Commerce (Promoting Competition and Other Matters) Amendment Bill

assets includes intangible assets property of any kind, whether tangible or intangible, and includes legal and equitable rights and interests that are not property, however they arise

document means a document in means- any form material, whether signed or initialled not it is signed or otherwise authenticated by its maker or not; authenticated, that bears symbols (including words and includes- (a) any writing on any material: (b) any information recorded figures), images, or stored by means of any tape recorder, computer, sounds or other device; and any material subsequently derived from information so recorded which symbols, images, or stored: sounds can be derived, and includes- (c) any label, marking, a label or marking or any other writing that identifies or describes any a thing of which it forms part, or to which it is attached by any means: attached: (d) any a book, map, plan, graph, or drawing: (e) any a photograph, film, negative, tape, or other device in which 1 or more visual images are embodied so as to be capable (with negative; and information electronically recorded or without the aid of some other equipment) of being reproduced stored, and information derived from that information

substantial means real or of substance, except in- (a) sections 36 3(2A), 36, 36A, and 36A 36C when referring to a degree of power in a market; and (b) section 47(3) and (4); and (c) Part 4

substantial means real or of substance, except in- (a) sections 36 and 36A when referring to a degree of power in a market; and (b) section 47(3) and (4); to (5); and (c) Part 4

(2A) To avoid doubt, for the purposes of sections 47, 47A, 66, and 67, substantially lessening competition in a market may include creating, strengthening, or entrenching a substantial degree of power in the market.

(8) For the purposes of sections 47, 47A, 66, and 67, the effects of an acquisition include, where if relevant, the combined effects of— the acquisition (the current acquisition); and any other acquisition by any party to the current acquisition (including any interconnected bodies corporate or associated persons within the meaning of section 47(3)) of assets of a business or shares in the relevant period. that— involves any of the same goods or services as the current acquisition or goods or services that are substitutable for, or otherwise competitive with, the goods or services involved in the current acquisition (disregarding any geographical factors or limitations); and occurs in the relevant period. (9) In subsection (8), relevant period means,— in the case of a clearance application under section 66 or an authorisation application under section 67, the period starting 3 years before the date of registration of the clearance or authorisation notice and ending on the date of registration of that notice; or in any other case, the period starting 3 years before the date of the current acquisition or the date on which proceedings under section 47 or 47A are filed in respect of the current acquisition, whichever is earlier, and ending on that date. (10) Subsection (8) does not limit the circumstances in which an acquisition of assets of a business or shares would have, or would be likely to have, the effect of substantially lessening competition in a market.

36C Predatory pricing (1) This section applies to a person (A) that has a substantial degree of power in a market (within the meaning of that term in section 36) and that engages in predatory pricing— in that market; or in any other market in which A (or an interconnected person) supplies, or is likely to supply, goods or services (or supplies, or is likely to supply, goods or services indirectly through 1 or more other persons). (2) A’s predatory pricing conduct must be treated, for the purposes of section 36, as having the purpose, or as having or being likely to have the effect, of substantially lessening competition in the market in which the predatory pricing occurred. (3) In this section, predatory pricing is either or both of the following for a sustained period in the relevant market: pricing below Average Variable Cost or Average Avoidable Cost: pricing above Average Variable Cost or Average Avoidable Cost but below Long-run Average Incremental Cost or Average Total Cost if the pricing is for an exclusionary purpose. (4) The fact of recoupment of strategic losses is not required to establish predatory pricing but, if it exists, may be taken into account as part of the court’s assessment. (5) Despite subsection (3), the following are not predatory pricing unless they are part of a pattern of behaviour over a sustained period: short-term promotional pricing: other short-term below-cost pricing, including one-off specials or discounts or instances where pricing is displayed incorrectly. (6) This section does not limit section 27 or sections 36 to 36B. Other conduct, including pricing above Long-run Average Incremental Cost or Average Total Cost, may also be predatory under (and breach) other sections of this Act. (7) In this section,— Average Avoidable Cost means the average cost a business could avoid by not producing the goods or services in question. This includes both average variable costs and any fixed costs that could be saved. These could be things like lease payments, staff salaries, or maintenance contracts that can be cancelled or reduced Pricing below Average Avoidable Cost indicates the firm is incurring losses that it could otherwise avoid. Average Total Cost means total costs (fixed plus variable) divided by the number of units produced Average Variable Cost means the average cost of variable inputs (for example, labour and materials) used to produce each unit of output Pricing below Average Variable Cost suggests that a firm is not covering its basic operating costs. exclusionary purpose means all or any of the following purposes: restricting the entry of a person into that or any other market: preventing or deterring a person from engaging in competitive conduct in that or any other market: excluding a person from that or any other market Long-run Average Incremental Cost means the average cost of producing an additional increment of output over the long term, including both fixed and variable costs short-term, in relation to pricing, means pricing for a period of not more than 3 months in aggregate in any 12-month period.

43 Statutory exceptions (1) Nothing in this Part applies in respect of any act, matter, or thing that is, or is of a kind, specifically authorised by any enactment or Order in Council made under any Act. (2) For the purposes of subsection (1), an enactment or Order in Council does not provide specific authority for an act, matter, or thing if it provides in general terms for that act, matter, or thing, notwithstanding that the act, matter, or thing requires or may be subject to approval or authorisation by a Minister of the Crown, statutory body or a person holding any particular office, or, in the case of a rule made or an act, matter, or thing done pursuant to any enactment, approval or authorisation by Order in Council. (3) No act, matter, or thing authorised under section 7(2)(i) of the Sharebrokers Amendment Act 1981 or section 70(1)(n) of the Real Estate Agents Act 1976 as enacted immediately before the commencement of this Act, shall be taken to be specifically authorised under subsection (1). Compare: 1975 No 113 ss 22(7), 27(3)(c); 1976 No 67 ss 15(1), 20(2)(b)

46 Saving in respect of business acquisitions Nothing in this Part applies— (a) to any of the following to the extent that the contract, arrangement, understanding, or covenant provides for the acquisition or disposition of assets of a business or shares: (i) entering into a contract or an arrangement: (ii) arriving at an understanding: (iii) giving, or requiring the giving of, a covenant; or (b) to any act done to give effect to a provision of a contract, arrangement, understanding, or covenant that provides for the acquisition or disposition of assets of a business or shares.

47 Certain acquisitions prohibited (1) A person must not acquire assets of a business or shares if the acquisition would have, or would be likely to have, the effect of substantially lessening competition in a market. (2) For the purposes of this section, a reference to a person includes 2 or more persons that are interconnected or associated. (3) For the purposes of this section, a person is associated with another person if that person is able, whether directly or indirectly, to exert a substantial degree of influence over the activities of the other. (4) A person is not able to exert a substantial degree of influence over the activities of another person for the purposes of subsection (3) by reason only of the fact that- (a) those persons are in competition in the same market; or (b) one of them supplies goods or services to the other. Compare: Trade Practices Act 1974 s 50 (Aust)

(5) The following factors may, without limitation, be relevant in determining whether a person is able to exert a substantial degree of influence over the activities of another person for the purposes of subsection (3): shareholding or voting rights that provide the ability to influence key decisions of the other person: the right to appoint or remove directors or key executives of the other person: veto powers over strategic decisions of the other person: financial arrangements that create economic dependency on the part of the other person: contractual agreements, informal arrangements, or historical patterns of deference.

47E Commission may suspend acquisition (1) The Commission may impose a suspension on an acquisition, or a proposed acquisition, of assets of a business or shares by giving notice in writing to the person that has acquired or is proposing to acquire the assets or shares. (2) The notice must— specify the period of the suspension (the suspension period), which must be no longer than 40 working days after the date of the notice; and state what assets or shares are subject to the suspension. (3) During the suspension period, the person who receives the notice— must not acquire the assets or shares; and must take reasonable steps to ensure that the business and its assets, if already acquired, are safeguarded. (4) The notice may specify the steps that must be taken to safeguard the business or assets for the purposes of subsection (3)(b), in which case the person must comply with those steps. (4) The notice may specify steps to safeguard the business or assets for the purposes of subsection (3)(b), in which case a court must have regard to those steps in determining what is required under subsection (3)(b). (5) The Commission may exercise the power under this section only if it has reasonable grounds to believe that exercising the power is necessary to protect competition while the Commission assesses whether the acquisition has the potential to result in, or has resulted in, a breach of section 47. (6) Section 47(2) to (5) applies to this section. 47F Commission may require clearance of acquisition (1) This section applies if the Commission has reasonable grounds to believe that— a person is proposing to acquire assets of a business or shares (a proposed acquisition); and the proposed acquisition has the potential to result in a breach of may breach section 47. (2) The Commission may, in writing, direct the person who proposes to acquire the assets or shares to seek clearance for the acquisition under section 66. (3) The person who is given the direction under subsection (2) must, if they wish to proceed with the proposed acquisition, comply with the direction by— seeking clearance for the acquisition under section 66; or if they prefer, applying for authorisation for the acquisition under section 67. (4) The person must not acquire the assets or shares, or any part of them, during the period starting on the date of the direction and ending on the date on which the clearance is determined under section 66 (or the authorisation is determined under section 67, if applicable). (5) Section 47(2) to (5) applies to this section. 47G Other provisions relating to exercise of Commission’s power to suspend or require clearance (1) If the Commission gives a notice under section 47E or a direction under section 47F, the Commission must— give its reasons for issuing the notice or direction with the notice or direction; and provide a copy of the notice or direction, including reasons, to the other party or parties to the acquisition or proposed acquisition; and make a copy of the notice or direction, including reasons, publicly available, except that the Commission may omit any information if it is satisfied there is good reason not to make it publicly available. (2) The Commission may withdraw the notice or direction at any time. (3) To avoid doubt, a notice under section 47E or a direction under section 47F is not a determination of the Commission.

