Competition Act 2004 · 2020 Revised Edition · Schedules
Schedule 4 · Exclusions from section 54 prohibition
Feedback & supportFOURTH SCHEDULESections 55 and 92Exclusions from section 54 prohibition
section 54 prohibition
“section 54 prohibition” means the prohibition referred to in section 54(1);
1. The section 54 prohibition does not apply to any merger —
approved by any Minister or regulatory authority (other than the Commission) pursuant to any requirement for such approval imposed by any written law (other than section 19 of the Significant Investments Review Act 2024);[S 18/2026 wef 19/01/2026]
Commission
“Commission” means the Competition and Consumer Commission of Singapore established by section 3;
approved by the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970 pursuant to any requirement for such approval imposed under any written law; or
under the jurisdiction of any regulatory authority (other than the Commission) under any written law relating to competition, or code of practice relating to competition issued under any written law.
2. The section 54 prohibition does not apply to any merger involving any undertaking relating to any specified activity as defined in paragraph 6(2) of the Third Schedule.
undertaking
“undertaking” means any person, being an individual, a body corporate, an unincorporated body of persons or any other entity, capable of carrying on commercial or economic activities relating to goods or services.
3. The section 54 prohibition does not apply to any merger if the economic efficiencies arising or that may arise from the merger outweigh the adverse effects due to the substantial lessening of competition in the relevant market in Singapore.[23/2007]