The various competition watchdogs around the world need to collaborate across different jurisdiction as more complex, global mergers arise, according to ACCC Chair Gina Cass-Gottlieb.
Cass-Gottlieb delivered the keynote at the the International Chamber of Commerce / International Bar Association Pre-International Competition Network Forum in Berlin, where she highlighted the complexities of global transaction and the need for a united front in order to avoid soft targets.
“It is clear that some merger parties are focusing their clearance efforts on a particular jurisdiction and then appear to be marking time until they secure clearance in that key jurisdiction,” Cass-Gottlieb said.
“My observation is that this tactic simply slows the entire process down. As recent evidence shows, agencies make independent decisions and so can reach different conclusions even if they have engaged constructively with each other during their processes.
“The ACCC sees collaboration with our international counterparts as a key component of our effectiveness as a regulator,” Ms Cass-Gottlieb said, noting the reduction of the regulatory burden of doing so.
“In Australia we have been able to strictly limit and control the duration and impact of short term collaboration in response to the pandemic through use of our authorisation powers. We firmly believe that COVID-19 should not result in lowering standards against which mergers are ultimately assessed or competition law enforcement is taken.
“Our merger assessments remain rightly focused on the long-term consequences of a merger and will not allow short-term market features, including those produced by the pandemic to outweigh these considerations.
“A competitive economy is critical to our collective future, so as much as possible we need to ensure any changes to the competitive landscape are temporary and limited to what is necessary.
“Each competition regulator will have their own individual approach to resolving issues in their local jurisdictions, but support between global partners only strengthens our ability to achieve a result that is satisfactory to all.
