151NVariation of expiry time of certain functional separation undertakings

#### 151N Variation of expiry time of certain functional separation undertakings Standard functional separation undertaking (1) If: (a) a standard functional separation undertaking (the existing undertaking) given by a person is in force; and (b) another functional separation undertaking is given to the ACCC by the person; and (c) the ACCC rejects the other undertaking; the ACCC may, by written notice given to the person, vary the existing undertaking by: (d) omitting the expiry time specified in the existing undertaking; and (e) substituting the expiry time specified in the notice. > Note: See also section 142B. (2) The expiry time specified in the notice: (a) must be later than the rejection of the other undertaking; and (b) must not be later than 12 months after the rejection of the other undertaking. (3) Subsection 151A(8) does not apply to an expiry time specified in a notice under subsection (1). Joint functional separation undertaking (4) If: (a) a joint functional separation undertaking (the existing undertaking) given by 2 or more persons is in force; and (b) another functional separation undertaking is given to the ACCC by a person who is one of the persons mentioned in paragraph (a); and (c) the ACCC rejects the other undertaking; the ACCC may, by written notice given to each of the persons mentioned in paragraph (a), vary the existing undertaking by: (d) omitting the expiry time specified in the existing undertaking; and (e) substituting the expiry time specified in the notice. > Note: See also section 142B. (5) The expiry time specified in the notice: (a) must be later than the rejection of the other undertaking; and (b) must not be later than 12 months after the rejection of the other undertaking. (6) Subsection 151C(8) does not apply to an expiry time specified in a notice under subsection (4). Consultation (7) Before making a decision under this section to vary a functional separation undertaking, the ACCC must: (a) publish on the ACCC’s website a notice: (i) setting out the proposed variation; and (ii) inviting persons to make submissions to the ACCC about the proposed variation within the time limit specified in the notice; and (b) consider any submissions received within the time limit specified in the notice. (8) The time limit must not be shorter than 15 business days after the notice is published.