New merger FAQs about notifications without a finalised agreement and exchange rate methodology

The ACCC has published an updated version of the frequently asked questions (FAQs) about merger reform document.

There is new and updated information about:

• Whether merger parties who only have a Heads of Agreement and not a finalised acquisition agreement can notify acquisitions
• The appropriate exchange rate to apply to convert transaction values expressed in foreign currencies into Australian dollars for the purpose of notification

These FAQs may continue to be amended from time to time to reflect the experience during the transition period. The information reflects the ACCC's views at the time of publication, but they are intended to be indicative only and may change over time.

Treasury opens consultation on proposed waiver and control instrument

Treasury is seeking views on the exposure draft of waiver and control instrument for the new merger system. The draft sets out detail on:

• The notification waiver process
• Changes in relation to the control exemption

Consultation closes on 3 November 2025.

To review the exposure draft and make a submission, visit Treasury's consultation hub.

Merger enquiries

If you have a question about merger reform or the new merger control process, email MergerReformInfo@accc.gov.au. We will attempt to respond directly to queries we receive where possible. We may also provide responses on our website, so the information is available more broadly.