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Competition and Consumer Amendment Bill (No. 1) 2011

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2010-2011

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

HOUSE OF REPRESENTATIVES

 

competition and consumer amendment bill (NO. 1) 2011

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

 

Amendments Moved on Behalf of the Government

(Circulated by the authority of the

Parliamentary Secretary to the Treasurer, the Hon David Bradbury MP)

 

These amendments provide that certain disclosures made in relation to corporate workouts will be explicitly exempt from the private disclosure of pricing information prohibition. 

 

It is a contravention of the private disclosure of pricing information prohibition for a corporation to privately disclose, directly or indirectly to a competitor, information that relates to a price for, or a discount, allowance, rebate or credit in relation to, goods or services acquired or to be acquired, or supplied or to be supplied (pricing information), by the corporation in a market in which it competes with that competitor.  

 

These amendments will amend the Competition and Consumer Amendment Bill (No. 1) 2011 to:

 

•                provide for an explicit exception from the private disclosure of pricing information prohibition for a disclosure that is for the purpose of considering whether to take measures to return a borrower to solvency, or to avoid or reduce the risk of the borrower becoming insolvent   [Schedule 1, item 2, subsection 44ZZZ(5)] ; and

•                 make corresponding amendments to the Schedule version of Part IV (Schedule 1 of the CC Act) which contains the Competition Code, which applies to all persons in the States and Territories by virtue of application legislation in those jurisdictions.   [Schedule 1, item 17, subsection 44ZZZ(5) of Schedule 1]