151BDeemed standard functional separation undertaking

#### 151B Deemed standard functional separation undertaking (1) The ACCC may, by legislative instrument, determine that, if: (a) a corporation is included in a specified class of corporations; and (b) the corporation has, by written notice given to the ACCC, elected to be bound by the determination; and (c) the corporation has not, by written notice given to the ACCC, cancelled the election; and (d) the ACCC has not revoked the election under subsection (7); this Act has effect as if: (e) the corporation had given a standard functional separation undertaking in the terms set out in the determination; and (f) the ACCC had accepted the undertaking; and (g) if the election was given before the designated commencement date—the undertaking had come into force on the designated commencement date; and (h) if the election was given on or after the designated commencement date—the undertaking had come into force when the election was given to the ACCC. (1A) A functional separation undertaking covered by a determination under subsection (1) must comply with the following provisions: (a) paragraphs 151A(2)(a) to (m); (b) subsections 151A(9), (10) and (11). (1B) A functional separation undertaking covered by a determination under subsection (1) must not contain a provision of a kind specified in a determination under subsection 151A(15). (2) The following provisions do not apply to a functional separation undertaking covered by a determination under subsection (1): (a) subsections 151A(4) to (8); (b) section 151N; (c) section 151P; (d) section 151Q; (e) section 151W. (3) If, as a result of an election under a determination under subsection (1), a corporation is taken to have given a standard functional separation undertaking: (a) this Act does not prevent the corporation from giving the ACCC another standard functional separation undertaking; and (b) if the other standard functional separation undertaking comes into force—the corporation is taken to have cancelled the election immediately before the other standard functional separation undertaking comes into force. (4) If, as a result of an election under a determination under subsection (1), a corporation is taken to have given a standard functional separation undertaking: (a) this Act does not prevent the corporation, together with one or more other persons, from giving the ACCC a joint functional separation undertaking; and (b) if the joint functional separation undertaking comes into force—the corporation is taken to have cancelled the election immediately before the joint functional separation undertaking comes into force. (5) Before making a determination under subsection (1), the ACCC must: (a) publish on the ACCC’s website a notice: (i) setting out the draft determination; and (ii) inviting persons to make submissions to the ACCC about the draft determination within the time limit specified in the notice; and (b) consider any submissions received within the time limit specified in the notice. (6) The time limit must not be shorter than 15 business days after the notice is published. (7) If: (a) a standard functional separation undertaking is in force as the result of an election made by a person as mentioned in paragraph (1)(b); and (b) any of the following conditions is satisfied: (i) the person has breached a fundamental provision of the undertaking; (ii) the person has contravened section 151ZF or 151ZG; (iii) the ACCC is satisfied that the person has an unsatisfactory compliance record in relation to functional separation; the ACCC may, by written notice given to the person, revoke the election.