PUBLIC NOTICE: PROCEDURAL CHANGES TO THE CURRENT REVIEW PROCESS FOR CLEARANCE APPLICATIONS

The Independent Consumer & Competition Commission (“ICCC”) wishes to inform businesses, legal practitioners, advisors and, in particular, stakeholders who have previously engaged with the ICCC that it has introduced a revised approach to its current practice of reviewing Clearance Applications for Business Mergers and Acquisitions (“M&A”) under Section 81 of the Independent Consumer and Competition Commission Act 2002 (“ICCC Act”).

Under this revised approach, the ICCC will apply a streamlined review process in appropriate cases, which may result in shorter turnaround times for decisions. This will be achieved through a shorter and more targeted public consultation process, together with the issuance of determinations in a shorter format under a revised determination template.

The purpose of these changes is to enable the ICCC to deliver decisions more efficiently on transactions that are less likely to raise serious competition concerns, while ensuring that transactions which may raise competition concerns continue to be subject to full assessment. As a result, the approach to public consultation may differ in certain cases; and applicants may receive determinations within a short timeframe compared to the ICCC’s previous practice.

This revised approach will be applied on a case-by-case basis. Transactions that may raise potential competition concerns will continue to be subjected to a full assessment process by the ICCC.

Stakeholders are advised that this procedural change DOES NOT alter any statutory requirements under the ICCC Act. Applicants must continue to comply with the existing process of lodging a Clearance Application with the ICCC.

This change reflects the ICCC’s commitment to improving the efficiency of its review processes while ensuring that decisions on transactions that present minimal competition risk are not unnecessarily delayed.

All queries relating to this notice should be directed to Mr. Steven Sugl, Executive Manager – Competition Law Enforcement Division, on telephone 312 4600 or e-mail to: ssugl@iccc.gov.pg.

Independent Consumer and Competition Commission

Level 2, Post Office Building

Nita Street

P.O. Box 6394

BOROKO

National Capital District

 Telephone    : (675) 312 4600

Facsimile      : (675) 325 3980