Competition and Consumer (Notification of Acquisitions—Forms) Determination 2025

The instrument rests on several organising legal and procedural concepts taken from the Act and implemented through the detailed forms. Key concepts include notifying party, target, connected entities, relevant goods or services, relevant market definitions, market shares (by revenue, volume and capacity), and the public benefit balancing exercise.

Notifying party and party to the acquisition. Each form defines a "party to the acquisition" to include each notifying party, the target, and each connected entity of the notifying party and target (Divisions 2-4, parties note). The forms require identification information for each such party, including legal and trading names, ABN/ACN or equivalent unique identifier, role in the acquisition and whether the entity is a notifying party (Divisions 2-4, Q1). The instrument therefore treats group entities and connected entities as within scope of disclosure, which expands the reporting perimeter beyond the principal purchaser and target.

Relevant goods or services and market definitions. The forms require the parties to identify, for each relevant good or service, a description of the good or service, geographic areas where it is supplied, identification of other key suppliers, and proposed market definitions together with reasons for those definitions (short form Q6; long form Q7). The instrument explicitly defines "relevant good or service" by reference to whether parties supply substitutable products, different levels of the supply chain, or related products (Divisions 2 and 3, notes under Q6 and Q4 respectively). The parties must select market definitions that, in their view, maximise the apparent market share or increment in share (notes advising parties to choose definitions most likely to result in largest market share/increment).

Quantitative market shares and machine-readable data. For each market definition, the forms require estimated market shares for each party and other key suppliers for each of the three prior 12-month reporting periods, calculated by reference to Australian revenue and, if available, volume and capacity (short form Q7; long form Q8). The forms also require a machine-readable file containing the underlying data used in the calculations. The requirement for machine-readable underlying data institutionalises a data-driven evidentiary standard intending to enable the Commission to re-run or verify market-share calculations.

Competitive effects and appendices by acquisition type. The forms separate the assessment requirements by acquisition type. Horizontal acquisitions trigger Appendix A which asks about the nature of competition, closeness of competition, differentiation, pricing and switching costs, and tender/bid data where relevant. Vertical acquisitions trigger Appendix B which focuses on input and customer foreclosure risks, alternative suppliers, revenue of inputs, exclusivity agreements, and upstream/downstream margins and costs. Conglomerate acquisitions trigger Appendix C focused on bundling, related goods or services, and whether customers buy bundles or the same supplier. These appendices convert doctrinal concerns,market foreclosure, coordinated effects, unilateral effects, and bundling,into specific documentary and data requirements.

Documentary disclosure and Board-level materials. The long form requires broad documentary disclosure (Q16-Q21). This includes final transaction documents, audited financials, organisation charts, and a detailed set of documents prepared for or received by Boards or shareholder meetings in the two years before the notification that describe rationale, valuation or analyses of the acquisition (Q19-Q20). The inclusion of Board-level documents as mandatory disclosure marks a high documentary burden and aims to surface contemporaneous internal analysis and forecasts.

Public benefit applications. Division 4 sets the form for applications under the public benefit route (s 51ABZQ processes in the Act). Applicants must submit a non-confidential summary (which may be disclosed to facilitate consultation), identify public benefits and detriments, provide evidence for the benefits including extent, likelihood, timeframe, beneficiaries and costs, identify public detriments beyond competition harm, and explain why public benefits outweigh detriments. The public benefit form is structured to require both quantitative evidence and an explanation of counterfactuals and distributional incidence.

Service and confidentiality mechanics. Parties can elect to accept service at an email address for Commission documents (Q1 across forms). There are specific instructions for confidentiality waivers for related filings in foreign jurisdictions (Divisions 2 and 3, Q3(f) notes). The forms also warn that non-confidential summaries may be published on the acquisitions register.

Legal accountability and criminal penalties. Each notification and public benefit form concludes with a declaration by an authorised person that the information provided is true, complete and that false or misleading information is a serious offence and criminal penalties apply (short form Q13; long form Q25; Division 4 Q10). Section 1-3 notes that the Commission may have regard to the forms and requirements when considering whether a notification or application is false, incomplete or misleading, citing subsections 51ABY(2), 51ABY(4)(a) and (b), 51ABZQ(2) and 51ABZQ(4)(a) and (b) of the Act.

Integration with other determinations and Acts. Section 1-4 incorporates the separate Competition and Consumer (Notification of Acquisitions) Determination 2025 into this instrument. The instrument also cross-refers to other Act provisions and the Financial Sector (Transfer and Restructure) Act 1999 for voluntary transfers of business, and to sections of the Act that deal with "surprise hostile takeovers" (51ABZZL) and historical application of acquisition provisions prior to 1 July 2025 (51ABB reference). The forms therefore operate as a component of a larger statutory framework and their definitions and exclusions must be read against that companion Determination and the Act.

