45AXCommission must be notified of material changes of fact in relation to notified acquisitions

45AX Commission must be notified of material changes of fact in relation to notified acquisitions

(1) This section applies if:

(a) a person is the notifying party of a notification of an acquisition; and

(b) a change of fact occurs; and

(c) the change of fact is material to the Commission making a determination under subsection 51ABZE(1) in respect of the notification; and

(d) the person becomes aware of the change of fact at a time:

(i) occurring on or after the effective notification date of the notification; and

(ii) at which the Commission has not decided to cease considering the notification under section 51ABZD; and

(iii) at which the Commission has not made a determination in respect of the notification under subsection 51ABZE(1); and

(iv) if the notification is subject to phase 2 review—occurring at least 15 business days (within the meaning of section 51ABK) before the end of the phase 2 determination period for the notification.

(2) For the purposes of this section, the person is taken to become aware of the change of fact at the earliest time at which the person is:

(a) aware of the change of fact; and

(b) aware that the change of fact is material in the way described in paragraph (1)(c).

(3) This section also applies if:

(a) a person is the notifying party of a notification of an acquisition; and

(b) the notifying party has made a public benefit application in relation to the notification; and

(c) a change of fact occurs; and

(d) the change of fact is material to the Commission making a determination under subsection 51ABZW(1) in respect of the application; and

(e) the person becomes aware of the change of fact at a time:

(i) occurring on or after the effective application date of the application; and

(ii) at which the Commission has not decided to cease considering the application under section 51ABZV; and

(iii) at which the Commission has not made a determination under subsection 51ABZW(1) in respect of the application.

(4) For the purposes of this section, the person is taken to become aware of the change of fact at the earliest time at which the person is:

(a) aware of the change of fact; and

(b) aware that the change of fact is material in the way described in paragraph (3)(d).

(5) The person contravenes this subsection if the Commission is not notified of the change of fact, as soon as practicable after the person becomes aware of the change, by:

(a) if the person is the only notifying party of the notification of the acquisition—the person; or