Australian Cartel Regulation
Law, Policy and Practice in an International Context
By: Caron Beaton-Wells, Brent Fisse
About This Book
Cartel regulation is a prime element of competition policy and an essential means of minimising the adverse effects of cartel activity on economic welfare. However, effective cartel regulation poses distinct challenges for governments, competition authorities and commentators across the globe. In Australian Cartel Regulation, leading competition law experts Caron Beaton-Wells and Brent Fisse reflect on developments in anti-cartel law in Australia over the last 30 years. They provide a comprehensive account of the current law on cartels as well as discussing key issues that may arise in the future. This definitive volume not only identifies the practical and theoretical issues, but also recommends workable solutions, and does so with the benefit of comparative analysis of the anti-cartel laws of major overseas jurisdictions. Many of the issues identified and discussed in Australian Cartel Regulation are common to any scheme designed to regulate cartel conduct.
AI Overview
"Australian Cartel Regulation" by Caron Beaton-Wells and Brent Fisse is a comprehensive book that delves into the intricacies of cartel regulation in Australia, providing a detailed analysis of the country's anti-cartel laws and their implementation over the past 30 years. Here is a summary of the key themes, plot, and critical reception:
Key Themes
Comprehensive Analysis: The book offers a thorough examination of the current state of trade practices law in Australia, focusing on the developments and changes introduced in 2009, particularly the criminalization of cartel conduct through amendments to the Trade Practices Act 1974.
Cartel Conduct: The authors provide a detailed critique of cartel conduct, including the elements of such conduct, the establishment of individual and corporate liability, and the exceptions to such liability.
Comparative Analysis: The book includes a comparative analysis of anti-cartel laws from major overseas jurisdictions, allowing for a broader understanding of the challenges and best practices in regulating cartel activity.
Practical and Theoretical Issues: The authors critically assess the impact of prohibitions, exceptions, principles, and rules governing corporate and individual liability. They also discuss policies guiding decisions on enforcement, immunity, cooperation, sanctions, compliance, and liability control.
Recommendations for Improvement: The book not only identifies practical and theoretical issues but also recommends workable solutions to improve the effectiveness of Australia's anti-cartel regime.
Plot Summary
The book is structured to provide a comprehensive account of the current law and future issues related to cartel regulation in Australia. It covers the historical context of trade practices law, the changes introduced in 2009, and the implications of these changes. The authors discuss the perspectives of various stakeholders, including practitioners, business people, enforcers, lawyers, economists, and judges. They examine the principles and rules governing corporate and individual liability, the policies guiding enforcement decisions, and the sanctions imposed for non-compliance. The book also considers the exceptions to liability and the importance of cooperation in enforcement.
Critical Reception
The book has received positive reviews from both academic and professional circles. Here are some excerpts from the critical reception:
The Hon Peter Heerey QC, Dawson Chambers: "The present work is a welcome attempt to unravel the key issues of law and policy raised by so major a change to the Trade Practices Act 1974 (Cth). The authors are leading academic and professional competition lawyers in Australia. They explain the new legislation in detail, point out its shortcomings, and propound sensible improvements... it will without doubt be quickly recognised as indispensable."
George Hay, Cornell Law School: "The student of comparative law, as well as Australian practitioners and enforcement agencies who need to be knowingly concerned in the application of the legislation, will find much to learn from this comprehensive analysis by Beaton-Wells and Fisse."
The book is widely regarded as a definitive volume on Australian cartel regulation, providing both practical and theoretical insights that are essential for understanding and navigating the complexities of anti-cartel laws in Australia.