The Act aims to establish the Consumer Protection Authority to safeguard consumers' rights and interests, prohibit restrictive business practices and misleading conduct, and regulate the prices of goods and services. It also sets standards for the safety and quality of goods and services, provides a complaint mechanism for consumers, and outlines enforcement procedures for consumer protection and business conduct.
The Act consists of 73 Articles divided into 10 Parts. Among others, Part 3 of the document outlines prohibitions against anti-competitive business practices, including contracts or arrangements that lessen competition, agreements with associated entities, exclusive deals, price fixing, and resale price maintenance. It also addresses the misuse of market power, black marketing, hoarding, profiteering, and false or misleading statements or actions related to trading or market appearances. Insider trading is explicitly banned. Part 4 focuses on misleading conduct, preventing false claims about the nature of goods, services, or representations. Part 5 mandates price transparency, receipt issuance, and grants the Minister authority to regulate prices. Part 6 sets standards for goods and services, including recalls and cessation of services for non-compliance.