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Competition and Consumer Act 2010 (Cth)

Section 95AO
Time limits for determining application

 

The provision

(1) If the Commission has not made a determination on the application within the period that begins on the day the application was given to the Commission and ends on the 40th business day after that day, the Commission is, subject to subsection (3), taken to have made a determination refusing to grant the clearance.

(2) The applicant may, before the end of the period referred to in subsection (1) (including any period that is taken to be substituted for that period by any other application or applications of this subsection), agree to the Commission taking a specified longer period to make its determination. If the applicant does, the longer period is taken to be substituted for the period referred to in subsection (1).

(3) However, if before the end of the period referred to in subsection (1) (including any period that is taken to be substituted for that period by any other application or applications of subsection (2)), the Commission decides that the matter cannot be dealt with properly within that period, either because of its complexity or because of other special circumstances, which must be notified in writing by the Commission to the applicant, the period is extended by a further 20 business days and the longer period is taken to be substituted for the period referred to in subsection (1) (or any other period that is taken to be substituted for that period by any other application or applications of subsection (2)).

 

Legislative history

 

Commentary

Division 3 of Part VII of the Act was introduced in 2006 following recommendations by the Dawson Committee. Subdivision B allows parties to apply for 'formal clearance' of their mergers. There is no mandatory pre-merger notification regime operating in Australia and the ACCC may still provide informal advice to parties regarding the legality of their proposed merger.

See mergers page.