Foreign Investment: Rising Tides of Politics in Regulation

Our newly updated report on Foreign Investment: Rising Tides of Politics in Regulation is now available. Foreign Direct Investment (FDI) filings are an increasingly important piece of the regulatory jigsaw for cross-border M&A. Against a background of mounting protectionist rhetoric, countries traditionally open to investment (such as the US, UK and Australia) are moving towards … Read more

The ACCC pilots its first ‘Effect Test’ in misuse of Market Power Proceedings

On 6 December 2019, the ACCC launched its first enforcement proceedings under the new ‘effects test’ prohibition on misuse of market power.  The proceedings will provide much needed guidance as to how the much-debated ‘effects test’ will apply to unilateral conduct. It is noteworthy that the two proceedings to date that invoke the ‘effects test’ … Read more

ACCC’S Inquiry into the Supply of Retail FX Services – Final Report

On 2 September 2019, the ACCC released the final report of the ACCC’s inquiry into the supply of foreign currency conversion services (FX services) in Australia (the Report).  The ACCC concluded that Australian consumers are paying too much for FX services because of confusing, inconsistent pricing and a lack of robust competition. Read more


Kawasaki Kisen Kaisha Ltd (K-Line) has received the largest criminal fine imposed under the Competition and Consumer Act, after pleading guilty to criminal cartel conduct in 2018. Justice Wigney of the Federal Court stated that the penalty “should send a powerful message to multinational corporations” and that “anti-competitive conduct will not be tolerated”. It is … Read more


The ACCC is at the forefront of the global debate on the implications and consequences of digital platforms for competition and consumers. In its final report, the ACCC has approached the challenges and opportunities presented by digital platforms by adopting a holistic approach that takes account of the close links between competition, consumer and privacy … Read more

ACCC Case theory Terminal

In July 2017, Aurizon and Pacific National entered into a number of agreements for the sale and purchase (or subcontract) of Aurizon’s Acacia Ridge Terminal, its interstate intermodal business and its Queensland intermodal business. The ACCC alleged that in doing so Aurizon and Pacific National reached an understanding that had (or Pacific National’s proposed acquisition … Read more

FDI Podcast EP5: Foreign Direct Investment in Australia

In this, fifth episode, Veronica Roberts, an anti-trust partner in Herbert Smith Freehills’ competition practice, leads a discussion about foreign direct investment in Australia. She talks to Matt Fitzgerald, a corporate partner at Herbert Smith Freehills and Stephen Adams, senior director at Global Counsel. Read more


We have recently published the tenth edition of the Australian Foreign Investment Review.  In this edition, we focus on the key takeaways from FIRB’s 2017-18 Annual Report, new legislation relating to foreign investment, highlight some key issues for investors looking at data intensive sectors and the financial services sector and look forward to the balance … Read more

ACCC Succeeds in First Merger ‘Gun-Jumping’ Cartel Prosecution

On 13 February 2019 the Federal Court ordered Cryosite Limited to pay $1.05 million in penalties for engaging in ‘gun jumping’ cartel conduct in its asset sale agreement with Cell Care Australia. The modest fine reflected the (relatively small) scale of the business concerned and their cooperation with the ACCC’s investigation. The maximum penalty is … Read more