While fooling around looking for solid information that the competition was actually open to International Artists. I overlooked the fact that the Pixiv competition page is in English, which is much easier to read that auto-translate text from Google Chrome.

There's very little information on the page beside these rules:

Draw a comic of any genre or size.
Submit your comic with the Japanese tag 講談社まんがスカウトFes. Entries without this tag will be disqualified.

You may upload the comic in any size.
Please only use characters and stories you have created.

Submit the comic using pixiv’s manga submission function.
The comic needs to be a complete story but can be any number of pages.

The winner will be required to submit their comic in grayscale, at least 300 dpi in TIFF, PSD, or EPS format.

You may submit more than 1 entry.

No indication whether they want Japanese dialog (which would be a pain in the butt) or whether the reading direction should take precedence in the page layout (easier to go with full page width panels).

Five magazines are involved with the competition. Each magazine will select a winner who will have their work presented on Pixiv Comic's Top page with an overall winner receiving a cash prize (unless they cannot decide on an overall winner).

The competition closes on Sunday March 31st 23:59 JST (14:59 GMT)