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​Hong Kong accounting association accuses bill amendment of being anticompetitive

( January 18, 2019, 08:00 GMT | Official Statement) -- MLex Summary: The Hong Kong Accounting Professionals Association, in a recent submission to the Legislative Council on the Professional Accountants (Amendment) Bill 2018, rejected an "outsider" comment made by the Competition Commission regarding the introduction of an article prohibiting the use of certain descriptions in accounting to avoid misleading the public. The antitrust regulator, which was consulted in 2017, said it didn’t consider the bill to have raised any competition concerns and was of the view that the modest restriction on competition imposed by the bill appeared to be outweighed by the need to protect persons from being misled about the qualifications of companies providing accounting services. The association accused the amendment of violating the principle of fair competition and of leading to a further monopolization of Hong Kong’s accounting market.The document, only available in Chinese, is attached....

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