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Changes in competition law keep award winner on her toes
Gilbert + Tobin lawyer Remony Vials has witnessed significant changes in her field of competition and regulation law, as well as the way her team collaborated while working remotely during the pandemic.
Malavika Santhebennur
Ms Vials – who won the Competition, Trade, and Regulation Award at the recently held 30 Under 30 Awards 2022 – enthused that the variety of work in her field of the law ensures that she is challenged every day.
In 2017, reforms to the CCA 2010 were introduced, with the Competition and Consumer Amendment (Competition Policy Reform) Act 2017 and the Competition and Consumer Amendment (Misuse of Market Power) Act 2017 heralding many of the changes recommended in the Harper Report.
The key changes – known as the Harper reforms – centred around misuse of market power, and simplification of the cartel provisions and modification of the joint venture defence.
It also gave the Australian Competition and Consumer Commission (ACCC) power to grant merger authorisation, with possibility of review by the tribunal.
Moreover, it simplified the authorisation process and provided the ACCC new powers to create class exemptions where conduct of that kind would not have the likely effect of substantially reducing competition or would result in a public benefit likely to outweigh the detriment that would likely result from the conduct.
Speaking to Lawyers Weekly, Ms Vials revealed what she finds exciting about competition and regulation law, why this is an important area of law in Australia, and how the COVID-19 crisis compelled her and her team to adapt to new methods of working that would cause minimal disruption.
What is the most exciting aspect of competition, trade and regulation law for you?
The variety of the work. From mergers and acquisitions, to misleading and deceptive conduct, to ACCC cartel investigations, I am often working on a variety of matters at the same time, which keeps my day-to-day work exciting and challenging.
What are your specific areas of focus in this field?
While I am lucky enough to work across all areas within this field, I have recently focused on ACCC investigations, enforcement proceedings and litigation.
Why is this field of law important right now?
With increased regulatory scrutiny and focus on corporate culture, governance and responsibility, it has never been more important for businesses to understand the relevant competition law and regulatory regimes applicable to their industries.
What led you to focus on these aspects of the law?
My first job in the legal industry was a document review paralegal. My role was to review documents for responsiveness to an s155 notice issued by the ACCC in respect of a cartel investigation. I found this aspect of the law engaging and exciting and developed my passion for competition, trade and regulation from there.
What have been the most significant reforms or changes in competition law that have impacted the way you work?
Australia has experienced significant changes to its principal competition law, the CCA with the Harper reforms along with increased powers of regulators, impacting corporate transactions, and dramatically altering the dynamics of regulated industries such as financial industries, telecommunications, and utilities.
What constitutes success for you in your field?
Providing practical and strategic legal advice to clients to deliver on corporate objectives, while mitigating risk.
What challenges have you faced in your work, and how have you overcome them?
Last year, I was involved in two Federal Court proceedings, both of which took place virtually. In order to respond to the challenges of working remotely, my team and I developed new ways of coordinating, including through live collaborative trackers, information management systems, group chat rooms and daily video chats. These methods allowed the team to work cohesively despite the disruption of lockdowns.
What opportunities do you see for other new and young lawyers entering your field of law?
Competition, trade and regulation is a dynamic and exciting area of the law that provides new and young lawyers with the opportunity to work on transactional, regulatory and litigious matters all within the one field.
What guidance/tips would you have for other young lawyers coming through the ranks and facing/overcoming challenges?
I am lucky enough to have had amazing mentors throughout my career who I have turned to for advice when faced with challenges. My tip would be to seek out advice and assistance from those within your team who you connect with and make the most of their mentorship and guidance.
If you missed out on submitting an entry or nominating a worthy colleague for the 30 Under 30 Awards 2022, don’t worry! Keep an eye out for next year’s awards program, and make sure you throw your name in the hat for a chance to be recognised for your hard work and achievements!
