HONG KONG -- Hong Kong's new competition law came into full force on Monday, two years after it was enacted.

The lag was to give businesses time to get ready for the Competition Ordinance, which was introduced to the Legislative Council in 2010, and passed in 2012.

Anna Wu, the head of the commission in charge of enforcing the Competition Ordinance, said on Sunday that she's confident businesses are now adequately prepared.

The new ordinance contains provisions prohibiting cartel formation, price fixing, sharing market information, bid rigging and restricting output.

It also covers possible market manipulation by large companies, relating to such issues as predatory pricing and anti-competitive bundling.