The protocol takes effect from today and is designed to assist cooperation in merger review between the ACCC and the Commerce Commission.
The Commerce Commission Chair, Ms Paula Rebstock, and the ACCC Chairman, Mr Graeme Samuel said the protocol "will reduce compliance costs for businesses, and save taxpayers money by reducing the costs of making merger decisions."
They also said that the protocol will increase the effectiveness of competition laws in both countries: "The protocol is consistent with both governments' shared objective of streamlining the trans-Tasman business environment".
The ACCC and the Commerce Commission will seek to apply this protocol to the greatest possible extent, consistent with their priorities, aims, functions and respective laws, interests and enforcement responsibilities, when they:
review the same merger transaction;
exchange information for use in a merger review being conducted by either agency; or
otherwise exchange information with the aim of assisting the respective agencies in carrying out their merger review processes and functions.