(3A) To avoid doubt, the recommendations may, without limitation, be made for the purpose of— reducing regulatory barriers to competition; or the development of regulation to promote competition.

Competition studies

51F Commission may carry out study of pro-competition regulation (1) The Commission may carry out a study in relation to any market, industry, or sector, if the Commission considers it to be in the public interest to do so, in order to recommend to the Minister the development of pro-competition regulation. Regulation to break down barriers to entry to, and expansion in, a market. (2) For the purposes of doing so, and without limiting its ability to exercise its powers under section 98 for those purposes, the Commission may, by notice in writing, require any participant in the relevant market that the Commission has reason to believe may have information or documents relevant to the study— to prepare and produce forecasts, forward plans, or other information and provide them to the Commission; and to apply any methodology specified by the Commission in the preparation of forecasts, forward plans, or other information. (3) The Commission may consult any person that, in the opinion of the Commission, is able to assist it to complete its report. (4) The Commission must— provide the final report to the Minister, including any recommendations that include any of the matters referred to in section 51B(3); and at least 5 working days later, make the final report publicly available. (5) To avoid doubt, the report is not a determination of the Commission.

53ZF Material may be incorporated by reference Schedule 5 (1) This section applies if for the Commission wishes to incorporate purposes of section 66(2)(b) of the Legislation Act 2019. (2) If material incorporated by reference in any a section 52P determination or in an input methodology is amended or replaced by the originator of the following documents: material after the secondary legislation is made, legal effect may be given to that amendment or replacement material if— (a) the amendment or replacement material is of the same general character as the original material; and the maker of the secondary legislation issues a notice to adopt the amendment or replacement material as having legal effect as part of the secondary legislation. (3) If material incorporated by reference in a section 52P determination: (b) determination or in an input methodology. methodology expires, is revoked, or otherwise ceases to have effect, the material ceases to have legal effect as part of the secondary legislation if the maker of the secondary legislation issues a notice stating that the material ceases to have that legal effect. (4) A notice issued under subsection (2)(b) or (3) must be published in the Gazette and publicised by the maker of the secondary legislation. (5) This section does not limit section 66(2)(a) of the Legislation Act 2019. (6) In this section, material has the meaning given in section 63 of the Legislation Act 2019.

associate has the same meaning as in section 73 clause 8 of Schedule 2 of the Electricity Industry Act 2010

associate has the same meaning as in section 12 clause 8 of Schedule 2 of the Electricity Industry Reform Act 1998 2010

58AAA Overview (1) This Part provides for procedures as follows: sections 58 to 65D provide for the Commission to grant authorisations and clearances in respect of certain provisions of Part 2, including streamlined clearances for certain conduct: sections 65E to 65Q provide a notification process in respect of conduct that is unlikely to substantially lessen competition or that is likely to be in the public interest: section 65R enables the Commission to make secondary legislation exempting any class of persons or any class of transactions from compliance with any provision or provisions of Part 2 or 3: sections 66 to 69B provide for the Commission to grant clearances and authorisations for business acquisitions. (2) See also other exceptions (for example, the exception in section 31 for collaborative activities). (3) Subsection (1) is only a guide to the general scheme and effect of this Part.

(2A) The conference or any part of it may be conducted by audio link or audiovisual link if the Commission considers it appropriate.

65BA Commission may give clearances relating to collaborative activities (1) A person that proposes to do anything referred to in section 65A(1) may apply to the Commission for a clearance under this section in respect of section 30. (2) The Commission must give a clearance under this section if it is satisfied that— the applicant and any other party to the proposed contract, arrangement, understanding, or covenant are or will be involved in a collaborative activity; and every cartel provision in the contract, arrangement, understanding, or covenant is reasonably necessary for the purposes of the collaborative activity. (3) For the purposes of subsection (2), it is not necessary for the Commission to determine whether a particular provision is in fact a cartel provision, providing there are reasonable grounds for believing that it might be. (4) If clearance is not given within 30 working days after the date on which the application is registered in accordance with section 60(2)(a), the Commission is deemed to have declined to give the clearance, subject to any alternative timetable agreed between the Commission and the person applying for clearance. 65BB Effect of clearance under section 65BA The effect of a clearance given under section 65BA is that— a party to the contract, arrangement, understanding, or covenant to which the clearance relates does not contravene section 30 by entering into the contract or arrangement, or arriving at the understanding, or giving, or requiring the giving of, the covenant, while the clearance is in force; and a person does not contravene section 30 by giving effect to any cartel provision in the contract, arrangement, understanding, or covenant to which the clearance relates, while the clearance is in force; and section 30C(1) does not apply to any cartel provision in the contract, arrangement, understanding, or covenant, while the clearance is in force. 65BC Additional provisions relating to clearances under section 65A or 65BA (1) A clearance given to a person under section 65A or 65BA may be expressed to apply to, or in relation to, another person that,— in the case of a clearance to enter into a contract or an arrangement or arrive at an understanding, becomes a party to the proposed contract or arrangement at a time after it is entered into or becomes a party to the proposed understanding at a time after it is arrived at: in the case of a clearance to give effect to a provision of a contract, arrangement, understanding, or covenant, becomes a party to the contract, arrangement, understanding, or covenant at a time after the clearance is given: in the case of a clearance to require the giving of, or to give, a covenant, becomes bound by, or entitled to the benefit of, the covenant at a time after the covenant is given: in the case of a clearance to carry out or enforce the terms of a covenant, becomes bound by, or entitled to the benefit of, the covenant at a time after the clearance is granted. (2) A clearance granted to a person under section 65A or 65BA may be granted subject to such conditions not inconsistent with this Act and for such period as the Commission thinks fit. (3) The Commission may vary those conditions if— the clearance was given on information that was false or misleading in a material particular; or there has been a material change of circumstances; or a condition upon which the clearance was granted has not been complied with. (4) The Commission must not vary conditions under this section unless the person to which the clearance was given, and any other person who in the opinion of the Commission is likely to have an interest in the matter, is given a reasonable opportunity to make submissions to the Commission and the Commission has had regard to those submissions. (5) If the Commission is of the opinion that proposed conduct is, for reasons other than arising from the application of any provision of this Act, unlikely to be proceeded with, the Commission may, in its discretion, decline to give a clearance for that conduct under section 65A or 65BA. (6) The Commission must state in writing its reasons for declining to give a clearance or for imposing or varying conditions under this section.

65D Revocation of clearances (1) The Commission may revoke a clearance given under section 65A or 65BA if it is satisfied that- (a) the clearance was given on information that was false or misleading in a material particular; or (b) there has been a material change of circumstances. (2) The Commission must not revoke a clearance unless the person to whom the clearance was given, and any other person who in the opinion of the Commission is likely to have an interest in the matter, is given a reasonable opportunity to make submissions to the Commission and the Commission has had regard to those submissions.

a condition upon which the clearance was granted has not been complied with.