Primary regulated parties. The immediate addressees of the forms are "notifying parties" and other "parties to the acquisition" including the target and connected entities (Divisions 2-4, parties note). That means acquirers, targets and any entities connected to them (for example group companies that are involved in supply) are within scope. The forms require ABN/ACN or equivalent identifiers for each such entity (Q1) and expect audited financial reports and organisational charts that include ABN/ACN and director names (long form Q17-Q18). Notifying parties therefore bear the compliance cost of collecting and certifying group-level financial, ownership and governance data.

Secondary affected groups. The forms directly implicate competitors and customers by requiring identifying information and contact details for them (short form Q8; long form Q13; Division 4 Q7). The Commission will be able to contact the top competitors and customers listed, and the non-confidential summary may be published on the acquisitions register (Divisions 2-4). Consequently, firms that compete with the target or the acquirer, and customers of the relevant goods and services, may be drawn into the Commission’s information-gathering and potentially consultation processes. The forms require direct contact details, including direct email addresses and direct telephone numbers, rather than generic office addresses.

Advisers and service providers. Law firms and other legal representatives acting for the parties are identified on the front page of the form (Q1). External advisers who prepare Board materials, valuation reports, information memoranda or market studies may see their work requested under Q19-Q20. Accountants, valuation specialists, market-research vendors and IT teams will be pressed to produce machine-readable underlying datasets for market-share calculations and to assemble audited financial data and volume and capacity metrics.

The Commission and Minister. The forms were determined by the Minister and are meant to be used by the Australian Competition and Consumer Commission (the Commission) in deciding whether a notified acquisition may be put into effect or must not be put into effect (see s 6-1 and the notes to the forms). The Commission gains a structured evidentiary baseline: standardised market definitions, market-share tables, machine-readable underlying data and a list of competitors and customers to contact. The Minister remains the statutory authoriser of the form instrument (s 1-3), but the Commission is the decision-maker using the information.

Potentially affected third parties and the public. The public benefit form (Division 4) requires parties to identify classes of persons who may be impacted or interested in commenting and, where possible, representative bodies for those classes (Q7). The non-confidential summaries may be disclosed for consultation or published on an acquisitions register, so broader stakeholder groups, including industry bodies, consumer groups and downstream users, may be drawn in. The forms explicitly invite parties to provide contact details for those likely to be impacted (Division 4 Q7).

International parties. The forms ask about related filings in foreign countries, and whether the party consents to a confidentiality waiver in relation to those other countries (Divisions 2 and 3 Q3(f) notes). Multinational acquirers and targets with cross-border filings will need to consider parallel regulatory duties and confidentiality regimes in other jurisdictions when deciding whether to supply waivers. Parties with filings in multiple jurisdictions are obliged to list related filings and their dates and, if consenting, to supply confidentiality waivers.

Who pays. The financial and resource costs fall principally on the notifying parties, who must compile and certify detailed financial, market and documentary evidence. External advisers will bill for work to assemble, redact and produce Board documents, machine-readable files and customer/competitor contact datasets. Competitors and customers may incur time costs responding to Commission outreach using the contact details supplied. The Commission bears administrative costs in managing the intake, verifying machine-readable data, contacting third parties and publishing non-confidential summaries.

Who decides. The Commission uses these prescribed forms as the baseline evidence when making determinations under the Act about whether an acquisition may be put into effect or must not be put into effect (Division 2-4 notes). The Minister made the forms (front matter and s 1-3) but the operational discretion in deciding notifications rests with the Commission, which may regard the forms when considering whether notifications are false, incomplete or misleading (s 1-3 note).

Key duties imposed on notifying parties and targets are specified in the itemised questions across Divisions 2-4, and are enforceable by the statutory declaration that accompanies each form.

Duty to provide prescribed information and documents. Under s 6-1(1) and (2), the Minister determines the forms in Divisions 2 and 3 and the information and documents required to accompany them. Practically, parties must supply the information requested in each question of the selected form. Obligations include disclosing: party identity and contact details (Q1); a plain-language non-confidential summary (Q2); ANZSIC class codes (Q2(b)); Australian revenue for the prior three 12-month reporting periods for each party (short form Q4; long form Q5); a list of prior acquisitions during the prior three financial reporting periods subject to the A$2 million threshold (short form Q5; long form Q6); detailed market definitions and market-share data with machine-readable underlying data (short form Q6-Q7; long form Q7-Q8); contact details for competitors and customers including direct email addresses and telephone numbers (short form Q8; long form Q13); transaction documents and audited financials (long form Q16-Q17); organisation charts with ABN/ACN and director names (long form Q18); and Board-level and internal documents prepared or received in the prior two years relating to rationale, valuation and competitive analyses (long form Q19-Q20). For public benefit applications, parties must also provide a detailed case including evidence, timeframe and beneficiary identification (Division 4 Q3-Q6).

