Commerce Commission (International Cooperation and Fees) Bill
The Commerce Commission (International Co-operation, and Fees) Bill amends the Commerce Act 1986, Fair Trading Act 1986, and the Credit Contracts and Consumer Finance Act 2003 (“CCCFA”).
The amendments in the Bill authorise the Commerce Commission (“the Commission”) to use its statutory powers to acquire information and provide information acquired in this way, to assist overseas regulators.
- The Bill sets out public interest requirements and matters relating to how and when the provision of such assistance to overseas regulators should occur.
- The Bill’s main objective is to facilitate deeper co-operation between the Commerce Commission and overseas regulators, and in particular, the Australian Competition and Consumer Commission.
- The Bill contributes to the objectives of the Single Economic Market (“SEM”) framework jointly announced in 2009 by the Australian and New Zealand Prime Ministers.
Australia introduced similar legislation in 2007 to allow the Australian Competition and Consumer Commission (ACCC) to share information with New Zealand and other regulators.”