51ABZJPhase 2 review—when notifications are subject to phase 2 review

51ABZJ Phase 2 review—when notifications are subject to phase 2 review

(1) During the phase 1 determination period for a notification of an acquisition, the Commission may, in writing, decide that the notification is to be subject to phase 2 review, if:

(a) the Commission is satisfied that the acquisition to which the notification relates, if put into effect, could, in all the circumstances, have the effect, or be likely to have the effect, of substantially lessening competition in any market; and

(b) the Commission has not made a determination in respect of the notification under paragraph 51ABZE(1)(a).

Note: Deciding that the notification is to be subject to phase 2 review extends the time the Commission has to make a determination in respect of the notification under subsection 51ABZE(1) (see section 51ABZI).

(2) If the Commission decides that the notification is to be subject to phase 2 review:

(a) the notification is subject to phase 2 review; and

(b) the Commission must give to the notifying party of the notification:

(i) written notice of the decision, including the matters specified under subsection (3); and

(ii) written notice of the day by which, under paragraph (d) of this subsection, the fee (if any) mentioned in paragraph (c) must be paid; and

(c) the Commission must not make a determination in respect of the notification of the acquisition under subsection 51ABZE(1) if the fee (if any) determined under paragraph (4)(a) of this section for the purposes of this paragraph in relation to the notification has not been paid; and

(d) if the fee (if any) mentioned in paragraph (c) of this subsection is not paid on or before the day determined under paragraph (4)(b) for the purposes of this paragraph in relation to the notification—the Commission is taken to decide under subsection 51ABZD(2) on that day to cease considering the notification (if the Commission has not already made a decision under section 51ABZD to cease considering the notification).

Note: See also section 51ABZK (Commission must give notice of competition concerns).

(3) The notice given under subparagraph (2)(b)(i) of this section must:

(a) identify the parties to the acquisition, and describe the economic activities in which they engage;

(b) explain the Commission’s satisfaction, including specifying:

(i) the nature of the theory of harm that is the basis for the Commission’s satisfaction; and

(ii) the matters the Commission intends to investigate before making a determination in respect of the notification under subsection 51ABZE(1).

(4) The Minister may, by legislative instrument, determine: