Aust, NZ strengthen their anti-cartel co-operation
AirCargo Archive Stories #222
Tuesday, 09 April 2013
Improved enforcement of anti-cartel measures has been cited by Australasian regulatory authorities as a benefit of the newly signed co-operation agreement between the Australian Competition and Consumer Commission (ACCC) and the NZ Commerce Commission (NZCC).
“With the latest changes permitting the exchange of compulsorily acquired information, we now have what is probably the most complete set of cooperation arrangements in place globally, outside countries that have established cross border enforcers, such as the EU,” said Rod Sims, the ACCC chairman.
“There is now a real potential for joint investigations and an even stronger relationship between the Commerce Commission and ACCC,” said New Zealand’s commerce minister, Craig Foss. “As some forms of anti-competitive behaviour such as cartels extend across borders, the co-operation arrangement will allow the Commerce Commission to assist and be assisted by the ACCC. “This will result in more efficient enforcement of competition and consumer laws, and facilitate positive outcomes for consumers and businesses in both jurisdictions.”
Speaking at a recent Wellington seminar linked to the agreement signing, Sims referred to the driving reasons behind regulators taking action against cartels as well as the criminalisation of cartel conduct in Australia.
“When combined with the ACCC’s immunity policy for cartel conduct, which offers immunity to the first to disclose and cooperate (not dissimilar to the policy employed in New Zealand), there has never been a greater combination of threat and incentive to deter and break open cartels.
“While the ACCC has not seen a significant upturn in cartel immunity approaches since criminalisation, it has seen a change in anxiety about the consequences of cartel behaviour amongst those it deals with.”
The ACCC/NZCC agreement, which is available online, gives effect to New Zealand’s Commerce (International Co-operation, and Fees) Amendment Bill, which passed into law late last year. It allows the NZCC to provide the ACCC with information that has been compulsorily acquired under the Commerce Act, Fair Trading Act, Telecommunications Act, and Credit Contracts and Consumer Finance Act, subject to specific safeguards.
The provision of protected information from the ACCC to the NZCC already was permitted, with the new arrangement formalising this further. Supply of information is subject to the provisions of section 155AAA of the Competition and Consumer Act.
Aust, NZ strengthen their anti-cartel co-operation
AirCargo Archive Stories #222
Tuesday, 09 April 2013
Improved enforcement of anti-cartel measures has been cited by Australasian regulatory authorities as a benefit of the newly signed co-operation agreement between the Australian Competition and Consumer Commission (ACCC) and the NZ Commerce Commission (NZCC).
“With the latest changes permitting the exchange of compulsorily acquired information, we now have what is probably the most complete set of cooperation arrangements in place globally, outside countries that have established cross border enforcers, such as the EU,” said Rod Sims, the ACCC chairman.
“There is now a real potential for joint investigations and an even stronger relationship between the Commerce Commission and ACCC,” said New Zealand’s commerce minister, Craig Foss. “As some forms of anti-competitive behaviour such as cartels extend across borders, the co-operation arrangement will allow the Commerce Commission to assist and be assisted by the ACCC. “This will result in more efficient enforcement of competition and consumer laws, and facilitate positive outcomes for consumers and businesses in both jurisdictions.”
Speaking at a recent Wellington seminar linked to the agreement signing, Sims referred to the driving reasons behind regulators taking action against cartels as well as the criminalisation of cartel conduct in Australia.
“When combined with the ACCC’s immunity policy for cartel conduct, which offers immunity to the first to disclose and cooperate (not dissimilar to the policy employed in New Zealand), there has never been a greater combination of threat and incentive to deter and break open cartels.
“While the ACCC has not seen a significant upturn in cartel immunity approaches since criminalisation, it has seen a change in anxiety about the consequences of cartel behaviour amongst those it deals with.”
The ACCC/NZCC agreement, which is available online, gives effect to New Zealand’s Commerce (International Co-operation, and Fees) Amendment Bill, which passed into law late last year. It allows the NZCC to provide the ACCC with information that has been compulsorily acquired under the Commerce Act, Fair Trading Act, Telecommunications Act, and Credit Contracts and Consumer Finance Act, subject to specific safeguards.
The provision of protected information from the ACCC to the NZCC already was permitted, with the new arrangement formalising this further. Supply of information is subject to the provisions of section 155AAA of the Competition and Consumer Act.
