It says something about how much the freedom of doing business in this city is cherished, and the anathema of regulation, that a contentious competition law was 15 years in the making, plus three more years before it comes into effect on December 14. It is a reform for which both businesses and the new competition watchdog are now preparing in earnest. The Competition Commission has taken a landmark step with the issue of guidelines on how it plans to investigate anti-competitive conduct, which will help businesses understand what practices may breach the new law. Accordingly, the commission has urged businesses to review their practices and make any necessary changes to ensure compliance with the law.

Hong Kong likes to consider itself as having the world's best business environment, but it is not uncommon for questionable practices to put smaller players and consumers at a disadvantage. When a draft of the guidelines was issued last year it prompted concerns in the business sector about some examples of anti-competitive conduct that are commonplace in various industries here but considered unacceptable elsewhere. Education of companies in their responsibilities under the ordinance is therefore paramount.