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With the consent of His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, the Competition Commission of Brunei Darussalam (“CCBD”) was established on 1 August 2017.
The CCBD is mandated to promote business competition in Brunei Darussalam economic landscape through the enforcement of the Competition Act Chapter 253. The Act has the objective to enhance economic efficiency and to improve consumer welfare through fostering an economy that is free from unfair and unhealthy competition. In line with this, the CCBD will oversee and act on competition matters as mandated in the Act. This includes adjudicating anti-competitive cases and imposing penalties on companies found to have infringed the Competition Act.
The Executive Secretariat to CCBD which has also been established on 1 August 2017 administers the day-to-day affairs of the CCBD as well as carries out functions such as advocating Competition Act to key stakeholders, receiving complaints, investigating anti-competitive cases and conducting market reviews.
The introduction of the Competition Act and the establishment of the CCBD underscores the efforts of the Government of His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam to strengthen market efficiency towards achieving sustainable economic growth, in line with the economic goals of Wawasan (Vision) Brunei 2035.