Pre-Merger Notification Survey. FINLAND Roschier, Attorneys Ltd.
|
|
- Gilbert Bond
- 6 years ago
- Views:
Transcription
1 Pre-Merger Notification Survey FINLAND Roschier, Attorneys Ltd. CONTACT INFORMATION Christian Wik Roschier, Attorneys Ltd. Finland Telephone: Is there a regulatory regime applicable to mergers and similar transactions? Yes, merger review procedure in Finland is covered by Chapter 3a of the Act on Competition Restrictions (480/1992) (hereinafter the Competition Act). 2. Identify Applicable National Regulatory Agency/Agencies. The relevant authority responsible for merger review procedure is the Finnish Competition Authority (hereinafter the FCA). 3. Is there a supranational regulatory agency (e. g., the European Commission) that has, or may have exclusive competence? If so, indicate. Yes, the European Commission. 4. Are there pre-merger filing requirements; if so, where are they published? Yes, concentrations falling within the scope of the Competition Act have to be notified to the FCA. As a basic rule, the notification has to be made using the basic notification form, adopted in a Decree given by the Ministry of Trade and Industry, or the so-called short form notification form. The notification forms as well as other information relevant to the merger review procedure are published, inter alia, on the website of the FCA (
2 5. What kinds of transactions are "caught" by the national rules? (Identify any notable exceptions) The Competition Act applies to the following types of concentrations: an acquisition of sole or joint control of another undertaking; an acquisition of the whole or part of the business of another undertaking; a merger; and the creation of a joint venture performing on a lasting basis all the functions of an autonomous economic entity (a full-function joint venture). 6. Is there a "size of transaction" threshold? No. 7. Is there a "size or turnover of the parties" test; if so, what is it and how are size and turnover to be calculated? A concentration falls to be notified to the FCA where: the combined aggregate turnover of the parties exceeds EUR 350 million; and the aggregate turnover in Finland (including e.g. imports to Finland) of each of at least two of the parties exceeds EUR 20 million. In the calculation of the relevant turnovers, the turnover of the whole buyer group will be taken into account, whereas of the seller s turnover only the amount relating to the target of the acquisition is relevant. In case the target company is acquired in stages, all the acquisitions from the same seller over a period of two years are taken into account in the turnover calculation. The turnovers refer to the gross sales revenues generated from the ordinary activities of the relevant entity, based on the most recent financial statement, of which the sales rebates granted as well as value-added taxes and other taxes directly related to the turnover have been deducted. The rules concerning the parties whose turnover will be taken into account as well as the manner of calculating the turnover correspond for the most part to the rules of the EC Merger Regulation. The location of the customer is decisive in determining the amount of the relevant Finnish turnover. As a general rule, the turnover will be allocated to the country in which the customer was situated at the time of the sale in question, not e.g. on the basis of the place where the good or service was used. 8. Is geographic scope/national market effect of transaction an issue with respect to filing or approval requirements? If so, specify. The concentration may be opposed by the FCA if it creates or strengthens a dominant position as a result of which competition would be significantly impeded in the Finnish market or a substantial part thereof. Under the Competition Act, an undertaking is considered dominant if it can significantly influence the price level, delivery conditions or other competition conditions at a certain production or distribution level. Certain specific supplementary rules apply to concentrations in the electricity markets
3 9. Is the filing voluntary or mandatory? What are the penalties for noncompliance? The filing of the notification to the FCA is mandatory if the jurisdictional thresholds described above are met. The sanctions for non-compliance are addressed in detail under heading Describe the sanctions for not filing or filing an incorrect/incomplete notification below. 10. Time in which a filing must be made. The notification to the FCA has to be made within one week from: the signing of the relevant binding acquisition agreement (acquisition of control of an undertaking or the acquisition of a business); the publication of the relevant public bid; the decision to merge by the undertakings involved (merger); or the holding of the constitutive meeting of the joint venture (creation of a joint venture). In practice, postponing the one-week deadline may be negotiated with the FCA. 11. Form and Content of Initial Filing. The basic notification form is broadly similar to the Form CO of the EC Merger Regulation. Various types of information must be given depending on the details of each case on the parties, transaction structure, relevant markets, competitors, customers, suppliers, market conditions etc. The notification form must be completed in Finnish or Swedish, appendices to notifications are also accepted in English. In certain circumstances, the notification may be filed to the FCA using the socalled short form notification. Basically the short form notification is approved by the FCA where the joint venture to be created or the undertaking in which a joint control is acquired has no connections to the Finnish markets. Such a situation may be deemed to exist where the joint venture - or the jointly controlled undertaking, as the case may be - has no business activities in Finland and generates no turnover from Finland (the turnovers of the jointly controlling companies triggering the obligation to notify). In individual cases the FCA may, where deemed appropriate with regard to the assessment of the transaction in question or where the concentration to be investigated could be considered to affect competition only to an insignificant extent, grant waivers in respect of the information to be given in the notification. 12. Are filing fees required? No. 13. Is There An Automatic Waiting Period? If so, specify
