Cooney Report 1991
Mergers Monopolies and Acquisitions
Adequacy of the existing legislative controls in the Trade Practices Act over mergers and acquisitions
Senate Standing Committee on Legal and Constitutional Affairs
1991
Reporting body: Senate Standing Committee on Legal and Constitutional Affairs
Length: 150 pages
Focus: Mergers, misuse of market power, unconscionable conduct
Government in power: Labor (Hawke)
Key recommendations
Mergers
That the test change from dominance to substantial lessening of competition (implemented 1992)
That guidelines be incorporated into the Act (resulted in s 50(3) introduced in 1992)
That authorisation be available for mergers
That a mandatory pre-merger notification regime be introduced for mergers of a substantial nature (not implemented)
That notification be possible either to the Commission with right of repeal to the Tribunal or direct to the Tribunal (not implemented)
That private right to injunctive relief in merger cases not be reintroduced
Misuse of market power
Introduction of certain deeming provisions in relation to section 46 (not implemented)
Increased monetary penalties for serious and persistent misuse of market power (not divestiture)
Unconscionable conduct
That legislative prohibition on unconscionable conduct be repealed and Commission have power to bring representative action on behalf of persons having a common law unconscionable conduct claim (not implemented)
Pecuniary penalties
That pecuniary penalties under s 76 be substantially increased for Part IV (competition) contraventions
That pecuniary penalties under s 79 be substantially increased for Part V (consumer) contraventions
Enforceability of undertakings
That the Act be amended to provide remedies for breaches of undertakings between the Commission and other person(s)
Other penalties
That consideration be given to other appropriate remedies for Part IV contraventions