153TCommission may vary or revoke prohibited conduct recommendation

153T Commission may vary or revoke prohibited conduct recommendation

(1) The Commission may, in writing, vary or revoke a prohibited conduct recommendation.

(2) The Commission cannot make a variation or revocation under subsection (1) later than 45 days after:

(a) unless paragraph (b) applies—the day on which the Commission made the prohibited conduct recommendation; or

(b) if there has been a previous variation of the prohibited conduct recommendation under this section—the day on which the Commission made the previous variation.

(3) The Commission cannot make a variation or revocation under subsection (1) if:

(a) the Treasurer has made a contracting order in relation to the prohibited conduct recommendation; or

(b) the Treasurer has applied to the Court for a divestiture order in relation to the prohibited conduct recommendation.

(4) The Commission cannot make a variation under subsection (1) unless the Commission is satisfied that:

(a) the variation is minor or insubstantial; or

(b) all of the following conditions are met:

(i) the corporation or any related body corporate gave the Commission information relevant to the prohibited conduct notice that is false or misleading in a material particular, or failed to give the Commission information relevant to the prohibited conduct notice that is not publicly available;

(ii) the variation is reasonably necessary to address the circumstances described in subparagraph (i); or

(c) the variation is reasonably necessary to address information that was not in existence, or that the Commission did not have, when the prohibited conduct notice was given.

(5) A variation or revocation under subsection (1) must state the day on which it is made.

(6) The Commission must give a copy of a variation or revocation under subsection (1) to the Treasurer as soon as practicable after making it.

(7) A variation or revocation under subsection (1) is not a legislative instrument.

(8) Subsection 33(3) of the Acts Interpretation Act 1901 does not apply in relation to a prohibited conduct recommendation.