Anti-competitive price signalling and information disclosures (s.44ZZW and s.44ZZX)

New laws prohibiting anti-competitive price signalling and information disclosures came into effect on 6 June 2012. The new provisions in the Competition and Consumer Act 2010 initially apply only to the banking sector, and only in relation to the taking of money on deposit and making advances of money or loans.

The new laws focus on the disclosure of information. Broadly, it will be illegal to:

• Disclose prices to competitors in private where doing so is not in the ordinary course of business
• Disclose information (in public or in private) for the purpose of substantially lessening competition in a market.

Guidance on the new provisions includes:

• Anti-competitive price signalling and information disclosures, which provides a general outline of the new laws
• Authorising and notifying disclosure of pricing and other information, which provides general guidance to businesses to assist in the preparation of an application for authorisation or notification in relation to the new provisions, and
• ACCC priorities in enforcing competition law, which includes a discussion of the ACCC’s approach to enforcement of the new provisions.