Law Council of Australia hits out at draft merger law reforms
Draft merger laws expanding ACCC powers could create a complex system that poses challenges for both the regulator and merging companies, says the Law Council.
The top professional body for lawyers has pushed back on the government's planned overhaul of merger laws, arguing the proposed measures risk creating “confusion and complexity for Australian businesses” and could stymie foreign capital inflows.
The Law Council of Australia’s competition and business committee has used a submission to a government review of the planned reforms to call for further changes.
“The draft legislation suffers at times from a high level of complexity and prescription. There is a significant risk that this will create a more rigid, time-consuming and difficult process to navigate for the ACCC, merger parties and other stakeholders”, the submission, viewed by Capital Brief, reads.
The comments come after Tech Council of Australia chief executive officer Damian Kassabgi this week told Capital Brief the changes send the wrong message to the country’s tech industry.
