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Articles by Wayne Leach
Control, Alt, Relief: Parliament clarifies the merger rulebook
Further details on these changes are set out below. Non-notifications: voidable by court order, not by operation of law Currently, an acquisition that triggers the thresholds for mandatory ACCC notification is automatically void if it is put into effect (i.e. completed) without notification to the ACCC. This is regardless of whether the failure to notify was intentional or inadvertent.
Managing government business - Australia’s new competition agreement
Last week, the Australian Government published the Intergovernmental Agreement on National Competition Policy (New Agreement) which will revamp many aspects of the National Competition Principles in the Competition Principles Agreement 1995 (Existing Principles).
A vibe check for Australia’s National Competition Policy
On 23 August 2023, the Commonwealth Department of Treasury announced a Competition Review to be held over the next 2 years.[1] The purpose of the review is to examine Australia’s competition laws, policies and institutions to ensure they remain fit for purpose for the modern economy, and will focus on reforms that will increase productivity, ease the cost of living and/or lift wages.
Daniel Gray - Concurrences
The Australian Competition Tribunal today overturned the Australian Competition and Consumer Commission’s (ACCC) decision to deny ANZ and Suncorp Bank’s application for merger authorisation in August 2023. Today’s decision means ANZ is authorised to acquire Suncorp Bank, paving the way for (...)
The Australian Competition Tribunal overturns the Australian Competition Authority's decision to deny a proposed merger in the financial services market (ANZ / Suncorp Bank)
The Australian Competition Tribunal today overturned the Australian Competition and Consumer Commission's (ACCC) decision to deny ANZ and Suncorp Bank’s application for merger authorisation in August 2023. Today’s decision means ANZ is authorised to acquire Suncorp Bank, paving the way for the largest Australian banking acquisition in over a decade.
Government consultation on merger clearance reform commences
Reforms on the table On 20 November 2023, the Competition Taskforce (established by the Australian Government within Treasury) released a consultation paper outlining potential options for reforms to Australia’s merger control regime (Consultation Paper).
Immunity applicants waive goodbye to privilege over factual accounts
Changes to the ‘ACCC immunity and cooperation policy: frequently asked questions’ introduce an express requirement for immunity applicants to provide the ACCC with all records of factual accounts of cartel conduct, whether or not the accounts are subject to claims for legal professional privilege. This alert outlines the new requirement, together with steps clients can take to protect their privilege claims.
Update on the ACCC’s proposals for merger law reform
This alert follows our alerts in August 2021 and March 2023 about the ACCC’s calls for changes to Australia’s current merger clearance laws and processes. The Chair of the ACCC, Gina Cass-Gottlieb, today outlined the recommendations that it has made to Treasury in relation to these reforms.
Wayne Leach - Concurrences
Wayne Leach is a competition law partner at King & Wood Mallesons, Sydney. He regularly advises large corporations on strategically important competition law issues associated with mergers, joint ventures, industry collaborations, access to essential infrastructure, and regulatory investigations and studies across Australia and the Asia-Pacific region.
Lisa Huett - Concurrences
Lisa Huett is a partner in the Competition Law Group at King & Wood Mallesons. She specialises in competition law, consumer protection and product liability with a particular focus on the application and enforcement of Australia’s cartel laws.
Joe Saunders - Concurrences
This alert follows our alerts in August 2021 and March 2023 about the ACCC’s calls for changes to Australia’s current merger clearance laws and processes. The Chair of the ACCC, Gina Cass-Gottlieb, today outlined the recommendations that it has made to Treasury in relation to these reforms. (...)
Luke Woodward - Concurrences
Luke Woodward is a Partner and head of the Australian Competition Law Group at King & Wood Mallesons. Formerly at G & T for over 20 years’ Luke built a strong and highly regarded competition practice across a mix of transactional, contentious and regulatory legal matters.
ACCC announces 2023 enforcement and Compliance Priorities
Continuing the annual tradition of her predecessors, ACCC Chair Gina Cass-Gottlieb outlined the ACCC’s enforcement priorities for the upcoming year in an address to the Committee for Economic Development of Australia in Sydney on 7 March 2023. A full copy of the speech can be found on the ACCC website. Last year’s address – by outgoing chair Rod Sims – was delivered just two weeks before Ms Cass-Gottlieb assumed the role.
Competition Compliance in Australia | Lexology
General General attitudes What is the general attitude of business and the authorities to competition compliance? Australia’s competition and consumer laws are contained in the Competition and Consumer Act 2010 (Cth) (the Act). The Act has a degree of extra-territorial application and may apply to conduct engaged in outside Australia by corporations that are incorporated in Australia, registered as a foreign company in Australia, or carry on business in Australia.
Competition Compliance in Australia | Lexology
Use the Lexology Getting The Deal Through tool to compare the answers in this article with those from other jurisdictions. General General attitudes What is the general attitude of business and the authorities to competition compliance? Australia’s competition and consumer laws are contained in the Competition and Consumer Act 2010 (Cth) (the Act). In general, companies are keen to comply with the Act and many ensure that they have compliance programmes for this purpose.
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