The Institute of Chartered Accountants of Pakistan (ICAP) and the Competition Commission of Pakistan (CCP) are creating a framework for compliance with competition legislation, which will be embraced by CA professionals operating in different economic sectors.
At the competition law seminar held at ICAP in Lahore, the ICAP council members presented this suggestion to CCP.The seminar was a component of the advocacy campaign series that CCP and ICAP had agreed upon. The first seminar in this series was held at ICAP Karachi, and the stakeholders responded quite well to it as well.
Professionals from the financial, marketing, and legal fraternities, as well as CEOs, CFOs, board members, and entrepreneurs attended this most recent session conducted at ICAP Lahore. Officials from the CCP gave a thorough presentation, and a little film on the main ideas of the Competition law was also shown. Around the world, competition law is highly valued because it addresses fundamental issues in the economy, such as mergers and acquisitions, the prevention of anti-competitive and illegal agreements, the abuse of dominant market positions, the prevention of deceptive marketing, and the granting of exemptions in specific circumstances when they violate the established standards.
Salman Amin, a CCP member, stressed during his speech to the group that the CCP is dedicated to promoting free and open competition in all areas of business and the economy. He also emphasized the advantages of unfettered competition for the customer and the economy. He acknowledged that competition law is highly known in Pakistan as well, and that incidents of this nature play a crucial role in it. The Competition Law module is a crucial component of the Directors Training Programs that various organizations in Pakistan offer, and it is highly significant for corporate and business executives. Subsequently, Mr. Ahmed Qadir (DG-CCP) expounded on a particular aspect of the Competition Law during his presentation.An engaging panel discussion with participants from the legal, marketing, finance, and petroleum industries was a highlight of the CPD event.
Ammara Gondal of NRC-ICAP moderated the panel discussion. The Pakistan Advertisers Society’s (PAS) Afsheen Rizavi talked about the self-regulation of marketing techniques and how PAS worked with the regulator (CCP) to create a code that would govern advertising practices in Pakistan. A fair competition is guaranteed under the constitution, as noted by Rida Aslam Bhatti of the legal firm RIAA Barker Gillette. The Pakistan Petroleum Dealers Association’s Engineer Khawaja Atif Ahmad brought attention to problems in the petroleum industry and underlined the necessity of CCP’s involvement and assistance in specific procedures.
Nosherwan Khawaja (FCA) stressed the significance of financial advisors comprehending competition law while advising their clients on a range of topics, such as mergers and acquisitions and due diligence. Participants thereafter engaged in a dialogue with panelists and CCP officials at a higher level.
Zeeshan Ijaz, Vice President of ICAP, concluded by thanking the attendees and highlighting the advantages of this competition law seminar, which once more promotes moral behavior and fair competition in the marketplace. He expressed his gratitude to the CCP and ICAP teams for working together to organize such a fun and interesting workshop. Upon recommendation from the ICAP council members,
