Requirement 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
If:
a functional separation undertaking given by a person (the first person) is in force; and
the first person becomes aware that:
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
a person who was in a position to control the first person has ceased to be in that position;
the first person must:
notify the ACCC, in writing, of that event; and
do so as soon as practicable, but not later than 10 business days, after becoming so aware.
See section 154.
The notice must be in a form approved, in writing, by the ACCC.
Notification by controller of person who gave undertaking
If:
a functional separation undertaking given by a person (the first person) is in force; and
another person becomes aware that the other person is in a position to exercise control of the first person;
the other person must:
notify the ACCC, in writing, of that position; and
do so as soon as practicable, but not later than 10 business days, after becoming so aware.
See section 154.
The notice must be in a form approved, in writing, by the ACCC.
Ancillary contraventions
A person must not:
aid, abet, counsel or procure a contravention of subsection (1) or (3); or
induce, whether by threats or promises or otherwise, a contravention of subsection (1) or (3); or
be in any way, directly or indirectly, knowingly concerned in, or party to, a contravention of subsection (1) or (3); or
conspire with others to effect a contravention of subsection (1) or (3).
Civil penalty provisions
Subsections (1), (3) and (5) are civil penalty provisions.
Part 31 provides for pecuniary penalties for breaches of civil penalty provisions.
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