65E Purpose and outline of sections 65F to 65Q (1) The purpose of sections 65F to 65Q is to provide a process for streamlined consideration of certain categories types of conduct that are likely to be in the public interest or are unlikely to substantially lessen competition. (2) Sections 65F to 65Q provide a framework that enables persons to notify the Commission of proposed conduct (within the permitted categories types) and, unless the Commission objects within a specified time frame, a provision or provisions of Part 2 of the Act do does not apply to the conduct. (3) This section is only a guide to the general scheme and effect of sections 65F to 65Q. 65F Interpretation for sections 65E to 65Q In sections 65E to 65Q, unless the context otherwise requires,— conduct includes proposed conduct no-objection has the meaning given by section 65M(2) notifiable conduct means conduct that may be notified under section 65G notified conduct means notifiable conduct of which the Commission has been notified notify or give notice means to give a valid notification under section 65J objection test means the test set out in Schedule 8 in respect of a type of notifiable conduct protected period, in relation to a notice, means the period referred to in section 65O. 65G What conduct is notifiable Conduct may be notified under section 65J if it is of a type of conduct that is listed in Schedule 8. 65H Adding or amending notifiable conduct (1) The Governor-General may, by Order in Council, on the recommendation of the Minister, amend Schedule 8 by— adding any type of conduct; or amending any type of conduct (including the thresholds that apply in order to be notifiable conduct, or the provisions to which it applies, or its protected period). (2) The Minister may make a recommendation to add a type of conduct only if the Minister is satisfied that— adding the type of conduct is consistent with the purposes set out in sections 1A and 65E; and the type of conduct is likely effects of the type of conduct, in general, are predictable (that is, the conduct is well understood and the outcomes of enforcement or authorisation (if relevant) are relatively consistent); and the type of conduct would, in general,— would not have the effect, or would not be likely to have the effect, of substantially lessening competition in typical market conditions in a market; or is likely, in typical market conditions, be likely to have public benefits that outweigh the expected detriments of the type of conduct; and a notice in respect of the type of conduct will be administratively efficient to assess the Commission will be able to assess the likely effects of the type of conduct within the time frame in section 65M(2). (3) The Minister may make a recommendation to amend a type of conduct if the Minister is satisfied that— the amendment is necessary or desirable to better give effect to the purposes set out in sections 1A and 65E; or the amendment is minor or technical and does not materially change the type or description of the conduct. (4) The Minister may make a recommendation under this section only if the Minister has consulted the Commission. (5) An order made under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements). 65I Removing notifiable conduct (1) The Governor-General may, by Order in Council, on the recommendation of the Minister, amend Schedule 8 by removing any type of conduct. (2) The Minister may make a recommendation to remove a type of conduct only if the Minister— has considered the matters in section 65H(2)(a) to (d) (applied with necessary modifications); and is not satisfied that inclusion of the type of conduct promotes the long-term benefit of consumers within New Zealand; and has consulted the Commission. (3) An order made under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements). 65J Notification of notifiable conduct (1) A person that engages, or proposes to engage, in notifiable conduct may give the Commission a notice in writing setting out the conduct. (2) Section 60 applies to the notification as if it were an application referred to in that section. 65K Commission may object (1) The Commission may object by issuing an objection notice if the Commission considers that— the notified conduct is not within the type and thresholds of notifiable conduct in Schedule 8; or the notified conduct meets the objection test set out in that schedule in respect of that type of conduct. (2) An objection notice must be accompanied by a statement setting out the Commission’s reasons. 65L Amending objection test for notifiable conduct (1) The Governor-General may, by Order in Council, on the recommendation of the Minister, amend Schedule 8 by amending the objection test in respect of any type of notifiable conduct. (2) The Minister may make a recommendation to amend an objection test only if— the Minister is satisfied that amending the objection test is consistent with the purposes set out in sections 1A and 65E; and the Minister has consulted the Commission. (3) An order made under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements). 65M Commission may issue no-objection notice or otherwise not object (1) The Commission may issue a no-objection notice. (2) The Commission is deemed not to object (a no-objection) if— the Commission does not issue an objection notice within 45 working days after the date on which it registers the notification; or the Commission issues a no-objection notice. 65N Effect of no-objection The effect of the Commission not objecting to notified conduct is, during the protected period, the same as if the Commission had granted an authorisation in respect of the notified conduct and the relevant provisions that are listed in Schedule 8 alongside the type of notified conduct. 65O Length of protected period (1) The protected period for the purposes of section 65N is— the period specified by the Commission in a no-objection notice; or 3 years, if the Commission does not specify the period in a no-objection notice. (2) However, the Commission may not specify a protected period that is longer than the maximum duration for the relevant conduct specified in Schedule 8. (3) The protected period starts— on the day on which the Commission issues a no-objection notice; or in any other case of the Commission not objecting, on the 45th working day after the date on which the Commission registers the notification. 65P Conditions relating to no-objection notices (1) The Commission may issue a no-objection notice subject to any conditions relating to the circumstances in which the no-objection notice applies, including (without limitation) by reference to any person or class of persons or any transaction or class of transactions. (2) The no-objection notice must include the Commission’s reasons for imposing the conditions. (3) The Commission may vary a condition imposed under this section if— the no-objection notice was given on information that was false or misleading in a material particular; or there has been a material change of circumstances; or a condition upon which the no-objection notice was issued has not been complied with. (4) The Commission must not vary conditions under this section unless the person on which the condition was imposed, and any other person who in the opinion of the Commission is likely to have an interest in the matter, is given a reasonable opportunity to make submissions to the Commission and the Commission has had regard to those submissions. (5) The Commission must state in writing its reasons for varying conditions imposed under this section. 65Q Commission may rescind no-objections (1) The Commission may rescind a no-objection, after giving 45 30 working days’ notice to the person that notified the conduct, if the Commission is satisfied that section 65K(1) applies or will apply. (2) The Commission may also rescind a no-objection if the Commission is satisfied that— that the activity engaged in is materially different from the type of activity that was notified; or the no-objection notice was given on information that was false or misleading in a material particular; or there has been a material change of circumstances; or a condition of the no-objection notice has not been complied with. (3) The Commission must not rescind a no-objection under subsection (1) unless the person that notified the conduct, and any other person who in the opinion of the Commission is likely to have an interest in the recision, is given a reasonable opportunity to make submissions to the Commission and the Commission has had regard to those submissions. (4) The notice rescinding a no-objection must include the Commission’s reasons for rescinding the no-objection. (5) The protected period referred to in section 65O ends when a no-objection is rescinded, but the recision does not affect anything done while the no-objection was in force. 65R Commission may grant class exemptions (1) The Commission may, on the terms and conditions (if any) that it thinks fit, exempt any class of persons or any class of transactions from compliance with any provision or provisions of Part 2 or 3 in respect of a kind of conduct specified in the exemption, if the Commission is satisfied in all the circumstances— that conduct of that kind would not have the effect, or would not be likely to have the effect, of substantially lessening competition; or that conduct of that kind would result, or would be likely to result, in a benefit to the public that would outweigh the detriment to the public that would result, or would be likely to result, from conduct of that kind. (2) The Commission may specify in the exemption any 1 or more of the following limitations: a limitation to persons of a specified kind: a limitation to circumstances of a specified kind: a limitation to conduct that complies with specified conditions. (3) An exemption granted under this section may continue in force for not more than 10 years (and at the close of the date that is 10 years after the exemption first comes into force, the exemption must be treated as having been revoked unless it is sooner revoked or expires). (4) While the exemption remains in force, but subject to any limitations specified under subsection (2), the provisions of Part 2 provision of Part 2 or 3 specified in the exemption do does not apply in relation to conduct of the kind specified in the exemption. (5) The breach of a term or condition of an exemption granted under this section is a breach of the provision to which the exemption relates (unless the terms of the exemption otherwise provide). (6) The Commission must not grant an exemption under this section unless it is satisfied that— granting the exemption is necessary or desirable in order to promote the purpose of this Act; and the extent of the exemption is not broader than is reasonably necessary to address the matters that gave rise to the exemption. (7) The Commission’s reasons for making an exemption (including why the exemption is appropriate) must be published together with the exemption. (8) Exemptions made granted under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements). 65S Power for Commission to refund or waive certain fees The Commission may, in its discretion, refund or waive all or part of a fee for any application under this Part if the Commission is satisfied that— the payment of the fee would cause undue hardship; or the public benefits of the notified conduct significantly outweigh the detriments.

66 Commission may give clearances for business acquisitions (1) A person who proposes to acquire assets of a business or shares may give the Commission a notice seeking clearance for the acquisition. (2) Subsections (1), (2)(a) and (b), (4), and (5) of section 60 shall apply in respect of every notice given under subsection (1) as if the notice was an application under section 58. (3) Within 40 working days after the date of registration of the notice, or such a longer period as of up to 140 working days if the Commission and the person who gave the notice agree, the Commission shall either- (a) if it is satisfied that the acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market, by notice in writing to the person by or on whose behalf the notice was given, give a clearance for the acquisition; or (b) if it is not satisfied that the acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market, by notice in writing to the person by or on whose behalf the notice was given, decline to give a clearance for the acquisition. (4) If the period specified in subsection (3) expires without the Commission having given a clearance for the acquisition and without having given a notice under subsection (3)(b), the Commission shall be deemed to have declined to give a clearance for the acquisition. (5) A clearance given under subsection (3) expires- (a) 12 months after the date on which it was given; or (b) in the event of an appeal being made against the determination of the Commission giving the clearance, and the determination being confirmed by the court, 12 months after the date on which the determination is confirmed.

(3A) The Commission may agree with the person to extend the time frame for a determination under subsection (3) beyond 140 working days by 20 additional working days at a time if more time is needed to consider the application because— of the complexity of the acquisition its complexity; or the Commission decides to hold a conference under section 69B; or the person offers an undertaking during the Commission’s consideration; or a change in circumstances or other event occurs during the Commission’s consideration that materially affects its consideration.

67 Commission may grant authorisations for business acquisitions (1) A person who proposes to acquire assets of a business or shares may give the Commission a notice seeking an authorisation for the acquisition. (2) Subsections (1), (2)(a) and (b), (4), and (5) of section 60 shall apply in respect of every notice given under subsection (1) as if the notice was an application under section 58. (3) Within 60 working days after the date of registration of the notice, or such a longer period as of up to 160 working days if the Commission and the person who gave the notice agree, the Commission shall- (a) if it is satisfied that the acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market, by notice in writing to the person by or on whose behalf the notice was given, give a clearance for the acquisition; or (b) if it is satisfied that the acquisition will result, or will be likely to result, in such a benefit to the public that it should be permitted, by notice in writing to the person by or on whose behalf the notice was given, grant an authorisation for the acquisition; or (c) if it is not satisfied as to the matters referred to in paragraph (a) or paragraph (b), by notice in writing to the person by or on whose behalf the notice was given, decline to give a clearance or grant an authorisation for the acquisition. (4) If the period specified in subsection (3) expires without the Commission having given a clearance or having granted an authorisation or having declined to do so, the Commission shall be deemed to have declined to give a clearance or grant an authorisation. (5) The Commission shall state in writing its reasons for a determination made by it under subsection (3). (6) A clearance given or an authorisation granted under subsection (3) expires- (a) 12 months after the date on which it was given or granted; or (b) in the event of an appeal being made against the determination of the Commission giving the clearance or granting the authorisation, and the determination of the Commission being confirmed by the court, 12 months after the date on which the determination is confirmed.

