27Approval of draft functional separation undertaking by the Communications Minister and the Finance Minister

#### 27 Approval of draft functional separation undertaking by the Communications Minister and the Finance Minister (1) This section applies if an NBN corporation gives the Communications Minister and the Finance Minister a draft functional separation undertaking (the original undertaking). (2) The Communications Minister and the Finance Minister must, by writing: (a) approve the original undertaking; or (b) both: (i) vary the original undertaking; and (ii) approve the original undertaking as varied; or (c) both: (i) determine that the NBN corporation is taken to have given the Communications Minister and the Finance Minister another draft functional separation undertaking (the replacement undertaking) in the terms specified in the determination, instead of the original undertaking; and (ii) approve the replacement undertaking. Consultation (3) Before making a decision under subsection (2), the Communications Minister and the Finance Minister must: (a) cause to be published on the Department’s website a notice: (i) setting out the original undertaking; and (ii) inviting persons to make submissions to the Communications Minister and the Finance Minister about the original undertaking within 14 days after the notice is published; and (b) give the ACCC a copy of the notice; and (c) cause to be published on the Department’s website a copy of each submission received within the 14‑day period mentioned in paragraph (a); and (d) consider any submissions received within the 14‑day period mentioned in paragraph (a); and (e) ask the ACCC to give advice to the Communications Minister and the Finance Minister, within 44 days after the notice is published, about the original undertaking; and (f) have regard to any advice given by the ACCC. Consultation—variation of original undertaking (4) Before making a decision under paragraph (2)(b) to approve the original undertaking as varied, the Communications Minister and the Finance Minister must: (a) give the NBN corporation a notice: (i) setting out the original undertaking as proposed to be varied; and (ii) inviting the NBN corporation to make submissions to the Communications Minister and the Finance Minister, within 14 days after the notice is given, about the original undertaking as proposed to be varied; and (b) consider any submissions received from the NBN corporation within the 14‑day period mentioned in paragraph (a). Consultation—replacement undertaking (5) Before making a decision under paragraph (2)(c) to approve the replacement undertaking, the Communications Minister and the Finance Minister must: (a) give the NBN corporation a notice: (i) setting out the proposed replacement undertaking; and (ii) inviting the NBN corporation to make submissions to the Communications Minister and the Finance Minister about the proposed replacement undertaking within 14 days after the notice is given; and (b) consider any submissions received from the NBN corporation within the 14‑day period mentioned in paragraph (a). Advice by the ACCC (6) Subsection (3) does not, by implication, prevent the Communications Minister and the Finance Minister from asking the ACCC to give the Communications Minister and the Finance Minister additional advice about a matter arising under this section. Notification of decision (7) As soon as practicable after making a decision under subsection (2), the Communications Minister and the Finance Minister must notify the NBN corporation in writing of the decision. Instrument is not a legislative instrument (8) An instrument made under subsection (2) is not a legislative instrument.