Contributed by: Troy Pilkington, Sam Holmes and Bradley Aburn
Published on: April 05, 2019
The Commerce (Criminalisation of Cartels) Amendment Bill passed its third reading in Parliament yesterday. This means it is likely to be enacted into law very shortly (bills that have passed their third reading typically receive Royal Assent within a week or so).
When the Bill passes into law, market participants will have two years from the commencement date to get their house in order before cartel conduct attracts a maximum seven-year jail term for individuals, and criminal liability is only avoided if the relevant individuals "reasonably believe" that one of the specific exemptions to cartel liability apply. Ignorance of the law is expressly excluded as a justification. For more detailed commentary on the substantive provisions of the Bill, see our previous alert here.
If you have any questions as to how this proposed law change may impact your business, please contact one of the contacts below.
This publication is intended only to provide a summary of the subject covered. It does not purport to be comprehensive or to provide legal advice. No person should act in reliance on any statement contained in this publication without first obtaining specific professional advice. If you require any advice or further information on the subject matter of this newsletter, please contact the partner/solicitor in the firm who normally advises you, or alternatively contact one of the partners listed below.
Partner, Competition and Antitrust
Competition and Antitrust