(3A) The Commission may agree with the person to extend the time frame for a determination under subsection (3) beyond 160 working days by 20 additional working days at a time if more time is needed to consider the application because— of the complexity of the acquisition its complexity; or the Commission decides to hold a conference under section 69B; or the person offers an undertaking during the Commission’s consideration; or a change in circumstances or other event occurs during the Commission’s consideration that materially affects its consideration.

67 Commission may grant authorisations for business acquisitions (1) A person who proposes to acquire assets of a business or shares may give the Commission a notice seeking an authorisation for the acquisition. (2) Subsections (1), (2)(a) and (b), (4), and (5) of section 60 shall apply in respect of every notice given under subsection (1) as if the notice was an application under section 58. (3) Within 60 working days after the date of registration of the notice, or such longer period as the Commission and the person who gave the notice agree, the Commission shall— (a) if it is satisfied that the acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market, by notice in writing to the person by or on whose behalf the notice was given, give a clearance for the acquisition; or (b) if it is satisfied that the acquisition will result, or will be likely to result, in such a benefit to the public that it should be permitted, by notice in writing to the person by or on whose behalf the notice was given, grant an authorisation for the acquisition; or (c) if it is not satisfied as to the matters referred to in paragraph (a) or paragraph (b), by notice in writing to the person by or on whose behalf the notice was given, decline to give a clearance or grant an authorisation for the acquisition. (4) If the period specified in subsection (3) expires without the Commission having given a clearance or having granted an authorisation or having declined to do so, the Commission shall be deemed to have declined to give a clearance or grant an authorisation. (5) The Commission shall state in writing its reasons for a determination made by it under subsection (3). (6) A clearance given or an authorisation granted under subsection (3) expires— (a) 12 months after the date on which it was given or granted; or (b) in the event of an appeal being made against the determination of the Commission giving the clearance or granting the authorisation, and the determination of the Commission being confirmed by the court, 12 months after the date on which the determination is confirmed.

(1A) After making a determination under section 66(3) or 67(3), the Commission must— give to the applicant, in writing,— a summary of reasons for its decision no later than 1 working day after giving notice of its decision; and a full statement of reasons for its decision no later than 20 working days after giving notice of its decision; and make publicly available the information referred to in paragraph (a) as soon as practicable after providing it to the applicant, except that the Commission may omit any information if it is satisfied that there is good reason not to make it publicly available.

68 Provisions applying to applications for clearances and authorisations for business acquisitions (1) Every person who gives a notice under section 66 or section 67 shall from time to time produce or, as the case may be, furnish to the Commission, within such time as it may specify, such documents and information in relation to the acquisition as may be required by the Commission for the purpose of enabling it to exercise its functions under this section or section 66 or section 67. (2) Notwithstanding section 66 or section 67, where the Commission is of the opinion that a proposed acquisition is, for reasons other than arising from the application of any provision of this Act, unlikely to be proceeded with, the Commission may, in its discretion, decline to give a clearance or grant an authorisation for that acquisition under this section. (3) The If the Commission shall state in writing its reasons for declining declines to give a clearance or grant an authorisation under subsection (2). (4) A person who has given a notice in respect of an acquisition under section 66 or section 67 may at any time, by notice in writing to the Commission, advise the Commission that it does not wish the Commission to give a clearance or grant an authorisation and (2), the Commission shall accordingly not must give a clearance or grant an authorisation reasons in respect of that acquisition. (5) The Commission may consult accordance with any person who, in the opinion of the Commission, is able to assist it in making a determination under section 66 or section 67, as the case may be. subsection (1A).

68A Suspension of time frame for determining clearance or authorisation (1) The Commission may suspend the time frame for making a determination under section 66 or 67, by notice in writing to the applicant, if any 1 or more of the following circumstances apply: the acquisition or a related acquisition is being considered by an overseas regulator: the Commission has required information or documents in accordance with section 98 from a person (other than the applicant) for the purpose of considering the clearance or authorisation and that person has not complied with the requirement: the Commission has requested information or documents be provided voluntarily by a person (other than the applicant) for the purpose of considering the clearance or authorisation and that person has not provided the information or documents. (1) The Commission may suspend the time frame for making a determination under section 66 or 67, by notice in writing to the applicant, if— any 1 or more of the following circumstances apply: the acquisition or a related acquisition is being considered by an overseas regulator: the Commission has required information or documents in accordance with section 98 from a person for the purpose of considering the clearance or authorisation and that person has not complied with the requirement: the Commission has requested that information or documents be provided voluntarily by a person for the purpose of considering the clearance or authorisation and the person has not provided the information or documents; and the Commission is satisfied that the consideration by the overseas regulator or the information or document (as applicable) is material to the Commission’s determination. (2) The notice must state— the applicable circumstance under subsection (1)(a); and when the suspension will end, which must be no later than 5 working days after the circumstance ceases to apply. (3) A working day that falls within the period of suspension does not count for the purpose of the time frames under section 66 or 67 for determining a clearance or authorisation.

69A Commission may accept undertakings (1) In giving a clearance or granting an authorisation under section 66 or section 67, the Commission may accept a written undertaking given by or on behalf of the person who gave a notice under section 66(1) or section 67(1), as the case may be, to do any 1 or more of the following: dispose of assets or shares specified in the undertaking. undertaking: (2) The Commission shall not accept take or refrain from taking an undertaking action specified in relation to the giving of a clearance or the granting of an authorisation under section 66 or section 67, other than an undertaking given under subsection (1). undertaking: (3) An undertaking given pay to the Commission under subsection (1) is deemed to form all or part of the clearance given or Commission’s costs incurred in monitoring compliance with the authorisation granted undertaking and investigating, or bringing proceedings in relation to the acquisition to which to, a contravention of the undertaking relates. (4) This section overrides section 74A. undertaking.

69A (2) However, the Commission may accept undertakings (1) In giving a clearance or granting an authorisation undertaking under section 66 or section 67, subsection (1)(b) only if the Commission may accept a written is satisfied that— without the undertaking given by or on behalf of it is unlikely that the person who gave a notice under section 66(1) Commission would be able to give the clearance or section 67(1), as grant the case may be, to dispose of assets authorisation; and either— or shares specified in both of the undertaking. following apply: (2) The Commission shall not accept an undertaking in relation to under subsection (1)(a) would be insufficient; or addressing the giving effects of a clearance or the granting acquisition by way of an authorisation under section 66 or section 67, other than an undertaking given under subsection (1). (1)(a) would cause costs (including efficiency costs) out of all proportion to those effects or is otherwise not reasonably practicable: (3) An the undertaking given is reasonably necessary to the Commission give effect to an undertaking under subsection (1) is deemed to form part of (1)(a); and the clearance given or undertaking is reasonably practicable for the authorisation granted in relation Commission to the acquisition monitor and enforce, having regard to which the costs of doing so and any undertaking relates. (4) This section overrides section 74A. that may be given under subsection (1)(c).

(1A) However, a person does not contravene an undertaking accepted under section 69A if— the breach failure to comply is only minor or technical in nature; and the person notifies the Commission as soon as they became aware of the breach no later than 5 working days after becoming aware of the material facts of the failure to comply; and the person is taking, or has taken, reasonable steps to mitigate or remedy the effects of the breach failure to comply to the satisfaction of the Commission.

(1A) For the purposes of subsection (1), the Commission may take into account any event or change in circumstances that occurred after the decision.

69AC Variation of undertaking (1) The Commission may, on an application made under subsection (2), accept a variation of an undertaking given under section 69A if it considers that the variation would not have materially affected its decision to give the clearance or grant the authorisation in relation to the acquisition to which the undertaking relates if the variation had been proposed at the time of the decision. (2) An application for a variation under subsection (1)— (a) may be made only by the person who gave the undertaking or on whose behalf the undertaking was given; and (b) must be made no later than 20 working days before the date on which the relevant obligation under earlier of the undertaking must be met. following: (3) The Commission must notify the person who made the application of its decision date on the application no later than 3 working days before which the relevant obligation under the undertaking must be met. (4) A variation under subsection (1)— met: (a) comes into force on a date specified in the variation (being a date that is on or after the date on which the variation is accepted); and (b) is deemed to form part of the undertaking (and, accordingly, is deemed under section 69A(3) to form part of the clearance given or the authorisation granted in relation to the acquisition to which person proposes that the undertaking relates). variation take effect.

69AC Variation of undertaking (1) The Commission may, on an application made under subsection (2), accept a variation of an undertaking given under section 69A if it considers that the variation would not have materially affected its decision to give the clearance or grant the authorisation in relation to the acquisition to which the undertaking relates if the variation had been proposed at the time of the decision. (2) An application for a variation under subsection (1)— (a) may be made only by the person who gave the undertaking or on whose behalf the undertaking was given; and (b) must be made no later than 20 working days before the date on which the relevant obligation under the undertaking must be met. (3) The Commission must notify the person who made the application of its decision on the application no later than 3 working days before the earlier of the following: the date on which the relevant obligation under the undertaking must be met. (4) A variation under subsection (1)— met: (a) comes into force on a date specified in the variation (being a date that is on or after the date on which the variation is accepted); and (b) is deemed to form part of the undertaking (and, accordingly, is deemed under section 69A(3) to form part of the clearance given or the authorisation granted in relation to the acquisition to which person proposes that the undertaking relates). variation take effect.

