Wednesday, October 12, 2011
Posted by D. Daniel Sokol
Caron Beaton-Wells & Brent Fisse (Univ. of Melbourne Law School) explain Australia's Proposed Information Disclosure Information Legislation: International Worst Practice.
ABSTRACT: Regulating information disclosure and exchange by competitors is widely seen as one of the most challenging aspects of competition law. The economic theory is complex and, as highlighted by a recent OECD Policy Roundtable, legislators continue to search for satisfactory legal approaches. The Australian government has proposed amendments to the Competition and Consumer Act 2010 (Cth) ("CCA") that aim to regulate information disclosure. The amendments have passed the House of Representatives and are likely to pass the Senate soon. If enacted, the proposal could be said to represent international worst practice. The genesis of the proposal is outlined below. Each of the major flaws in the proposal is then canvassed. They are: the piecemeal sector-specific coverage of the new scheme; the ill conceived and overreaching nature of the prohibitions; and the inadequacy and unworkability of the exceptions.