INDEPENDENT REGULATORY COMMISSIONS – AUSTRALIA

ACCC wants to curb oligopoly power

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Original article by Misa Han
The Australian Financial Review – Page: 7 : 11-Jan-16

Australian Competition & Consumer Commission chairman Rod Sims has urged the Federal Government to strengthen laws aimed at companies that abuse their market power. He advocates scrapping rules which require the competition regulator to prove that a company took advantage of its market power. He notes that large companies can use this defence by arguing that small business could do the same thing, even if they are not in a position to do so.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TYRO PAYMENTS, CLIFFORD CHANCE, APPLE INCORPORATED, BLACKBERRY LIMITED, AUSTRALIA. DEPT OF THE TREASURY, UBER TECHNOLOGIES INCORPORATED, AIRBNB INCORPORATED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED

Brookfield ruling could go ‘either way’

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 54 : 23-Dec-15

The Australian Competition & Consumer Commission (ACCC) will make a final decision on Brookfield Infrastructure Partners’ takeover bid for Asciano on 18 February 2016. Brookfield has indicated that it is prepared to sell the intermodal freight operations of Asciano-owned Pacific National to secure approval for its $A9bn bid. The deadline for submissions to the ACCC on Brookfield’s latest proposal is 22 January.

CORPORATES
ASCIANO LIMITED – ASX AIO, BROOKFIELD INFRASTRUCTURE PARTNERS LP, PACIFIC NATIONAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, DALRYMPLE BAY COAL TERMINAL PTY LTD, QUBE HOLDINGS LIMITED – ASX QUB, CANADA PENSION PLAN INVESTMENT BOARD, GLOBAL INFRASTRUCTURE PARTNERS

Woolies sued over payments

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Original article by Sue Mitchell, Sarah Danckert
The Australian Financial Review – Page: 3 : 11-Dec-15

The Australian Competition & Consumer Commission (ACCC) has commenced legal proceedings against Woolworths, accusing the retailer of unconscionable conduct. The ACCC alleges that Woolworths contravened Australian consumer law when it demanded more than $A60 million in extra payments from suppliers in late 2014. The matter will be heard in the Federal Court.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA, COLES GROUP LIMITED

Buyers turn to FIRB as ACCC clears Shell-BG

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 & 18 : 20-Nov-15

Manufacturing Australia chairman Mark Chellew hopes the Foreign Investment Review Board (FIRB) will consider whether Royal Dutch Shell’s $US70bn ($A98bn) takeover of BG Group is in the national interest. The deal requires FIRB approval following the Australian Competition & Consumer Commission’s decision to approve it without any conditions. Domestic gas users are concerned that the merger will result in offshore buyers gaining priority in Queensland LNG supply deals.

CORPORATES
ROYAL DUTCH SHELL PLC, BG GROUP PLC, MANUFACTURING AUSTRALIA LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ARROW ENERGY LIMITED, PETROCHINA COMPANY LIMITED, WOODSIDE PETROLEUM LIMITED – ASX WPL

Foxtel-Ten deal gets ACCC green light but watch this space

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Original article by Max Mason
The Australian Financial Review – Page: 13 & 18 : 23-Oct-15

The Australian Competition & Consumer Commission has approved an equity alliance between Ten Network and pay-TV group Foxtel. The competition regulator ruled that the deal is unlikely to result in a substantial lessening of competition. However, chairman Rod Sims says the ACCC could intervene if future transactions between the two groups raise competition concerns, such as making a joint bid for the rights to sports broadcasts. Sims has also questioned whether streaming of TV broadcasts has reduced the effectiveness of the "reach rule".

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOX SPORTS AUSTRALIA PTY LTD, MULTI CHANNEL NETWORK PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, ILLYRIA PTY LTD

New Telstra CEO’s threat over prices

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Original article by David Ramli
The Australian Financial Review – Page: 1 & 15 : 14-Oct-15

Telstra CEO Andy Penn says earnings could be reduced by up to $A80m in fiscal 2016 due to an Australian Competition & Consumer Commission ruling that its wholesale prices should be cut by 9.4 per cent. Penn has also warned that the telco may be forced to reduce its investment in telecommunications infrastructure as a result of the decision. Meanwhile, more than 11 per cent of votes cast at Telstra’s AGM rejected the remuneration report, compared with less than two per cent in 2014.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN COMPANIES AND SECURITIES COMMISSION, SINGTEL OPTUS PTY LTD, VODAFONE HUTCHISON AUSTRALIA PTY LTD, TPG TELECOM LIMITED – ASX TPM, OVUM RESEARCH, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE

Sims’ threat to $100bn gas merger

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Original article by Perry Williams
The Australian Financial Review – Page: 1 & 12 : 18-Sep-15

The Australian Competition & Consumer Commission (ACCC) is concerned about the impact of the proposed Royal Dutch Shell-BG Group merger on the Australian gas market. ACCC chairman Rod Sims said on 17 September 2015 that the $US70 billion ($A98 billion) deal could lead to price rises and gas shortages. The ACCC believes that the merger "may" substantially lessen competition.

CORPORATES
ROYAL DUTCH SHELL PLC, BG GROUP PLC, ARROW ENERGY LIMITED, MANUFACTURING AUSTRALIA LIMITED, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Big business will have to pay for ASIC

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Original article by Patrick Durkin
The Australian Financial Review – Page: 1 : 28-Aug-15

The Australian Securities & Investments Commission would be funded by a user-pays system under a plan proposed by the Federal Government. Big business, banks and the financial services sector would carry the biggest burden under the plan, with a maximum levy of $A320,000 a year on companies with a market capitalisation of more than $A15 billion. A discussion paper to be released by Assistant Treasurer Josh Frydenberg sets a deadline of 9 October 2015 for submissions.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN BANKERS’ ASSOCIATION, ASX LIMITED – ASX ASX, UNITED STATES. FEDERAL RESERVE BOARD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, SUNCORP GROUP LIMITED – ASX SUN, WESTFIELD CORPORATION – ASX WFD, TRANSURBAN GROUP LIMITED – ASX TCL, AMP LIMITED – ASX AMP, BRAMBLES LIMITED – ASX BXB, AMCOR LIMITED – ASX AMC

Senator urges crackdown on pushy SMSF spruikers

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Original article by Sally Rose
The Australian Financial Review – Page: 8 : 13-Aug-15

Senator John Williams, a member of the parliamentary committee on corporations and financial services, wants regulators to crack down on real estate agents who urge people to set up self-managed superannuation funds so they can borrow to buy investment properties. Williams will tell the Australian Securities & Investments Commission that the practice is dangerous and that real estate agents are not licenced to provide such advice.

CORPORATES
AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMP LIMITED – ASX AMP, ELSTON PORTFOLIOS PTY LTD, FINDEX AUSTRALIA PTY LTD, FEDERAL COURT OF AUSTRALIA, 21ST CENTURY GROUP PTY LTD

Boral lobbies senators for ABCC

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Original article by Ewin Hannan
The Australian Financial Review – Page: 8 : 12-Aug-15

Boral CEO Mike Kane has met with Senate crossbenchers to persuade them to support the legislation that reinstates the Australian Building & Construction Commission (ABCC). The Senate will vote on the ABCC bill in mid-August 2015. Australian Mines & Metals Association CEO Steve Knott urged crossbenchers to support the bill.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, BORAL LIMITED – ASX BLD, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. DEPT OF EMPLOYMENT, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN LABOR PARTY