Duty to declare truthfulness. Each form ends with a declaration signed by an authorised person that the information is true, correct and complete, that estimates are identified, and that false or misleading information is a serious offence and criminal penalties apply (short form Q13; long form Q25; Division 4 Q10). The forms thus impose an attestation duty on named authorised officers.

Duty to provide service contact details and accept service. Parties are asked to state whether a listed email address is an address for service (Q1). If 'yes' is selected, the party consents to accept service of Commission documents at that email address. If 'no' is selected for both party and legal representative addresses, the party must provide an alternative email or other address for service (Q1 across divisions).

Duty to provide machine-readable underlying data. Market-share calculations must be accompanied by a machine-readable file containing the underlying data (short form Q7; long form Q8). That imposes a technical duty to prepare data exports compatible with Commission review.

Duty to identify acquisition type and supplementary appendices. Parties must identify whether the acquisition is horizontal, vertical or conglomerate and complete the relevant appendix (short form Q3; long form Q3 and appendices A-C). The duty to answer appendix questions converts competition assessment issues into specific disclosure obligations.

Duty to disclose prior acquisitions and exclusions. Parties must list acquisitions put into effect in the prior three 12-month periods, subject to exclusions, including a consolidated Australian revenue threshold of A$2 million and other exclusions stated in Division 2 of Part 2 of the companion Determination (short form Q5; long form Q6). Parties must follow the historical-revenue rules in the companion Determination for acquisitions before 1 July 2025 (notes).

Rights and procedural options. The form preserves several optional actions and rights for parties:

• Consultation with the Commission: Parties are advised to consider consulting the Commission before notification to discuss scope and whether the short or long form is appropriate (Divisions 2 and 3 notes). This is an opportunity to seek guidance and thereby shape compliance costs.

• Confidential review / surprise hostile takeover provision: Parties may request under paragraph 51ABZZL(1)(d) of the Act that the Commission apply section 51ABZZL (surprise hostile takeovers) to the notification for confidential review; if so, parties must provide the statements required under subsection 51ABZZL(2) (short form Q9(c); long form Q14(c)). The forms therefore respect the statutory mechanism in the Act to handle certain surprise hostile takeover situations confidentially.

• Confidentiality waivers for foreign filings: If the acquisition will have related filings in other countries, parties are required to list them and are invited to provide signed confidentiality waivers if they consent to give a waiver (short form Q3(f); long form Q3(f) note). This is a procedural right to facilitate cross-border regulatory cooperation.

• Public benefit application route: Parties have the right to apply for a public benefit determination using the prescribed form in Division 4 and to present evidence that public benefits outweigh detriments.

• Publication mechanics and redaction: Parties control the content of the non-confidential summary, which the Commission may publish on the acquisitions register. The forms therefore implicitly allow parties to propose confidential versus non-confidential material through the use of non-confidential summaries and referenced confidential documents.

Compliance burden and evidential standard. The forms create a high evidential threshold, especially under the long form, by requiring contemporaneous Board documents, financial forecasts or integration plans, and underlying datasets. The requirement that the Commission may have regard to these requirements in assessing whether a notification is false, incomplete or misleading (s 1-3 note) raises the stakes of accurate and comprehensive disclosure.

Interplay with criminal liability and Act enforcement. The forms’ declaration emphasises that false or misleading information attracts criminal penalties, and the instrument notes that the Commission may treat form requirements as relevant in assessing whether a notification or application is false or misleading under the Act (s 1-3 note). Parties must therefore be aware that compliance failures may have both administrative and criminal consequences as governed by the Act.

The instrument does not itself create new criminal offences or civil penalties; rather, it integrates into the enforcement architecture of the Competition and Consumer Act 2010 by specifying disclosure obligations that the Commission may rely upon when assessing notifications and applications. Key enforcement-related points drawn from the instrument are the following.

Declaration and criminal penalties for false or misleading information. Each of the prescribed forms concludes with a mandatory declaration by an authorised person affirming that the information is true, correct and complete and acknowledging that giving false or misleading information to the Commission is a serious offence and criminal penalties apply (short form Q13; long form Q25; Division 4 Q10). The instrument thereby places an attestation responsibility on an identified officer. While the instrument does not specify the statutory provision that creates the offence or state the maximum penalty, it explicitly ties the declaration to the Act’s penalty regime by reference to the Commission’s ability to regard the forms when considering whether notifications or applications are false, incomplete or misleading (s 1-3 note referencing subsections 51ABY(2), 51ABY(4)(a)-(b), 51ABZQ(2) and 51ABZQ(4)(a)-(b) of the Act).

