Document ID: chunk:federal_register_of_legislation:F2024N00589:reg:6:p3
Version: federal_register_of_legislation:F2024N00589
Segment Type: reg
Provision Reference: reg 6 (pt 3/5)
Character Range: 9857–12643

the purposes of giving effect to the acquisition, including the integration of the operations of the FS company with those of the responsible applicant, occur as a direct result of the acquisition.
 (8) For the purposes of subsection (7), there are no net job losses for a period if:
 (a) the sum of the aggregate number of employees in Australia of all the companies mentioned in subsection (7) at the end of the period is equal to or more than the aggregate number at the start of the period; or
 (b) if paragraph (a) is not satisfied—the aggregate number of employees who lose their jobs during the period as a direct result of the acquisition is less than or equal to the aggregate number of persons who are employed at the start of the period, or start employment during the period, as a direct result of the acquisition, with the employment being on an ongoing basis or on a fixed term contract with a term of 6 months or more.
 (9) For the purposes of subsections (7) and (8), where it is not reasonable to draw a direct connection between a job loss or gain, and the acquisition, assume that the loss or gain is not a direct result of the acquisition.

       Condition 4: Employee support
 (10) The responsible applicant must use its best endeavours, during a reasonable period before and after the day the acquisition that is approved under this instrument happens, to undertake all of the following:
 (a) in relation to employees of the FS company (and all related bodies corporate of the FS company for which the responsible applicant will hold a stake) affected by the acquisition—undertake a genuine process to redeploy employees where reasonably possible, support employees to secure external jobs by making available genuine job readiness and outplacement support services (if redundancies occur), and ensure timely access to employee entitlements, in full, under relevant redundancy arrangements;
 (b) work closely with consumer advocates and community stakeholders to seek to minimise community concerns about the acquisition and its possible impact on customers and the community, and respond to any such concerns as sensitively and quickly as is possible;
 (c) manage any major workplace changes affecting employees of the FS company (and all related bodies corporate of the FS company for which the responsible applicant will hold a stake), arising from the acquisition, as quickly, reasonably and sensitively as possible, in consultation with employees, employee representatives (including representatives of the Finance Sector Union) and other relevant stakeholders;
 (d) ensure support is accessible and available, by way of a commonly offered and reasonable employee assistance program, to assist employees of the FS company (and all related bodies corporate of