74D Enforcement of conditions (1) If the Commission considers that a person has breached a condition imposed under section 61(2) or 65P, the Commission may apply to the High Court for an order under subsection (2). (2) The court may make any 1 or more of the following orders if it is satisfied that the person has breached a term of the condition: an order directing the person to comply with the term: an order directing the person to pay to the Crown an amount not exceeding the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach: any order that the court thinks appropriate that directs the person to compensate any other person who has suffered loss or damage as a result of the breach: an order for any consequential relief that the court thinks appropriate.

applications for orders under section 74D to enforce conditions:

applications for orders under section 82F:

81 Injunctions may be granted by court for contravention of Part 2 The court may, on the application of the Commission or any other person, grant an injunction injunction— restraining a person from engaging in conduct that constitutes or would constitute any of the following: (a) a contravention of any of the provisions of Part 2: (b) any attempt to contravene such a provision: (c) aiding, abetting, counselling, or procuring any other person to contravene such a provision: (d) inducing, or attempting to induce, any other person, whether by threats, promises promises, or otherwise, to contravene such a provision: (e) being in any way way, directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of such a provision: (f) conspiring with any other person to contravene such a provision. provision: Compare: Trade Practices Act 1974 s 80(1), requiring a person to do an act or a thing if— that person has refused or failed, or is refusing or failing, or is proposing to refuse or fail, to do that act or thing; and the refusal or failure constitutes or would constitute conduct referred to in paragraph (a)(i) to (vi). 81A When court may grant performance injunctions for contravention of Part 2 (1) This section applies for the purposes of section 81(b). (2) (Aust) A court may grant an injunction requiring a person to do an act or a thing if— it is satisfied that the person has refused or failed to do that act or thing; or it appears to the court that, if an injunction is not granted, it is likely that the person will refuse or fail to do that act or thing. (3) The court may grant an interim injunction requiring a person to do an act or a thing if, in its opinion, it is desirable to do so. (4) Subsections (2)(a) and (3) apply whether or not it appears to the court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing. (5) Subsections (2)(b) and (3) apply whether or not— the person has previously refused or failed to do that act or thing; or there is an imminent danger of substantial damage to any other person if the person refuses or fails to do that act or thing.

82F Court may order corrective action for contravention of Part 2 (1) The court may, on the application of the Commission or any other person, make an order described in subsection (2) if the court is satisfied that a person has engaged in conduct set out in section 80(1) (a contravention). (2) An order may require the person to take any steps specified in the order to— avoid, remedy, or mitigate any actual or likely adverse effects arising from the contravention: ensure that the contravention is not continued or repeated. (3) Steps specified in the order may, without limitation, include— making goods, services, or information available for supply, or adopting a process for considering and dealing with requests for their supply: using a specified methodology, protocol, standard, or application programming interface: acting in a non-discriminatory manner in dealings with any class of persons: reflecting terms specified in the order in any contracts with any class of persons, including suppliers or customers: disclosing information to the Commission, another person, or the public. (4) The order may— appoint a person to monitor or report on compliance with the order: provide for the resolution of disputes in carrying out the order: be made on any other terms and conditions that the court thinks fit. (5) The court may at any time rescind or vary an order made under this section.

83 Pecuniary penalties relating to business acquisitions (1) The court may, on the application of the Commission, order a person to pay a pecuniary penalty to the Crown if the court is satisfied that the person- (a) has contravened section 47 or 47B; or (b) has attempted to contravene either any of those sections; or (c) has aided, abetted, counselled, or procured any other person to contravene either any of those sections; or (d) has induced, or attempted to induce, any other person, whether by threats or promises or otherwise, to contravene either any of those sections; or (e) has been in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of either any of those sections; or (f) has conspired with any other person to contravene either any of those sections. (1A) (2) In determining an appropriate penalty under this section, the court must have regard to all relevant matters, including- (a) the nature and extent of the act or omission: (b) the nature and extent of any loss or damage suffered by any person as a result of the act or omission: (c) the circumstances in which the act or omission took place: (d) whether or not the person has previously been found by the court in proceedings under this Part to have engaged in any similar conduct. (3) The amount of any pecuniary penalty must not, in respect of each act or omission, exceed,- (a) in the case of an individual, $500,000; or (b) in any other case, the greater of the following: (i) $10 million: (ii) either,- (A) if it can be readily ascertained and if the court is satisfied that the contravention occurred in the course of producing a commercial gain, 3 times the value of any commercial gain resulting from the contravention; or (B) if the commercial gain cannot readily be ascertained, 10% of the turnover of the person and all its interconnected bodies corporate (if any) in each accounting period in which the contravention occurred. (3) (4) (5) Proceedings under this section may be commenced within 3 years after the matter giving rise to the contravention arose. (6) A person is not liable to a pecuniary penalty under both section 80 and this section in respect of the same conduct.

83 Pecuniary penalties relating to business acquisitions (1) The court may, on the application of the Commission, order a person to pay a pecuniary penalty to the Crown if the court is satisfied that the person- (a) has contravened section 47 47, 47B, 47E, or 47B; 47F; or (b) has attempted to contravene either of those sections; or (c) has aided, abetted, counselled, or procured any other person to contravene either of those sections; or (d) has induced, or attempted to induce, any other person, whether by threats or promises or otherwise, to contravene either of those sections; or (e) has been in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of either of those sections; or (f) has conspired with any other person to contravene either of those sections. (1A) (2) In determining an appropriate penalty under this section, the court must have regard to all relevant matters, including- (a) the nature and extent of the act or omission: (b) the nature and extent of any loss or damage suffered by any person as a result of the act or omission: (c) the circumstances in which the act or omission took place: (d) whether or not the person has previously been found by the court in proceedings under this Part to have engaged in any similar conduct. (3) The amount of any pecuniary penalty must not, in respect of each act or omission, exceed,- (a) in the case of an individual, $500,000; or (b) in any other case, the greater of the following: (i) $10 million: (ii) either,- (A) if it can be readily ascertained and if the court is satisfied that the contravention occurred in the course of producing a commercial gain, 3 times the value of any commercial gain resulting from the contravention; or (B) if the commercial gain cannot readily be ascertained, 10% of the turnover of the person and all its interconnected bodies corporate (if any) in each accounting period in which the contravention occurred. (3) (4) (5) Proceedings under this section may be commenced within 3 years after the matter giving rise to the contravention arose. (6) A person is not liable to a pecuniary penalty under both section 80 and this section in respect of the same conduct.

in the case of section 47E(3)(b), the extent of a person’s compliance with any safeguarding steps specified under section 47E(4).

84 Injunctions may be granted by court for contravention of Part 3 or undertaking (1) Where it appears to the court, on the application of the Commission or any other person, that a person intends to engage, or is engaging, or has engaged, in conduct that constitutes or would constitute a contravention of section 47, 47 , 47E, or 47F, the court, by order, may do all or any of the following things: (a) grant an injunction restraining any person from engaging in conduct that constitutes or would constitute- (i) a contravention of section 47: 47 , 47E, or 47F: (ii) any attempt to contravene that provision: (iii) aiding, abetting, counselling, or procuring any other person to contravene that provision: (iv) inducing or attempting to induce any other person, whether by threats, promises or otherwise, to contravene that provision: (v) being in any way directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of that provision: (vi) conspiring with any other person to contravene that provision: (b) impose on any person obligations to be observed in the carrying on of any business or the safeguarding of any business or any assets of any business: (c) provide for the carrying on of any business or the safeguarding of any business or assets of any business, either by the appointment of a person to conduct or supervise the conduct of any business (on such terms and with such powers as may be specified or described in the order), or in any other manner, as it thinks necessary in the circumstances of the case. (2) If it appears to the court, on the application of the Commission, that a person intends to engage, or is engaging, or has engaged, in conduct that constitutes or would constitute a contravention of an undertaking accepted under section 69A, the court, by order, may do all or any of the following things: (a) grant an injunction restraining any person from engaging in conduct that constitutes or would constitute- (i) a contravention of that undertaking: (ii) any attempt to contravene that undertaking: (iii) aiding, abetting, counselling, or procuring any other person to contravene that undertaking: (iv) inducing or attempting to induce any other person, whether by threats, promises, or otherwise, to contravene that undertaking: (v) being in any way directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of that undertaking: (vi) conspiring with any other person to contravene that undertaking: (b) impose on any person obligations to be observed in the carrying on of any business or the safeguarding of any business or any assets of any business: (c) provide for the carrying on of any business or the safeguarding of any business or assets of any business, either by the appointment of a person to conduct or supervise the conduct of any business (on the terms and with the powers as may be specified or described in the order), or in any other manner, as it thinks necessary in the circumstances of the case. Compare: 1975 No 113 s 81H; 1976 No 67 s 22; 1983 No 144 s 35