Commission’s use of the forms in assessment. Section 1-3 contains a note that the commercial forms determined by the Minister may be regarded by the Commission when deciding whether a notification or application is false, incomplete or misleading. This gives the Commission a structured benchmark for enforcement decisions: omissions or material discrepancies against the itemised form could be treated as grounds to argue that a notification is incomplete or misleading. That does not, on the instrument’s face, prescribe a particular sanction, but it is a clear enforcement lever.

Administrative consequences and publication. The forms require a non-confidential plain-language summary which may be published on the acquisitions register (Divisions 2 and 3 question 2 notes; Division 4 question 2 note). Publication is an administrative measure that can have reputational consequences for parties. The Commission’s ability to contact listed competitors and customers (Q8 in short form and Q13 in long form) also provides a practical enforcement and verification channel for the Commission to test party claims and to gather adverse evidence if statements are incomplete or inaccurate.

Use of documentary evidence in Commission determinations. The long-form documentary obligations (Q16-Q21) can supply the Commission with contemporaneous Board materials, valuation memoranda, and integration plans that are strong evidentiary sources in administrative proceedings. If the Commission’s assessment finds discrepancies between internal documents and submitted responses, that may support an enforcement or remedial action under the Act. The instrument gives the Commission authority to request and rely on those documents because they are part of the form requirements determined under the Act (s 6-1(1)-(2)).

Interfacing with other statutory processes. The forms cross-reference other statutory provisions that have enforcement consequences. For example, parties can request confidential review under section 51ABZZL for surprise hostile takeovers (short form Q9(c); long form Q14(c)); how the Commission handles such a request will be governed by the Act’s procedures for that provision. The instrument also references the Financial Sector (Transfer and Restructure) Act 1999 for voluntary transfers of business and requires submission of the certificate of transfer where applicable (Divisions 2-3 Q9(d) and Q14(d)). Non-compliance with those external requirements could trigger separate enforcement consequences under those statutes.

No penalty schedule in the instrument. The Determination itself does not set a discrete penalty scale or specify civil pecuniary penalties; enforcement consequences are governed by the Act’s existing offence and penalty provisions and by the Commission’s administrative powers. The instrument’s enforcement effect arises from (a) the statutory link to the Act that treats false, incomplete or misleading notifications as offences in the Act, and (b) the attestation and documentary obligations that create an evidentiary trail for the Commission.

Practical enforcement implications. The combination of a mandatory attestation, the machine-readable data requirement, the inclusion of contemporaneous Board-level materials and direct competitor/customer contact information increases the Commission’s capacity to verify assertions and to detect discrepancies. That capacity amplifies both administrative follow-up and the potential for criminal prosecution under the Act’s general offence provisions where false or misleading statements are found.

This Determination is not a standalone instrument; it is embedded within the statutory acquisitions framework established by the Competition and Consumer Act 2010 and the companion Competition and Consumer (Notification of Acquisitions) Determination 2025. The instrument explicitly states that it is made under the Competition and Consumer Act 2010 (s 1-3) and that it incorporates and must be read together with the Notification of Acquisitions Determination 2025 (s 1-4). The integration has several concrete legal interactions.

Competition and Consumer Act 2010. The Minister’s power to determine the forms and document requirements comes from subsections 51ABY(5) and 51ABZQ(5) of the Act, as noted in s 1-3. The forms are therefore the Ministerial exercise of that delegated power. The instrument’s note in s 1-3 also points to subsections 51ABY(2), 51ABY(4)(a) and (b), 51ABZQ(2) and 51ABZQ(4)(a) and (b) as contexts in which the Commission may rely on the forms when assessing whether a notification or application is false, incomplete or misleading. The forms operationalise information obligations that feed into the Commission’s decision whether an acquisition "may be put into effect" or "must not be put into effect" under the Act.

Competition and Consumer (Notification of Acquisitions) Determination 2025. Section 1-4 incorporates that instrument’s definitions and context. The forms refer to thresholds and exclusions that are defined in the companion Determination. For instance, the exclusions for past acquisitions in the three-year look-back reference Division 2 of Part 2 of the companion Determination (short form Q5; long form Q6). The rules for ascertaining historical Australian revenue for acquisitions occurring before 1 July 2025 are to be found in subsections 1-11(4) and 1-12(4) of the companion Determination, referenced in notes.

Financial Sector (Transfer and Restructure) Act 1999. The forms ask whether the acquisition, or part of it, is a voluntary transfer of business within the meaning of that Act and, if so, to provide a copy of the certificate of transfer (Divisions 2 and 3 Q9(d) and Q14(d)). That creates an interaction point where specialised financial-sector transfer rules, certificates and timelines may import obligations and evidentiary material distinct from the competition-law process.

