Acceptance of undertaking about subscription television broadcasting licences may be subject to the occurrence of events
577EA Acceptance of undertaking about subscription television broadcasting licences may be subject to the occurrence of events
If:
Telstra has, in a document accompanying an undertaking under section 577E, nominated one or more events; and
the nomination is expressed to be a nomination under this subsection; and
each of those events is:
the passage of a resolution covered by subparagraph 411(4)(a)(ii) of the Corporations Act 2001; or
an approval covered by paragraph 411(4)(b) of that Act; or
the passage of a resolution, where Telstra’s members (within the meaning of that Act) were entitled to vote on the resolution; or
an approval covered by Chapter 11 of the ASX Listing Rules; or
the granting of a waiver under rule 18.1 of the ASX Listing Rules; or
the making of a declaration under subsection 577J(3); or
an event specified in an instrument in force under subsection (3); and
the ACCC decides to accept the undertaking;
the decision to accept the undertaking must be expressed to be subject to the occurrence of those events within a specified period after the undertaking is accepted.
A nomination under subsection (1) must not specify an event by reference to the timing of the event.
The Minister may, by writing, specify events for the purposes of subparagraph (1)(c)(vii).
A period specified by the ACCC under subsection (1) must be:
6 months; or
if another period is specified in an instrument under subsection (5)—that period.
The Minister may, by writing, specify a period for the purposes of paragraph (4)(b).
Notification requirement
If:
a decision to accept an undertaking under section 577E is expressed to be subject to the occurrence of one or more specified events within a specified period; and
such an event occurs within that period;
Telstra must notify the ACCC in writing of the occurrence of the event as soon as practicable after the occurrence.
If event does not occur
If:
a decision to accept an undertaking under section 577E is expressed to be subject to the occurrence of a single specified event within a specified period; and
the event does not occur within that period;
this Act has effect as if the undertaking had never been accepted by the ACCC.
If:
a decision to accept an undertaking under section 577E is expressed to be subject to the occurrence of 2 or more specified events within a specified period; and
one or more of those events do not occur within that period;
this Act has effect as if the undertaking had never been accepted by the ACCC.
Publication requirement
The Minister must cause a copy of an instrument under subsection (3) or (5) to be published on the Department’s website.
Instruments are not legislative instruments
An instrument under subsection (3) or (5) is not a legislative instrument.
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