84 Injunctions may be granted by court for contravention of Part 3 or undertaking (1) Where it appears to the court, on the application of the Commission or any other person, that a person intends to engage, or is engaging, or has engaged, in conduct that constitutes or would constitute a contravention of section 47, the court, by order, may do all or any of the following things: (a) grant an injunction restraining any person from engaging in conduct that constitutes or would constitute- (i) a contravention of section 47: (ii) any attempt to contravene that provision: any of those sections: (iii) aiding, abetting, counselling, or procuring any other person to contravene that provision: any of those sections: (iv) inducing or attempting to induce any other person, whether by threats, promises or otherwise, to contravene that provision: any of those sections: (v) being in any way directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of that provision: any of those sections: (vi) conspiring with any other person to contravene that provision: any of those sections: (b) impose on any person obligations to be observed in the carrying on of any business or the safeguarding of any business or any assets of any business: (c) provide for the carrying on of any business or the safeguarding of any business or assets of any business, either by the appointment of a person to conduct or supervise the conduct of any business (on such terms and with such powers as may be specified or described in the order), or in any other manner, as it thinks necessary in the circumstances of the case. (2) If it appears to the court, on the application of the Commission, that a person intends to engage, or is engaging, or has engaged, in conduct that constitutes or would constitute a contravention of an undertaking accepted under section 69A, the court, by order, may do all or any of the following things: (a) grant an injunction restraining any person from engaging in conduct that constitutes or would constitute- (i) a contravention of that undertaking: (ii) any attempt to contravene that undertaking: (iii) aiding, abetting, counselling, or procuring any other person to contravene that undertaking: (iv) inducing or attempting to induce any other person, whether by threats, promises, or otherwise, to contravene that undertaking: (v) being in any way directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of that undertaking: (vi) conspiring with any other person to contravene that undertaking: (b) impose on any person obligations to be observed in the carrying on of any business or the safeguarding of any business or any assets of any business: (c) provide for the carrying on of any business or the safeguarding of any business or assets of any business, either by the appointment of a person to conduct or supervise the conduct of any business (on the terms and with the powers as may be specified or described in the order), or in any other manner, as it thinks necessary in the circumstances of the case. Compare: 1975 No 113 s 81H; 1976 No 67 s 22; 1983 No 144 s 35

direct the person to comply with the undertaking, if the undertaking is of a kind referred to in section 69A(1)(b) or (c).

84A Actions for damages for contravention of Part 3 (1) Every person is liable in damages for any loss or damage caused by that person engaging in conduct that constitutes any of the following: (a) a contravention of section 47 47, 47B, 47E, or 47B: 47F: (b) aiding, abetting, counselling, or procuring the contravention of section 47 47, 47B, 47E, or 47B: 47F: (c) inducing by threats, promises, or otherwise the contravention of section 47 47, 47B, 47E, or 47B: 47F: (d) being in any way directly or indirectly, knowingly concerned in, or party to, the contravention of section 47 47, 47B, 47E, or 47B: 47F: (e) conspiring with any other person in the contravention of section 47 47, 47B, 47E, or 47B. 47F. (2) An action under subsection (1) may be commenced at any time within 3 years from the time when the cause of action arose.

85 Court may order divestiture of assets or shares in respect of contravention of section 47 , 47E, or 47F (1) In any case where the court, on the application of the Commission, is satisfied that any person- (a) has contravened section 47; 47 , 47E, or 47F; or (b) has been found in any other proceedings under this Part to have contravened section 47,- 47 , 47E, or 47F,- it may, by order,- (c) give directions for the disposal by that person of such assets or shares as shall be specified in the order; or (d) give directions for the disposal by that person of any assets or shares in accordance with an undertaking given by the person under section 69A. (2) An application under subsection (1) may be made at any time within 2 years from the date on which the contravention occurred.

85A Pecuniary penalties for contravention of undertaking (1) The court may, on the application of the Commission, order a person to pay a pecuniary penalty to the Crown if the court is satisfied that the person- (a) has contravened an undertaking accepted under section 69A; or (b) has attempted to contravene an undertaking accepted under section 69A; or (c) has aided, abetted, counselled, or procured any other person to contravene an undertaking accepted under section 69A; or (d) has induced, or attempted to induce, any other person, whether by threats or promises or otherwise, to contravene an undertaking accepted under section 69A; or (e) has been in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by any other person of an undertaking accepted under section 69A; or (f) has conspired with any other person to contravene an undertaking accepted under section 69A. (2) However, the court may only make an order under subsection (1) if the acquisition to which the undertaking relates has proceeded. (3) The amount of pecuniary penalty must not, in respect of each act or omission, exceed $500,000. (4) In setting the amount of pecuniary penalty, the court must take into account all of the following matters: (a) the nature and extent of the contravention: (b) the circumstances in which the contravention took place: (c) whether the person has obstructed or hindered the Commission in any attempt of the Commission to obtain compliance with the undertaking: (d) whether the person has taken any steps with the intention of- (i) impeding the disposal of assets or shares in accordance with the undertaking; or (ii) limiting the effectiveness of the undertaking in preventing a substantial lessening of competition in a market: (e) whether the person or an interconnected body corporate has previously been found by the court in proceedings under this Part to have engaged in similar conduct. (5) Subsection (4) is subject to section 85C. (6) A person may not be liable to more than 1 pecuniary penalty in respect of the same conduct. (7) An application under this section may be made at any time within 12 months from the date on which the relevant obligation under of the undertaking was required to be met. contravention.

85B Court may order divestiture of assets or shares Other court orders in respect of contravention of undertaking (1) If the court, on the application of the Commission, is satisfied Commission considers that any a person has contravened an undertaking accepted under section 69A and 69A, the acquisition Commission may apply to which the undertaking relates has proceeded, the court may, by order, give directions for an order under subsection (2). (2) The court may make any 1 or more of the following orders if it is satisfied that the person has contravened the undertaking: if the undertaking is of the kind referred to in section 69A(1)(a), an order directing disposal by that person of any assets or shares in accordance with the undertaking. undertaking: (2) if the undertaking is of the kind referred to in section 69A(1)(b) or (c), an order directing the person to comply with the undertaking: any order that the court thinks appropriate that directs the person to compensate any other person who has suffered loss or damage as a result of the contravention: an order for any consequential relief that the court thinks appropriate. (3) An application under this section may be made at any time within 12 months from the date on which the relevant obligation under of the undertaking was required to be met. contravention.

87D Pecuniary penalties, injunctions, damages, and other orders for victimisation (1) Sections 80, 81, 82, 82A, and 89 apply to a contravention of section 97B as if a contravention of section 97B were a contravention of a provision of Part 2. (2) In this section, contravention of section 97B means any of the following: an actual contravention of section 97B: an attempted contravention of section 97B: aiding, abetting, counselling, or procuring a contravention of section 97B: inducing, or attempting to induce, a contravention, whether by threats, promises, or otherwise, of section 97B: being in any way, directly or indirectly, knowingly concerned in, or party to, a contravention of section 97B: conspiring with any other person in a contravention of section 97B.

a decision determination of the Commission under any of sections 65E to 65R sections 65K, 65M, 65O(1)(a), 65P, and 65Q.

(1C) There is also a right of appeal to the High Court on a question of law against a decision determination of the Commission under any of sections 65E to 65R sections 65K, 65M, 65O(1)(a), 65P, and 65Q.

91 Appeals in relation to determinations by Commission (1) There is a right (2) Notice of appeal to the High Court under this subsection against any determination of the Commission under this Act, other than the following: (a) a determination, or any part of a determination, made under section 52P (a section 52P determination) that sets out— must be given within— (i) how information disclosure regulation or negotiate/arbitrate regulation applies to regulated suppliers; or 20 working days after— (ii) the default price-quality path that applies to regulated suppliers; or (iii) how revenue threshold regulation applies to regulated suppliers under Part 3 date of Schedule 7; the determination appealed against; or (iv) the quality path that applies to regulated suppliers under Part 4 date on which the full statement of Schedule 7; or (v) a performance requirement that applies to regulated suppliers reasons is made publicly available under Part 5 of Schedule 7: (b) an input methodology determination (as defined in section 52Z, and for which a separate 68(1A) if the appeal right is given under that section). (1A) An appeal against a section 52P determination may not include an appeal against all under section 66 or part of an input methodology, whether on a point of law 67; or any other ground. (1B) There is a right of appeal to the High Court on a question of law against any determination of the Commission under this Act (including a determination referred to in subsection (1)). (2) Every such appeal shall be made by giving notice of appeal within 20 working days after the date of the determination appealed against or within such further time as the court may allow. Compare: 1975 No 113 s 42

93 Determination of appeals In determining an appeal under section 91(1), the court may do any of the following: (a) confirm, modify, or reverse the determination or any part of it: (b) exercise any of the powers that could have been exercised by the Commission in relation to the matter to which the appeal relates. Compare: 1975 No 113 s 45(3), (4) (2) However,- a court may not modify or reverse the determination or any part of a determination only because the Commission has declined to accept an undertaking under section 69A(1)(b); and subsection (1)(b) does not include the power to accept an undertaking under section 69A(1)(b).

