.
The Competition (Amendment) Bill, 2023 seeks to amend the Competition Act, 2002 which regulates competition in the Indian market and prohibits anti-competitive practices such as:

cartels

mergers and acquisitions that may have an adverse effect on competition.

When was the Competition (Amendment) Bill re-introduced?

In December 2022, the Standing committee submitted its report and the Bill was re-introduced with few amendments in February 2023.
On March 29, 2023, the Lok Sabha passed the Bill.
Followed by this, the Rajya Sabha passed the Competition (Amendment) Bill, 2023 on April 03, 2023.

Who appoints the Director General of Competition Amendment Act?

Competition Amendment Act:

Other Changes..
The Director General will be appointed by CCI after prior approval of the Central Government.
The CCI has been empowered to publish guidelines on the provisions of the Competition Act or the Rules and Regulations made thereunder either on a request made by a person or on its own motion.

U.S. tax code provision regarding non-profits, religious organisations and political campaigning

The Johnson Amendment is a provision in the U.S. tax code, since 1954, that prohibits all 501(c)(3) non-profit organizations from endorsing or opposing political candidates.
Section 501(c)(3) organizations are the most common type of nonprofit organization in the United States, ranging from charitable foundations to universities and churches.
The amendment is named for then-Senator Lyndon B.
Johnson of Texas, who introduced it in a preliminary draft of the law in July 1954.

Act of Parliament in New Zealand

The Local Electoral Amendment Act is an Act of Parliament in New Zealand which eliminates mechanisms for holding public referendums on the establishment of Māori wards and constituencies on local bodies.
The Act was supported by the Labour, Green and Māori parties but opposed by the opposition National and ACT parties.
National attempted to delay the bill by mounting a twelve-hour-long filibuster challenging all of the Act's ten clauses.

Competition law amendment bill 2023

What are the major changes in the competition Amendment Act 2023?

What is deal value threshold?

What changes have been proposed to the Competition Act 2002?

What is Competition Amendment Bill 2023?

When was the Competition (Amendment) Bill re-introduced?

Who appoints the Director General of Competition Amendment Act?