New Zealand Acts

COMMERCE ACT 1986 - SECT 69AC

69AC Variation of undertaking

1 The Commission may, on an application made under subsection (2), accept a variation of an undertaking given under section 69A if it considers that the variation would not have materially affected its decision to give the clearance or grant the authorisation in relation to the acquisition to which the undertaking relates if the variation had been proposed at the time of the decision.

2 An application for a variation under subsection (1)—

a) may be made only by the person who gave the undertaking or on whose behalf the undertaking was given; and

b) must be made no later than 20 working days before the date on which the relevant obligation under the undertaking must be met.

3 The Commission must notify the person who made the application of its decision on the application no later than 3 working days before the relevant obligation under the undertaking must be met.

4 A variation under subsection (1)—

a) comes into force on a date specified in the variation (being a date that is on or after the date on which the variation is accepted); and

b) is deemed to form part of the undertaking (and, accordingly, is deemed under section 69A(3) to form part of the clearance given or the authorisation granted in relation to the acquisition to which the undertaking relates).

History: Section 69AC: inserted, on 14 October 2008 (applying to every undertaking accepted under section 69A before that date if the period for giving effect to the undertaking has not expired at that time and to every undertaking accepted under section 69A after that date), by section 7(1) of the Commerce Amendment Act 2008 (2008 No 70).