97A No retaliation by employer (1) An employer must not retaliate, or threaten to retaliate, against an employee because the employee— makes or intends to make a complaint to the Commission that is within the scope of the Commission’s functions, powers, or duties under any legislation; or provides or intends to provide information to the Commission that is within the scope of the Commission’s functions, powers, or duties under any legislation. (2) Subsection (1) applies even if the employee is mistaken about the complaint or information being within the scope of the Commission’s functions, powers, or duties under any legislation, provided that the employee has a reasonably held belief that it is within the scope. (3) Subsection (1) does not apply if— the employee knowingly made a false allegation or otherwise acted in bad faith; or the information is or includes intelligence and security information, defence information, or international relations information. (4) If an employer retaliates, or threatens to retaliate, against an employee in breach of subsection (1), the employee has a personal grievance under section 103(1)(l) of the Employment Relations Act 2000, and Part 9 of that Act applies accordingly. (5) For the purposes of this section,— defence information, intelligence and security information, and international relations information have the meanings given in section 4 of the Protected Disclosures (Protection of Whistleblowers) Act 2022 employee has the meaning given in section 6 of the Employment Relations Act 2000 employer has the meaning given in section 5 of the Employment Relations Act 2000 retaliate has the meaning given in section 21 of the Protected Disclosures (Protection of Whistleblowers) Act 2022. 97B No victimisation (1) A person (A) must not treat, or threaten to treat, another person (B) less favourably than A would treat other persons in the same or substantially similar circumstances because— B (or a relative or an associate of B)— makes or intends to make a complaint to the Commission that is within the scope of the Commission’s functions, powers, or duties under any legislation; or provides or intends to provide information that is within the scope of the Commission’s functions, powers, or duties under any legislation; or has encouraged another person to take an action described in subparagraph (i) or (ii); or has given information in support of, or relating to, an action described in subparagraph (i) or (ii); or A believes or suspects that B (or a relative or an associate of B) intends to do, or has done, anything described in paragraph (a). (2) Subsection (1) applies even if B (or the relative or associate of B) is mistaken about the complaint or information being within the scope of the Commission’s functions, powers, or duties under any legislation, provided that B (or the relative or associate of B) has a reasonably held belief that it is within the scope. (3) Subsection (1) does not apply if— B knowingly made a false allegation or otherwise acted in bad faith; or the information is or includes intelligence and security information, defence information, or international relations information. (4) For the purposes of this section, defence information, intelligence and security information, and international relations information have the meanings given in section 4 of the Protected Disclosures (Protection of Whistleblowers) Act 2022.

if necessary, to reproduce, or assist in reproducing, in usable form, information recorded or stored in any document or class of documents specified in the notice (within the time and in the manner specified in the notice); or

98 Commission may require person to supply information or documents or give evidence (1) Where the Commission considers it necessary or desirable for the purposes of carrying out its functions and exercising its powers under this Act, the Commission may, by notice in writing served on any person, require that person— (a) to furnish to the Commission, by writing signed by that person or, in the case of a body corporate, by a director or competent servant or agent of the body corporate, within the time and in the manner specified in the notice, any information or class of information specified in the notice; or (b) to produce to the Commission, or to a person specified in the notice acting on its behalf in accordance with the notice, any document or class of documents specified in the notice; or (c) to appear before the Commission at a time and place specified in the notice to give evidence, either orally or in writing, and produce any document or class of documents specified in the notice. (2) For the purposes of subsection (1), the Commission’s powers under this Act include the power to investigate whether an exception or exemption from this Act (whether under this Act or any other enactment) applies to a person or to a person’s conduct. (3) A person may appear before the Commission under subsection (1)(c) by audio link or audiovisual link if the Commission and the person agree. (4) In this section,— audio link means facilities (for example, telephone facilities) that enable audio communication between the Commission and a person when either or both of them are not physically present at the place specified in the notice audiovisual link means facilities that enable audio and visual communication between the Commission and a person when either or both of them are not physically present at the place specified in the notice.

98A Power to search (1) The Commission may, from time to time, authorise an employee of the Commission to search under a warrant issued under subsection (2) any place or thing named in the warrant for the purpose of ascertaining whether a person has engaged in or is engaging in conduct that constitutes or may constitute a contravention of this Act, not being a contravention of section 99A. (2) An issuing officer (within the meaning of section 3 of the Search and Surveillance Act 2012) who is satisfied, on an application made in the manner provided in subpart 3 of Part 4 of that Act by a person who is authorised under subsection (1) that there are reasonable grounds to believe that it is necessary for the purpose of ascertaining whether or not a person has engaged in or is engaging in conduct that constitutes or may constitute a contravention of this Act, not being a contravention of section 99A, for an employee of the Commission to search any place or thing may, by warrant, authorise that employee to search a place or thing specified in the warrant. (3) The provisions of Part 4 of the Search and Surveillance Act 2012 (except sections 118 and 119) apply, with any necessary modifications. (4) In this section, a reference to a contravention of this Act includes a reference to contravening the requirements of any type of regulation under Part 4 of this Act. (5) For the purpose of allowing the Commission to provide, under section 99I, compulsorily acquired information and investigative assistance to a recognised overseas regulator, every reference in this section to a contravention of this Act must be taken to include a reference to a contravention of any foreign enactment that is identified (as required by section 99G(1)(b)) in the co-operation arrangement concerning that recognised overseas regulator.

if necessary, to reproduce, or assist in reproducing, in usable form, information recorded or stored in any document or class of documents specified in the notice (within the time and in the manner specified in the notice).

98H Supply of information and documents in relation to section 36A (1) Where the Commission considers it necessary or desirable for the purposes of carrying out its functions and exercising its powers under this Act in relation to section 36A, the Commission may by notice in writing served on any person who is ordinarily resident in Australia or who carries on business in Australia, require that person- (a) to furnish to the Commission, by writing signed by that person or, in the case of a body corporate, by a director or competent servant or agent of the body corporate, within the time and in the manner specified in the notice, any information or class of information specified in the notice; or (b) to produce to the Commission, or to a person specified in the notice acting on its behalf in accordance with the notice, any document or class of documents specified in the notice. (2) A person who is required to furnish information or a class of information or produce any document or class of documents to the Commission pursuant to this section complies with this section if that person furnishes the information or that class of information or produces produces, reproduces, or assists in reproducing the document or that class of documents to the Australian Competition and Consumer Commission in accordance with the Competition and Consumer Act 2010.

99AA Sharing of information and documents with public service agencies, statutory entities, Reserve Bank, and New Zealand Police (1) The Commission may provide to a public service agency, a statutory entity, the Reserve Bank of New Zealand, or the New Zealand Police any information, or a copy of any document, that the Commission- (a) holds in relation to the performance or exercise of the Commission's functions, powers, or duties under this Act or any other legislation; and (b) considers may assist the public service agency, statutory entity, the Reserve Bank, or the New Zealand Police in the performance or exercise of its functions, powers, or duties under this Act or any other legislation. (2) The Commission may provide information, or a copy of a document, under this section only if the Commission is satisfied that- (a) doing so will not substantially affect the performance of its other functions; and (b) appropriate protections are or will be in place for the purpose of maintaining the confidentiality of anything provided (in particular, information that is personal information within the meaning of the Privacy Act 2020). (3) The Commission may use any information, or a copy of any document, in the Commission's performance or exercise of its functions, powers, or duties under any legislation if the information or copy is provided to the Commission- (a) by a public service agency, a statutory entity, the Reserve Bank, or the New Zealand Police under any legislation; or (b) by an overseas regulator. (4) In this section and section 99AB, statutory entity means an entity or office named in Schedule 1 of the Crown Entities Act 2004. (5) This section applies despite anything to the contrary in any contract, deed, or document. (6) Nothing in this section limits the Privacy Act 2020 or section 29 sections 71 and 72 of the Fuel Industry Act 2020.

co-operation arrangement means an arrangement concerning the Commission and an 1 or more overseas regulator regulators that is entered into under section 99E (a government-to-government co-operation arrangement) or section 99F (a regulator-to-regulator co-operation arrangement) for- (a) the provision by the Commission of compulsorily acquired information and investigative assistance to the overseas regulator; and (b) the provision by the overseas regulator of information and investigative assistance to the Commission

(4) Subsections (2) and (3) apply with all necessary modifications before an existing co-operation arrangement may be extended to include another overseas regulator.

99F Regulator-to-regulator co-operation arrangements (1) The Commission may, with the prior written approval of the Minister, enter into a co-operation arrangement with an 1 or more overseas regulator. regulators. (2) The Minister may not give approval to a co-operation arrangement under this section unless the Minister- (a) has had regard to the matters specified in section 99E(2)(a) and (b) and has consulted as specified in section 99E(2)(c); and (b) is satisfied of the matter specified in section 99E(3).

(4) Subsections (1) and (2) apply with all necessary modifications before an existing co-operation arrangement may be extended to include another overseas regulator.

99G Content of co-operation arrangements (1) Every co-operation arrangement must- (a) identify the overseas regulator regulators that it concerns; and (b) identify the foreign enactments in connection with which the recognised overseas regulator regulators may seek compulsorily acquired information and investigative assistance from the Commission; and (c) set out how any compulsorily acquired information that is provided may be used by the overseas regulator, regulators, and how it is to be kept secure. (2) A co-operation arrangement may also- (a) provide for the reimbursement of the Commission for costs incurred in providing the information or assistance; and (b) include other conditions on the provision of compulsorily acquired information or investigative assistance.

99H Procedures relating to co-operation arrangements (1) Every co-operation arrangement must be in writing and be signed by,- (a) in the case of a government-to-government co-operation arrangement entered into under section 99E, the Minister and the person occupying, with respect to the each overseas regulator, an equivalent position to that of the Minister, or any other person that the relevant government or governing body considers appropriate: (b) in the case of a regulator-to-regulator co-operation arrangement entered into under section 99F, the chairperson of the Commission and the person occupying the equivalent position in relation to the each overseas regulator. (2) No later than 15 working days after a co-operation arrangement is entered into,- (a) the Minister or the Commission, as appropriate, must publish a notice in the Gazette that- (i) states that the arrangement has been entered into; and (ii) identifies the each overseas regulator concerned; and (iii) identifies the parties to the arrangement; and (iv) states when the arrangement comes into effect; and (b) the Commission must publish a copy of the co-operation arrangement on its Internet site, and must keep it there while the arrangement continues in force. (3) Subsections (1) and (2) apply with all necessary modifications to every amendment to a co-operation arrangement.