Section 51ABZZL (surprise hostile takeovers) and other Act provisions. The forms allow parties to request the Commission apply section 51ABZZL for confidential review in relation to surprise hostile takeovers and require the statements mandated by subsection 51ABZZL(2) if such a request is made (Divisions 2 and 3 Q9(c) and Q14(c)). This interfaces the notification process with the confidential-handling and timing mechanisms contained in section 51ABZZL. The forms also require parties to identify which subparagraph of paragraph 51ABX(1)(d) of the Act applies to the notification (Divisions 2 and 3 Q9(a) and Q14(a)), which is a legal classification used for certain types of transactions under the Act.

Confidentiality and foreign filings. The forms ask parties to identify related filings in other jurisdictions and to supply confidentiality waivers if they consent to permit sharing with those jurisdictions (Divisions 2 and 3 Q3(f) notes). That enables cooperative information exchange between agencies, subject to waivers. However, the Determination does not override foreign confidentiality laws; parties must consider other jurisdictions’ legal constraints before consenting.

Privacy and data-protection laws. The forms require the supply of direct email addresses and direct telephone numbers for competitors and customers (short form Q8; long form Q13; Division 4 Q7). That requirement can implicate privacy or data-protection considerations under Australian privacy law or other regimes. The instrument itself does not provide an explicit data-protection regime, so parties need to ensure disclosures comply with the Privacy Act 1988 and any applicable obligations regarding personal information.

Securities and corporate law. The long-form requirement to provide documents prepared by or for Boards or shareholder meetings, including Information Memoranda and valuations (long form Q19-Q20), may intersect with corporate governance, insider information restrictions and continuous-disclosure obligations for listed entities under the Corporations Act 2001 and ASX rules. The instrument does not displace those regimes, and parties will need to reconcile production of Board materials with other legal duties relating to confidentiality and disclosure to shareholders.

Tax and accounting standards. The financial data requested,Australian revenue, audited financial reports, and components of margins and costs in Appendix B,must be prepared and presented in accordance with applicable accounting standards and, where relevant, cross-border tax and transfer-pricing regimes. The instrument itself does not specify accounting standards, but audited financial statements are required (long form Q17).

Criminal and administrative enforcement under the Act. The declaration of the forms invokes criminal penalties for false or misleading information and the Commission may regard the forms when deciding whether an application is false, incomplete or misleading (s 1-3 note). Enforcement measures will therefore proceed under the existing penalty provisions of the Competition and Consumer Act 2010 and any civil or administrative powers the Commission exercises under that Act.

In short, the Determination integrates with a network of statutory regimes: it is a procedural implementation of the Act’s notification and public-benefit application rules, interacts with financial-sector transfer rules, raises privacy and corporate governance considerations, and references other Act provisions relevant to confidentiality and enforcement. Parties must coordinate compliance not only with the Determination but with the companion Determination and the relevant provisions of the Act and other legislation.

The text in this instrument provides limited amendment history. The Determination is dated 10 December 2025 and indicates its commencement mechanics at section 1-2. The commencement table in s 1-2 states that "the whole of this instrument" commences "Immediately after Schedule 2 to the Competition and Consumer (Notification of Acquisitions) Amendment (2025 Measures No. 1) Determination 2025 commences." The section also contains a note that the commencement table relates only to the instrument as originally made and that the table will not be amended to deal with later amendments.

There are no other amendments, repeals or historical versions included in the instrument text provided. The instrument expressly incorporates the Competition and Consumer (Notification of Acquisitions) Determination 2025 (s 1-4), which will itself contain separate provisions, definitions and possibly its own amendment history. The instrument’s structural note in s 1-4 indicates that the structure and numbering of remaining parts of this instrument adopt the structure and numbering from the companion Determination to assist the reader in reading the two instruments together. That suggests the present Determination is intended to be a modular addition to an existing regulatory package rolled out in 2025.

The front matter identifies the instrument as the Competition and Consumer (Notification of Acquisitions,Forms) Determination 2025, made and dated by the Assistant Minister for Productivity, Competition, Charities and Treasury on 10 December 2025. The signature block identifies the maker as Dr Andrew Leigh and his offices. The instrument itself does not include prior amendment entries or a legislative history setting out prior versions, consultative drafts or exposure processes. Likewise, the instrument contains no footnote listing any prior instruments it amends; rather, it is a standalone determination that references other instruments and provisions.

