International merger control briefing: Australian reforms, ECOWAS regime, US HSR changes, plus global gun-jumping fines (October 2024)
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Practice notes
This month saw Australia table its merger reform bill in parliament, ECOWAS’ competition authority move to full operation, and, in the United States, the Federal Trade Commission and Department of Justice complete major revisions to the Hart-Scott-Rodino Form.
Australia—government introduces merger reform Bill
On 10 October 2023, the Australian government brought before parliament the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 (the Bill). It would amend the Competition and Consumer Act to establish a mandatory, suspensory merger control framework, replacing the previous voluntary approach. The Bill was later sent to the Senate Economics Legislation Committee, with its report presently expected on 13 November 2024. The Bill’s introduction follows wide-ranging Treasury engagement, including consultation on the Exposure Draft. Although the core direction of the Bill mirrors the Exposure Draft, the government, responding to practitioner and business input, has adjusted several elements, offering clearer guidance on which acquisitions fall within the new regime, narrowing the proposed revisions to the substantial lessening of competition test (SLC test), and adding more workable transitional measures. The government has also set out updated notification thresholds, which are higher than...
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