99H Procedures relating to co-operation arrangements (1) Every co-operation arrangement must be in writing and be signed by,- (a) in the case of a government-to-government co-operation arrangement entered into under section 99E, the Minister and the person occupying, with respect to the overseas regulator, an equivalent position to that of the Minister, or any other person that the relevant government or governing body considers appropriate: (b) in the case of a regulator-to-regulator co-operation arrangement entered into under section 99F, the chairperson of the Commission and the person occupying the equivalent position in relation to the overseas regulator. (2) No later than 15 working days after a co-operation arrangement is entered into,- (a) the Minister or the Commission, as appropriate, must publish a notice in the Gazette that- (i) states that the arrangement has been entered into; and (ii) identifies the overseas regulator concerned; and (iii) identifies the parties to the arrangement; and (iv) states when the arrangement comes into effect; and (b) the Commission must publish a copy of the co-operation arrangement on its Internet site, and must keep it there while the arrangement continues in force. (3) Subsections (1) and (2) apply with all necessary modifications to every amendment to a co-operation arrangement. arrangement , including to an extension of the co-operation arrangement to include another overseas regulator.

100 Powers of Commission to prohibit disclosure of information, documents, and evidence (1) Subject to subsection (2), the The Commission may, in relation to any application for, or any notice seeking, any for clearance or authorisation or any notification under Part 5, or in the course of carrying out any other investigation or inquiry under this Act, make an order prohibiting— (a) the publication or communication of any information information, document, or document evidence, or evidence which is furnished any class of information, document, or evidence, given or tendered to, or obtained by, the Commission in connection with the operations of the Commission: Commission (whether or not the information, document, or evidence is already in the Commission’s possession at the time of making the order): (b) the giving of any evidence involving any such information, document, or evidence. (2) Any The order made by the Commission under subsection (1) may be expressed to have has effect for such the period as is specified in the order, but no such order shall have effect,— order. (a) where that (3) However, the order was made in connection with any application for, or any notice seeking, any clearance or authorisation under Part 5, must not have effect after the expiry of 20 working days from 10 5 years have elapsed since— the date on which the Commission makes a final determination in respect of that the application or notice, or, where notice that application the order relates to or notice is withdrawn before any such determination is made, after the date on which the application or notice is withdrawn: (b) where that order was made in connection with any other the conclusion of the investigation or inquiry conducted by that the Commission, after order relates to. (3A) Before making an order that has effect beyond the date of the final determination of an application or a notice or the conclusion of that the investigation or inquiry. inquiry (as applicable), the Commission must consider whether the duration of the order is appropriate, having regard to— (3) On the expiry risk of any harm to the supplier of, or person who is the subject of, the information, document, or evidence if the order is not made under subsection (1), for that duration; and the benefits of transparency, accountability, and public trust in the Commission’s activities. (4) The Commission may make the order on any terms and conditions that it thinks fit. (5) On the expiry of the order, the provisions of the Official Information Act 1982 shall apply in respect of any information, document, or evidence that was the subject of that order. the order, subject to section 100AA. (4) Every (6) A person who, contrary to any order made by the Commission under subsection (1), order, publishes or communicates any information or document information, document, or evidence without reasonable excuse commits an offence and is liable, on conviction, to a fine not exceeding $4,000 to,— in the case of an individual, a person fine not being a body corporate, and $12,000 exceeding $100,000: in the case of any other case, a body corporate. fine not exceeding $300,000. (5) (7) An order made under this section also binds the Commission, although the order may make different provision for the Commission. (8) For the purposes of this section, an inquiry includes a competition study (as defined in section 48). carried out under Part 3A.

100AA Confidentiality of information (1) This section applies to the following information: information provided to the Commission under this Act or any other legislation in confidence: information derived from or based on information referred to in paragraph (a). (2) The Commission must not publish or disclose information to which this section applies unless— the information is available to the public under an Act (other than the Official Information Act 1982) or is otherwise publicly available information; or the information is in a statistical or summary form; or the publication or disclosure is for the purposes of, or in connection with, the performance or exercise of any function or power conferred or imposed on the Commission by this Act or any other legislation; or the publication or disclosure is made under section 99AA or a co-operation arrangement; or the publication or disclosure is to a person who the Commission is satisfied has a proper interest in receiving the information; or the publication or disclosure is with the consent of the person who supplied the information or to whom the information relates. (3) The Commission may make information to which this section applies available under the Official Information Act 1982 only if 1 or more grounds under subsection (2) apply. (4) However, this section ceases to apply to information after a period of 10 5 years has elapsed since the information was provided to the Commission (but see subsection (5)). (5) The Commission may extend the period referred to in subsection (4) beyond 10 5 years by increments of no more than 5 years at a time if, after consulting the person who provided the information, the Commission is satisfied that disclosure of the information may cause harm to that person or any person who is the subject of the information (in which case, the extended period applies in place of the 10-year 5-year period for the purposes of subsection (4)). (6) However, the Commission must not extend the period beyond the date on which the information is required to be transferred to Archives New Zealand under the Public Records Act 2005. (7) After this section ceases to apply to the information, the Official Information Act 1982 applies in the usual way.

in any other manner a District Court Judge directs.

103 Offences (1) No person shall- (a) without reasonable excuse, refuse or fail to comply with a notice under section 51F(2), 53B(1)(c), 53N, 53ZD, 57ZJ(2), or 98 or clause 36(2) or (4) of Schedule 7; or (b) in purported compliance with such a notice, furnish information, or produce a document, or give evidence, knowing it to be false or misleading; or (c) resist, obstruct, or delay an employee of the Commission acting pursuant to a warrant issued under section 98A. (2) No person shall attempt to deceive or knowingly mislead the Commission in relation to any matter before it. (3) No person, having been required to appear before the Commission pursuant to section 98(1)(c), shall- (a) without reasonable excuse, refuse or fail to appear before the Commission to give evidence; or (b) refuse to take an oath or make an affirmation as a witness; or (c) refuse to answer any question; or (d) refuse to produce to the Commission any book or document that that person is required to produce. (4) A person who contravenes subsection (1), (2), or (3) commits an offence and is liable on conviction to,- (a) in the case of an individual, a fine not exceeding $100,000: (b) in any other case, a fine not exceeding $300,000. (5) Proceedings for an offence against subsection (4) may be commenced within 3 years after the matter giving rise to the contravention was discovered or ought reasonably to have been discovered.

106 Proceedings privileged (1) No proceedings, civil or criminal, shall lie against the Commission for anything it may do or fail to do in the course of the exercise or intended exercise of its functions, unless it is shown that the Commission acted without reasonable care or in bad faith. (2) No proceedings, civil or criminal, lie against any member of the Commission, or any officer or employee of the Commission, or any member of a committee of the Commission, for anything that person may do or say or fail to do or say in the course of the operations of the Commission, unless it is shown that the person acted in bad faith. (3) Nothing in subsections (1) and (2) applies in respect of proceedings for— (a) an offence against section 78 or section 78AAA or section 78AAB or section 78AA or section 78A or section 105 or section 105A of the Crimes Act 1961; or (b) the offence of conspiring to commit an offence against section 78 or section 78AAA or section 78AAB or section 78AA or section 78A or section 105 or section 105A of the Crimes Act 1961; or (c) the offence of attempting to commit an offence against section 78 or section 78AAA or section 78AAB or section 78AA or section 78A or section 105 or section 105A of the Crimes Act 1961. (3A) Section 59(3) of the Crown Entities Act 2004 (which provides that a statutory entity may bring an action against a member for breach of an individual duty) does not apply, unless it is shown by the Commission that the person acted in bad faith. (3B) Sections 122 to 126 of the Crown Entities Act 2004 apply as if the conduct for which a person may be indemnified or insured under those sections were conduct that is covered by the protection from liability in this section. (3C) This section contains an exception to section 121 of the Crown Entities Act 2004. (4) A person shall not be excused from complying with any requirement to furnish information, produce documents, or give evidence under this Act, or, on appearing before the Commission, from answering any question or producing any document, on the ground that to do so might tend to incriminate that person. (5) A statement made by a person in answer response to a question put by or before the Commission shall not in criminal proceedings or in proceedings for pecuniary penalties, be admissible against that person. (6) Nothing in subsection (5) applies in respect of— (a) proceedings on a charge of perjury against the maker of the statement; or (b) proceedings on a charge of an offence against section 103. (7) No court or other person shall be entitled is required to require any member of the Commission, or any employee of answer is not admissible against the Commission or any other person present at any meeting of the Commission, to divulge or communicate any information furnished or obtained, documents produced, obtained or tendered, or evidence given, in connection with the operations of the Commission. (8) Nothing in subsection (7) applies in respect of— (a) any proceedings referred to in subsection (3) or subsection (6); or (b) any criminal proceedings to which the Commission is a party. (9) Anything said, or any information furnished, or any document produced or tendered, or any evidence given by any person to the Commission, shall be privileged in the same manner as if that statement, information, document, or evidence were made, furnished, produced, or given in proceedings in a court. (10) For the purposes of clause 3 of Part 2 of Schedule 1 of the Defamation Act 1992, any statement, document, determination, clearance, authorisation, or decision made by the Commission in the exercise or intended exercise of any of its functions or powers shall be deemed to be an official report made by a person holding an inquiry under the authority of the Parliament of New Zealand. Compare: 1975 No 113 ss 17(1), (3), (4), 130B; 1976 No 67 ss 9, 23(3); 1983 No 144 s 45 for pecuniary penalties.