51ABZKPhase 2 review—notices of competition concerns

51ABZK Phase 2 review—notices of competition concerns

Notices of competition concerns

(1) Subject to subsection (2), the Commission must give the notifying party of a notification of an acquisition a written notice (a notice of competition concerns) in accordance with subsections (3) and (4) if the notification is subject to phase 2 review.

(2) The Commission is not required to give a notice of competition concerns if the Commission makes a determination in respect of the notification of the acquisition under paragraph 51ABZE(1)(a) on or before the 25th business day after the start of the phase 2 determination period for the notification.

Contents of notices of competition concerns

(3) The notice of competition concerns must set out:

(a) the Commission’s preliminary assessment of whether the acquisition, if put into effect, would have the effect, or be likely to have the effect, of substantially lessening competition in any market; and

(b) the grounds on which the Commission makes the assessment, referring to the evidence or other material on which those grounds are based.

When notices of competition concerns must be given

(4) The notice of competition concerns must be given:

(a) no later than the 25th business day after the start of the phase 2 determination period for the notification of the acquisition; or

(b) if it is not practicable to give the notice of competition concerns by that day—as soon as practicable after that 25th business day.

(5) If the Commission does not give the notice of competition concerns in relation to the notification of the acquisition before the end of the 25th business day mentioned in paragraph (4)(a), the following paragraphs apply in relation to making a determination under subsection 51ABZE(1) in respect of the notification:

(a) if the notifying party of the notification agrees in writing to this paragraph applying in relation to the notification—the phase 2 determination period is extended by the number of business days to which subsection (6) of this section applies (not including a day occurring on or after the day, if any, on which the notifying party withdraws its agreement);

(b) in any case (but subject to subsection (7) of this section)—the 15 business days mentioned in subsections 51ABZZD(3) and (5) are reduced by the number of business days to which subsection (6) of this section applies;

(c) in any case—the period mentioned in paragraph 51ABZZE(3)(b) is extended by the number of business days to which subsection (6) of this section applies.

(6) This subsection applies to a business day if:

(a) the day occurs after the 25th business day after the start of the phase 2 determination period for the notification of the acquisition; and