Commonwealth of Australia Explanatory Memoranda

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COMPETITION AND CONSUMER AMENDMENT BILL (NO. 1) 2011

                                            2010-2011

            THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



                              HOUSE OF REPRESENTATIVES


        COMPETITION AND CONSUMER AMENDMENT BILL (NO. 1) 2011




                SUPPLEMENTARY EXPLANATORY MEMORANDUM

                     Amendments Moved on Behalf of the Government

    (Circulated by the authority of the Parliamentary Secretary to the Treasurer, the Hon
                                     David Bradbury MP)

·       These amendments provide:

        -     That the Government will prescribe by regulation the process which it will
              follow when making regulations in the future which extend the application
              of Division 1A beyond the banking sector [Schedule 1, item 2, subsections
              44ZZT(3) and 44ZZT(4)].

        -     That disclosures made in the ordinary course of business will not be subject
              to the outright prohibition on the private disclosure of pricing information
              to competitors [Schedule 1, item 2, paragraph 44ZZW(c) and Schedule 1, item 17,
              paragraph 44ZZW(c)].

·       These amendments also provide exceptions from the private disclosure of pricing
        information to competitors prohibition for:

        -     disclosures between 2 or more corporations if the information relates to
              loans or credit supplied, or likely to be supplied by one or more of the
              corporations, and those corporations are considering, or do provide such
              loans or credit to the same borrower [Schedule 1, item 2, subsection 44ZZZ(3A)
              and Schedule 1 item 17, subsection 44ZZZ(3A)]; and

        -     a disclosure to another person if one of the persons is a credit provider, and
              the other person provides a credit service, within the meaning of the
              National Consumer Credit Protection Act 2009, and the disclosure is made
              in the course of that relationship [Schedule 1, item 2, subsection 44ZZZ(3B) and
              Schedule 1 item 17, subsection 44ZZZ(3B)].



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