This Act provides for establishment of the Independent Consumer and Competition Commission and provides with respect to market regulation and fair competition in Papua New Guinea. The Act also provides for the constitution of an Appeals Panel and a Panel of Experts.
The Commission is established as a body corporate and shall, among other things: (a) perform such functions relating to price regulation, licensing, industry regulation and other matters as are conferred on the Commission by or under this Act or any other Act; (b) promote and protect the bona fide interests of consumers in relation to the acquisition and supply of goods and services; (c) investigate complaints concerning market conduct and to enforce compliance with laws relating to market conduct in Papua New Guinea. It shall also ensure that regulatory decision making has regard to any applicable health, safety, environmental and social legislation.