Because the instrument has an express commencement linked to the Schedule 2 of a related Amendment Determination (Competition and Consumer (Notification of Acquisitions) Amendment (2025 Measures No. 1) Determination 2025), parties should review that related Amendment Determination and Schedule 2 for any necessary context on timing and the legislative sequencing of the larger acquisitions framework. Any future amendments to this Determination would be recorded by publication and an updated commencement table, but the instrument states that the table as published will not itself be updated for later amendments to the instrument.

For practical purposes, parties preparing notifications should treat 10 December 2025 as the instrument’s date of signature and should verify the actual operative commencement date in relation to the linked Amendment Determination’s Schedule 2, because the instrument’s operative effect is tied to that other instrument’s commencement event (s 1-2).

The instrument, as provided, contains no litigation history. It does not refer to any judicial decisions, tribunal determinations, or precedent that interpret its contents. The text does not list any cases, decisions or legal challenges that have arisen in response to this specific Determination.

Because the forms are procedural instruments made under powers in the Competition and Consumer Act 2010, any legal disputes that would arise about their application, scope or validity would take place in the context of actions under the Act or judicial review proceedings in the Federal Court or other courts or tribunals. The instrument itself neither anticipates nor records such litigation.

The instrument does reference sections of the Act that contain enforcement provisions and which could give rise to litigation if the Commission finds a notification or application to be false, incomplete or misleading. For example, s 1-3 notes that the Commission may regard these forms when considering whether a notification is false, incomplete or misleading and cites subsections 51ABY(2), 51ABY(4)(a) and (b), and the equivalent public benefit application provisions (51ABZQ(2) and 51ABZQ(4)(a) and (b)) of the Act. Any prosecution or civil enforcement action for false or misleading statements would proceed under those Act provisions and would generate its own litigation history. That litigation history, however, is not present in the Determination text.

Practical note for readers. Because this Determination imposes documentary and data obligations and a declared attestation with criminal penalties for false or misleading statements, practitioners should anticipate that disputes and enforcement decisions may result in litigation. Those actions will depend upon the Commission’s investigative findings and the Act’s enforcement provisions rather than anything in the Determination itself. Users of these forms should preserve evidence of good-faith efforts to comply, the provenance of datasets supplied (including the machine-readable files), and versions of internal Board documents to mitigate litigation risk if discrepancies arise between internal documents and submissions.

The forms embed several potential traps for notifying parties, advisers and targets. Below are the concrete risks and technical pitfalls that arise directly from the instrument’s text.

1. Breadth of parties in scope. The forms define "party to the acquisition" to include notifying parties, the target and each connected entity of the notifying party and target (Divisions 2-4, parties note). That can draw in subsidiaries, joint ventures and group entities that supply relevant goods or services. Failure to identify a connected entity or to include its revenue or documents could be treated as an incomplete notification.

2. Machine-readable data requirement. For each relevant market definition, parties must provide estimated market shares and a machine-readable file containing the underlying data used in the calculations (short form Q7; long form Q8). Producing a machine-readable dataset that matches the spreadsheet or model used for calculations can be operationally non-trivial, especially if data sources are diverse, use different currencies or require reconciliation of volumes and capacities.

3. Direct contact details required. The forms require direct email addresses and direct telephone numbers for competitors and customers (short form Q8; long form Q13; Division 4 Q7). Generic addresses (for example info@xyz.com) are explicitly discouraged. Obtaining direct contact details, or obtaining consent to disclose them, could raise privacy issues and practical resistance from third parties.

4. Deep documentary disclosure on the long form. The long form asks for all documents in the possession, power or control of the parties that were prepared by or for, or received by, Boards or shareholders within the two years prior to notification that describe the rationale for or assess the acquisition (long form Q19-Q20). That includes internal strategy, valuation, integration plans, post-acquisition forecasts and Information Memoranda. Producing these documents may raise board-level confidentiality, privilege and corporate governance issues and requires careful handling to avoid inadvertently breaching other legal duties.

5. Board documents and privilege. The long-form requirement to provide Board-level documents can trigger conflicts with legal professional privilege and confidentiality obligations. The instrument does not expressly preserve privilege; parties must assess whether documents are privileged and whether privilege must be claimed and justified, while understanding that failing to provide required documents could be detrimental to the notification. There is no explicit direction in the Determination about how privilege assertions should be handled.

6. Non-confidential summary publication. The non-confidential summary may be published on the acquisitions register (short form Q2 note; long form Q2 note; Division 4 Q2 note). Parties must carefully craft the non-confidential summary to disclose sufficient information for consultation while protecting confidential commercial information. Mischaracterising what is non-confidential could lead to unwanted publication of sensitive material.

7. Historical acquisitions look-back and thresholds. The forms require parties to list acquisitions put into effect during the prior three 12‑month reporting periods subject to a A$2 million threshold and other exclusions defined in the companion Determination (short form Q5; long form Q6). Misapplying the revenue threshold, the companion Determination exclusions, or the historical revenue ascertainment rules for pre-1 July 2025 transactions (see notes referencing subsection 1-11(4) of the companion Determination), can result in incomplete lists.

