51ABZBMaterial changes of fact

51ABZB Material changes of fact

(1) This section applies in relation to a notification of an acquisition if:

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

(b) the Commission becomes aware of a change of fact.

(2) If the Commission is satisfied that the change of fact is material to the Commission making a determination under subsection 51ABZE(1) in respect of the notification, the Commission may, in writing:

(a) if the notification is not subject to phase 2 review:

(i) decide that the effective notification date of the notification is the date on which the Commission becomes aware of the change of fact; or

(ii) decide that the phase 1 determination period for the notification is extended by the period mentioned in subsection (3); or

(b) if the notification is subject to phase 2 review—decide that the phase 2 determination period for the notification is extended by the period mentioned in subsection (3).

(3) For the purposes of subparagraph (2)(a)(ii) or paragraph (2)(b), the extension is for the period:

(a) starting on the day the Commission makes the decision under that subparagraph or paragraph; and

(b) including:

(i) each day on which the notifying party of the notification has not given to the Commission information or documents in response to the decision in accordance with subsection 51ABZC(2); and

(ii) the day (if any) on which the notifying party gives to the Commission information or documents in response to the decision in accordance with that subsection.

(4) A decision under subsection (2) must be made within a reasonable period after the Commission becomes aware of the change of fact.

(5) If the Commission makes a decision under subsection (2), the Commission must give written notice of the decision to the notifying party of the notification.

Note: For review of the decision, see section 51ABZZG.

(6) If the Commission extends the phase 1 determination period for the notification under subparagraph (2)(a)(ii) of this section, the period mentioned in paragraph 51ABZZE(3)(a) in relation to making a determination under subsection 51ABZE(1) in respect of the notification is extended by the same number of days.

(7) If the Commission extends the phase 2 determination period for the notification under paragraph (2)(b) of this section, the following paragraphs apply in relation to making a determination under subsection 51ABZE(1) in respect of the notification:

(a) the 25 business days mentioned in section 51ABZK is increased by the number of days of the extension;