151ZBRequirement to notify changes in control of person who gave undertaking

151ZB Requirement to notify changes in control of person who gave undertaking

Notification by person who gave undertaking (1) If: (a) a functional separation undertaking given by a person (the first person) is in force; and (b) the first person becomes aware that: (i) a person who was not in a position to exercise control of the first person has become in a position to exercise control of the first person; or (ii) a person who was in a position to control the first person has ceased to be in that position; the first person must: (c) notify the ACCC, in writing, of that event; and (d) do so as soon as practicable, but not later than 10 business days, after becoming so aware.

Note: See section 154.

(2) The notice must be in a form approved, in writing, by the ACCC. Notification by controller of person who gave undertaking (3) If: (a) a functional separation undertaking given by a person (the first person) is in force; and (b) another person becomes aware that the other person is in a position to exercise control of the first person; the other person must: (c) notify the ACCC, in writing, of that position; and (d) do so as soon as practicable, but not later than 10 business days, after becoming so aware.

Note: See section 154.

(4) The notice must be in a form approved, in writing, by the ACCC. Ancillary contraventions (5) A person must not: (a) aid, abet, counsel or procure a contravention of subsection (1) or (3); or (b) induce, whether by threats or promises or otherwise, a contravention of subsection (1) or (3); or (c) be in any way, directly or indirectly, knowingly concerned in, or party to, a contravention of subsection (1) or (3); or (d) conspire with others to effect a contravention of subsection (1) or (3). Civil penalty provisions (6) Subsections (1), (3) and (5) are civil penalty provisions.

Note: Part 31 provides for pecuniary penalties for breaches of civil penalty provisions.