8. Choice between short and long form. The notes encourage parties to consult the Commission about whether the short or long form is appropriate. Choosing the wrong form,submitting the short form when the Commission expects a long form,can trigger follow-up requests for extensive additional material and extend review timelines.

9. Public benefit evidentiary burden. If relying on the public benefit route, parties must provide specific quantitative and qualitative evidence addressing likelihood, timeframe, beneficiaries, distribution and costs (Division 4 Q3-Q6). A generic benefits argument without contemporaneous evidence is unlikely to satisfy the Commission’s information expectations.

10. Surprise hostile takeovers procedure. Parties that want confidential review under section 51ABZZL must request it and provide the statements required by subsection 51ABZZL(2) (short form Q9(c); long form Q14(c)). Failing to lodge the required statements properly can forfeit the confidentiality route.

11. Potential privacy law friction. The obligation to provide personal contact details for competitors and customers could implicate privacy considerations under the Privacy Act 1988 when those contacts are individuals. The Determination does not give guidance on handling personal information or consent, which can create compliance exposures.

12. Data conversion and currency issues. Revenue figures must be stated in A$ and if other currencies are provided, they must be clearly identified (short form Q4 note; long form Q5 note). Parties must ensure consistent currency conversions and be able to justify historical exchange rates used.

13. Timing and commencement dependencies. The instrument commences immediately after Schedule 2 of a related Amendment Determination comes into force (s 1-2). Parties need to confirm the operative commencement date in practice because the Determination’s effect is conditional on that other instrument.

14. Declaration and criminal liability. The authorised-person declaration explicitly warns of criminal penalties for false or misleading information (short form Q13; long form Q25; Division 4 Q10). This increases the risk profile for executives signing the forms and requires robust internal validation before execution.

15. Burden on cross-border transactions. The requirement to list foreign filings and the invitation to provide confidentiality waivers (Divisions 2 and 3 Q3(f) notes) creates coordination costs with other competition authorities and potential conflicts with foreign confidentiality regimes. Parties must assess whether waiver is advisable and lawful.

16. Organisation chart granularity. The long form requires organisation charts showing ownership and control both before and after the acquisition, including full names and any applicable ACN/ABN/equivalent identifiers and director names (long form Q18). For large groups, assembling accurate post-transaction ownership diagrams can be resource-intensive.

17. Data provenance for market shares. The Commission expects detail on how market-share estimates were made, including assumptions (short form Q7; long form Q8). Parties must preserve and be able to produce the underlying calculations and sources, which can be challenging where market intelligence is third-party or proprietary.

18. Tender and bid data exposure. Appendix A asks for tender-related data, including identities of customers won and lost, dates and reasons (Appendix A(f)-(g)). Supply of such detailed competitive intelligence can have strategic consequences and raises confidentiality and contract obligations.

Practitioners should therefore plan for data assembly, legal privilege analysis, privacy compliance, and internal sign-off procedures and should consider early consultation with the Commission to clarify form selection and evidence expectations.

Checklist and sequencing. The forms set out prescriptive lists of items. A practical compliance sequence:

1. Early scoping and choice of form. Assess whether the short form or long form is appropriate given the size of the transaction, the degree of horizontal/vertical overlap, and whether the Commission is likely to request additional material. Consider an early consultation with the Commission as recommended in the form notes (Divisions 2 and 3 notes).

2. Identify all parties and connected entities. Compile a full list of parties to the acquisition including connected entities that supply relevant goods or services. Gather ABN/ACN or equivalent unique identifiers, legal and trading names, roles and whether each is a notifying party (Forms Q1).

3. Decide address for service. Determine whether to accept service at the party’s or legal representative’s email address and ensure that the selected address will reliably receive Commission communications (Forms Q1).

4. Draft a non-confidential summary. Prepare a plain-language non-confidential summary that covers the parties, ANZSIC class codes, what is being acquired and transaction structure (Forms Q2). Remember that the summary may be published; prepare it with the communications and investor-relations teams so that commercially sensitive material is kept confidential.

5. Prepare financial data for three prior 12-month reporting periods. Extract Australian revenue numbers for each party for each of the three prior 12-month periods (short form Q4; long form Q5). Ensure currency conversions are documented and that the A$ figures are clearly identified.

6. Assemble past acquisitions data. Identify acquisitions put into effect during the prior three 12-month periods and apply the A$2 million threshold and the exclusions in Division 2 of Part 2 of the companion Determination (short form Q5; long form Q6). If necessary, compute historical Australian revenues as required by the companion Determination.

