151ZVariation of functional separation undertaking following giving of revocation notice

151Z Variation of functional separation undertaking following giving of revocation notice

Standard functional separation undertaking (1) If: (a) the ACCC has given a notice under section 151W revoking a standard functional separation undertaking; and (b) the revocation has not taken effect; the ACCC may, by written notice given to the person who gave the undertaking, vary the undertaking. (2) The ACCC must not vary a standard functional separation undertaking under subsection (1) unless the variation: (a) addresses the matter or matters that constituted the grounds for the revocation of the undertaking under section 151W; and (b) does not address any other matter. Joint functional separation undertaking (3) If: (a) the ACCC has given a notice under section 151W revoking a joint functional separation undertaking; and (b) the revocation has not taken effect; the ACCC may, by written notice given to each of the persons who gave the undertaking, vary the undertaking. (4) The ACCC must not vary a joint functional separation undertaking under subsection (3) unless the variation: (a) addresses the matter or matters that constituted the grounds for the revocation of the undertaking under section 151W; and (b) does not address any other matter. When variation takes effect (5) A variation under subsection (1) or (3) takes effect at the time the notice is given.