s.47Office to regulate changes in control in relation to licensees
47
Section 47Part 8 — Merger control

Office to regulate changes in control in relation to licensees

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Without prejudice to —
any other Law; or
any further obligations in a licence to notify the Office of changes in control,
no change in control of a licensee can be implemented without obtaining the prior written approval of the Office in accordance with this Part.
The acquirer or the licensee shall notify the Office within seven days of —
concluding an agreement; or
announcing a public bid,
that would result in a change of control of a licensee.
The notification referred to in subsection (2) shall be in writing and in such form and manner as may be specified by the Office and shall include —
a description of the terms of the transaction;
information about the acquirer and the licensee, each of their shareholders and any person being the beneficial owner or voting controller of more than fifteen percent of the voting shares of either or both of the acquirer and the licensee; and
financial information of the persons involved in the transaction, including —
annual revenues from the provision of networks or carriage services or content services identified by specific product and geographic markets;
copies of the most recent annual and quarterly reports and financial statements; and
a description of the communications markets in which the persons involved in the transaction operate.
Where the Office is satisfied that there are reasonable grounds for believing that an acquirer or a licensee may have failed to comply with subsection (2), the Office may take appropriate enforcement action, including the imposition of an administrative fine not exceeding five hundred thousand dollars in respect of the failure to comply, and section 91 shall apply with necessary changes.

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