7. Market definitions and market-share calculations. For each relevant good or service, draft proposed market definitions, list other key suppliers, estimate market shares by revenue (and by volume and capacity if available) for each of the three prior years and produce a machine-readable file of the underlying data (short form Q6-Q7; long form Q7-Q8). Document all assumptions and methodologies thoroughly.

8. Competitor and customer contact lists. Prepare lists of the top competitors and customers as required by the short and long forms, ensuring to obtain direct contact details (Forms Q8 in short form and Q13 in long form; Division 4 Q7). Consider privacy implications and whether consent is needed to provide individual personal contact information.

9. Prepare transaction documents and financial statements. Collate final or most recent transaction documents (sale and purchase agreement, heads of agreement, offer documents, ancillary agreements) and audited financial reports related to the supply of relevant goods or services for each party (long form Q16-Q17).

10. Organisation charts and governance information. Prepare ownership and control charts showing before-and-after structures, full names, ACN/ABN and director names, and the nature of control (long form Q18).

11. Identify and assemble Board and internal documentation. For long-form notifications, collect documents prepared for or received by Boards or shareholders in the two years prior to the notification that describe rationale, analyses, valuations or integration plans (long form Q19-Q20). Implement a privilege review to determine what must be disclosed and what may be claimed as privileged, documenting the basis for any privilege claims.

12. Appendix-specific materials. For horizontal deals, prepare detailed competition and bidding analyses and tender data requested in Appendix A. For vertical deals, assemble evidence on input and customer foreclosure risk, margins and costs for Appendix B. For conglomerate deals, collate evidence about bundling, customer purchases and supplier co-supply for Appendix C.

13. Public benefit application preparation (if applicable). If pursuing a public benefit determination, prepare the non-confidential summary and supporting evidence on benefits, likelihood, timeframe, beneficiaries, size and costs (Division 4 Q2-Q6). Prepare contact lists for additional interested parties and representative bodies (Division 4 Q7).

14. Confidentiality waivers and foreign filings. Identify related foreign filings and decide whether to provide confidentiality waivers to facilitate cross-border cooperation (Divisions 2 and 3 Q3(f) notes). Coordinate with foreign counsel to ensure waivers are legally effective.

15. Data verification and machine-readable files. Ensure the machine-readable underlying datasets match the reported calculations and that data provenance is recorded. Include metadata explaining fields, units and any transformations.

16. Internal sign-off and declaration. Identify authorised persons to sign the declaration. Implement internal review and assurance steps so the authorised signatory can truthfully declare completeness and accuracy. Maintain records demonstrating verification steps.

17. Consider pre-notification consultation. The form notes recommend consulting the Commission about the scope and whether short or long form is appropriate. Use this consultation to get early feedback on missing evidence, the likelihood of third-party outreach, and the Commission’s expectations.

Practical tips and risk mitigation.

• Privilege and Board documents. Conduct a formal privilege review and log privilege claims. If asserting privilege, provide a privilege log and be prepared for Commission enquiries about the reasons for withholding documents. Early dialogue with the Commission about sensitive materials may reduce downstream dispute.

• Redactions and non-confidential summaries. Prepare a redacted bundle and a clear non-confidential summary ready for publication. Work with the Commission to confirm which parts are truly non-confidential.

• Competitor/customer outreach. Alert major customers and competitors that they may be contacted by the Commission. Obtaining their consent in advance to provide contact details may smooth the Commission’s verification process.

• Data format readiness. Establish in-house or adviser capability to export machine-readable datasets (CSV, XLSX or similar) and ensure data fields are standardised across parties for easy reconciliation.

• Currency and revenue reconciliation. Maintain clear working papers showing currency conversion rates and methodologies for calculating Australian revenues, particularly where global financial data need to be apportioned to Australia.

• Timeline planning. Compilation of documents, particularly Board materials and third-party data, can take weeks. Build time into transaction timetables for Commission consultation and potential follow-up requests.

• Legal and reputational review. Because non-confidential summaries may be published and because Board documents may be requested, involve communications, investor relations and regulatory counsel early.

• Consider filing strategy. If the transaction involves multiple jurisdictions and competition filings, co-ordinate timing and confidentiality waivers to reduce the risk of inconsistent disclosures.

Record-keeping and audit trail. Keep an auditable record of all documents and datasets supplied, including versions of Information Memoranda, Board minutes and valuation models. This will assist in defending against any subsequent allegation that a notification was incomplete or misleading.

By following these steps and cognisant of the specific form requirements quoted in the Determination (see s 6-1 and s 6-2 and Divisions 2-4), notifying parties can assemble a compliant notification package, reduce follow-up requests and position themselves to engage constructively with the Commission’s review process.