51ABZNPhase 2 review—false or misleading information

51ABZN Phase 2 review—false or misleading information

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

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

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

(2) If the Commission is satisfied that subsection (3) of this section applies to the notification, the Commission may, in writing, decide that the phase 2 determination period for the notification is extended by the period:

(a) starting on the day the Commission makes the decision under this subsection; 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 51ABZO(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 subsection 51ABZO(2).

(3) This subsection applies if:

(a) the notification:

(i) is materially misleading; or

(ii) contains information that is false in a material particular; or

(b) any information the notifying party gives to the Commission under an acquisitions provision in relation to the notification is false in a material particular.

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

(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 a decision under subsection (2), see section 51ABZZG.

(6) If the Commission extends the phase 2 determination period for the notification under subsection (2) 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;

(b) the period mentioned in paragraph 51ABZZE(3)(b) is extended by the same number of days.