51ABYNotifications that are materially incomplete or misleading

51ABY Notifications that are materially incomplete or misleading

(1) The Commission may decide, in writing, that a notification of an acquisition should be taken not to have an effective notification date, if:

(a) the notification is not subject to phase 2 review; and

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

(c) the Commission is satisfied that subsection (2) of this section applies to the notification.

(2) This subsection applies to the notification if it:

(a) is materially incomplete; or

(b) is materially misleading; or

(c) contains information that is false in a material particular.

(3) The decision must be made within a reasonable period after the Commission begins to be satisfied that subsection (2) applies to the notification.

(4) In considering whether subsection (2) applies to the notification, the Commission may have regard to:

(a) the extent to which the notification is in the form determined under paragraph (5)(a) for the purposes of this paragraph in relation to the notification; or

(b) the extent to which the notification includes, or is accompanied by, any information or document determined under paragraph (5)(b) for the purposes of this paragraph in relation to the notification; or

(c) any additional information or documents given to the Commission as mentioned in section 51ABZA in response to any previous determination under subsection (1) of this section in relation to the notification; or

(d) any change of fact:

(i) of which the Commission becomes aware after the notification is made; and

(ii) that is material to the Commission making a determination under Division 4 in respect of the notification.

(5) The Minister may, in writing, determine:

(a) a form for the purposes of paragraph (4)(a) in relation to the notification; or

(b) information or documents for the purposes of paragraph (4)(b) in relation to the notification.

(6) A determination under subsection (5) may require the notification to specify any goodwill protection provisions of the contract pursuant to which the acquisition would take place.

(7) A determination made under subsection (5) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the instrument.

(8) To avoid doubt, subsection (2) can apply to the notification after the notification is made (for example, because of a change of fact) even if subsection (2) did not apply to the notification when the notification was made.