Government restructuring will split FTC investigatory power

The Fair Trade Commission’s exclusive right to accuse businesses of unfair trade practices will be distributed to the Public Procurement Service, Small and Medium Business Administration, and the Bureau of Audit and Inspection if the government restructuring legislation passes the National Assembly today.

As a result, local businesses will face greater barriers and regulations in terms of fair trade from the four government agencies. The FTC has been allowed to accuse companies of unfair practices including price-fixing with prosecutors based on its independent decision. Should the bill become law, the antitrust agency will be able to do that only when the three agencies make requests.

The FTC has been under criticism for abusing the right. The bill, if passed, will take effect in June at the earliest.