ACCC merger review timeframes are comparatively shorter than many other jurisdictions Overall, the timeframes for merger review are considerably shorter than many ACCC’s other jurisdictions, even for mergers raising complex issues requiring extensive investigation. Table 2 Comparative timing of merger review processes US, EU and NZ – United States Europe (EC) New Zealand (NZCC) (DOJ/FTC) Initial Initial waiting period of Phase 1 completed Phase I matters (15-25 phase 30 days. After waiting within 5 weeks. This can days). period expires, be extended by 2 weeks Note: A 10 day clearance transaction may be if the parties submit period is stipulated, however, completed unless remedies. in practice this is never met second request is and NZCC agrees extended issued. timeframes with merger parties. Second A second request in a Reviews that proceed to Phase II (where concerns phase complex matter would Phase 2 investigations arise): 40-60+ days (60+ typically involve a generally extend the in complex cases). days timeline of 3 to 4 review period by 18 months (or longer). weeks. Note: No timeline where a This can be extended by second request is issued. a further 3-7 weeks if Once parties certify remedies are offered or compliance with second if a one-off extension is request (or substantial sought. compliance agreed with the DOJ/FTC), a decision must be made in 30 days. 2. The ACCC aims to complete the majority of reviews within an 8-12 week period, while recognising that this will not be possible in complex or contentious matters that warrant closer examination, or where merger parties present complex remedies to address competition concerns. A secondary timeline is established where a Statement of Issues is published. More complex reviews that proceed to a second phase will typically take a further 6-12 weeks but this can be significantly longer, particularly when merger parties request a delay and/or remedies are proposed. Options available for review and appeal of merger decisions in Australia Current options for merger clearance in Australia
ACCC merger review timeframes are comparatively shorter than many other jurisdictions Overall, the ACCC’s timeframes for merger review are considerably shorter than many other jurisdictions, even for mergers raising complex issues requiring extensive investigation. Table 2 Comparative timing of merger review processes – US, EU and NZ United States (DOJ/FTC) Europe (EC) New Zealand (NZCC) Initial phase Initial waiting period of 30 days. After waiting period expires, transaction may be completed unless second request is issued. Phase 1 completed within 5 weeks. This can be extended by 2 weeks if the parties submit remedies. Phase I matters (15-25 days). Note: A 10 day clearance period is stipulated, however, in practice this is never met and NZCC agrees extended timeframes with merger parties. Second phase A second request in a complex matter would typically involve a timeline of 3 to 4 months (or longer). Note: No timeline where a second request is issued. Once parties certify compliance with second request (or substantial compliance agreed with the DOJ/FTC), a decision must be made in 30 days. Reviews that proceed to Phase 2 investigations generally extend the review period by 18 weeks. This can be extended by a further 3-7 weeks if remedies are offered or if a one-off extension is sought. Phase II (where concerns arise): 40-60+ days (60+ days in complex cases). 2. The ACCC aims to complete the majority of reviews within an 8-12 week period, while recognising that this will not be possible in complex or contentious matters that warrant closer examination, or where merger parties present complex remedies to address competition concerns. A secondary timeline is established where a Statement of Issues is published. More complex reviews that proceed to a second phase will typically take a further 6-12 weeks but this can be significantly longer, particularly when merger parties request a delay and/or remedies are proposed. Options available for review and appeal of merger decisions in Australia Current options for merger clearance in Australia