The Australian Competition and Consumer Commission (ACCC) has published new draft guidelines outlining how it plans to assess mergers under the incoming mandatory notification regime, which is scheduled to take effect on Jan. 1, 2026.
The draft was released on March 27 and is now open for public consultation until April 28.
The draft merger process guidance sets out the procedural steps businesses will need to follow when proposing acquisitions that meet defined thresholds. It is intended to assist companies, legal advisers, and industry stakeholders in understanding their obligations under the new regulatory framework.
A separate quick-reference guide has also been issued for those less experienced with ACCC procedures.
Under the new regime introduced by the Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024, transactions that exceed specified financial or market-share thresholds must be notified to the ACCC before they can proceed. This marks a departure from the current voluntary merger review system.
ACCC chair Gina Cass-Gottlieb said the draft materials are part of the regulator’s efforts to support transparency and preparedness ahead of the regime change.
The ACCC has committed to releasing the guidelines early to allow time for stakeholder feedback.
“We are committed to ensuring stakeholders are well informed about the new process and its requirements and to provide transparency in how we will assess mergers in the new regime,” Cass-Gottlieb said. “We committed to have these guidelines available for consultation before the end of March this year so stakeholders including businesses and their advisers have time to consider the ACCC’s approach under the new regime and provide feedback.”
Cass-Gottlieb noted that some companies are already planning for the new system and may begin using the voluntary notification option from July 1.
According to the ACCC, most merger proposals – estimated at around 80% – are expected to be cleared within 15 to 20 business days.
Acquisitions that pose no substantial competition risk could receive fast-track clearance or be exempted from the notification requirement. More complex or contentious mergers would be subject to further scrutiny.
Cass-Gottlieb said transactions that could significantly affect market competition will go through a more extensive review process.
“Acquisitions that do not pose significant risk to competition will be approved early in Phase 1 or may be granted a waiver, removing their obligation to notify,” she said. “Contentious mergers, on the other hand, will be closely scrutinised and subject to in-depth assessment to prevent anti-competitive mergers from causing harm to consumers and competition.”
Following the consultation period, the ACCC plans to revise and finalise the guidance, taking into account feedback and any developments in supporting legislation. The six-month voluntary notification window beginning in July 2025 is expected to act as a test phase for refining the review process.
Businesses intending to pursue mergers during the transition are encouraged to contact the ACCC early for guidance. All consultation materials, including the draft guidance and summary, are available through the ACCC’s official consultation platform.