4 According to the Competition Act, the concentration may not be implemented prior to the clearance from the FCA or the Market Court, as the case may be. However, when the Market Court is investigating a concentration upon a request made by the FCA, the prohibition to implement the transaction will cease to be in effect after a one-month period from the institution of the court proceedings, unless the Market Court orders the prohibition to be extended. 14. Are There Time Limits Within Which The Regulatory Agency Must Act? Can they be shortened by the parties or be extended by the regulatory agency? At the first phase, the concentration will be examined by the FCA. The FCA has a period of one month from the date of receipt of the complete notification during which it has to clear the concentration, conclude that the transaction will not be caught by the Competition Act or decide to initiate the second phase investigation. If the FCA does not bring in any decision within this period, the concentration is considered cleared (in practice, however, the FCA always issues a decision). Should the FCA decide to initiate the second phase investigation, it must - within three months (or within five months with the permission of the Market Court) of such a decision - clear the concentration with or without conditions on its implementation, or request the Market Court to prohibit the concentration. Having received the FCA s request, the Market Court has to make its decision to clear or to prohibit the concentration within three months. The time limits mentioned above may not be shortened by the parties. In practice, the investigation of the FCA may be expedited with pre-notification discussions, to which the parties are encouraged by the FCA. 15. What is the substantive test for clearance? The concentration may be prohibited if it creates or strengthens a dominant position as a result of which competition would be significantly impeded in the Finnish market or a substantial part thereof. Under the Competition Act, an undertaking is considered dominant if it can significantly influence the price level, delivery conditions or other competition conditions at a certain production or distribution level. Certain specific supplementary rules apply to concentrations in the electricity markets. 16. What are the common Post-Filing Procedures: Requests for further information, etc? As a general rule, the FCA will - having received the notification - send a market inquiry to the competitors, customers and suppliers of the parties to the concentration. The aim of the procedure is to establish the relevant market structure and the competition conditions therein, and to afford the relevant market players the possibility to be heard on the proposed concentration. In case it is evident that the proposed concentration will not give rise to any competition concerns and will be cleared without any material investigations, market inquiries may not be made
5 Should the FCA decide to initiate second phase investigation, it may send more detailed questions to the relevant market players. The statements as well as other issues pertinent to the case will be discussed with the parties and, where necessary, formal hearings will be held. 17. Describe the sanctions for not filing or filing and incorrect/incomplete notification. Failure to comply with the filing obligation may lead to the imposition of fines amounting up to 10 percent of the turnover of the relevant undertaking. The fine is imposed by the Market Court on the basis of a proposal by the FCA. The amount of the fine will be determined in view of the nature, extent and duration of the infringement. The fine will be imposed, unless the infringement is considered minor or the imposition of the fine otherwise unnecessary in view of safeguarding competition. In addition, the FCA may impose a conditional fine on the party which has failed to comply with the obligation to notify. The conditional fine will be adjudged payable by the Market Court. 18. Describe the procedures if the agency wants to challenge the transaction? Having examined the concentration, the FCA may clear it - with or without conditions - or to request the Market Court to prohibit it. As indicated above, the concentration may be opposed by the FCA if it creates or strengthens a dominant position as a result of which competition would be significantly impeded in the Finnish market or a substantial part thereof. If the impediment of competition resulting from the concentration could be avoided by attaching conditions on the implementation of the concentration, the FCA should primarily impose such conditions. If conditions acceptable to the parties are deemed insufficient to ensure the avoidance of the impediment of competition, the FCA requests the Market Court to prohibit the concentration. The time limits within which the relevant authorities are obliged to act are addressed in detail under heading Are there time limits within which the regulatory agency must act? above. 19. Describe the penalties applicable to the implementation of a merger before clearance or of a prohibited merger? As a main rule, no steps may be taken to implement the transaction prior to the clearance of the concentration by the FCA. Should the transaction be implemented prior to the clearance or against a prohibition decision, a fine amounting up to 10 percent of the total turnover of the relevant undertaking may be imposed. It is possible to apply for an exemption to implement the transaction before clearance. In addition, the Market Court may - at the request of the FCA - order the concentration to be dissolved/annulled, e.g. by requiring the undertakings concerned or the assets brought together to be separated in order to restore the conditions of effective competition. It is required, however, that the request of the FCA - 5 -
6 demanding the dissolution/annulment has to be notified to the parties within one year from the closing of the transaction. 20. Describe, briefly, your assessment of the regulatory agency's current attitudes/activities. In respect of merger control, the FCA is a well-functioning authority and has high level of know-how both in procedural and substantive terms. In general, the FCA is willing to discuss with the parties and to provide advice in problematic issues. The FCA is also reliable with regard to the confidentiality issues pertinent to merger control procedures. 21. Other Important Information: The Competition Act is currently under review. A working group report on the revision of the Competition Act was submitted to the Ministry of Employment and the Economy in December As regards merger control, the most significant amendment proposed by the working group is to replace the dominance test described above by the so called SIEC-test (significant impediment of effective competition), which is applied by the European Commission. In addition, the working group proposes certain procedural changes, such as abolishing the deadline for notifying a concentration and giving the FCA the possibility to stop the clock in certain circumstances. The new Competition Act is expected to enter into force in
7 Updated: August 2006 Copyright Lex Mundi Ltd West Loop South, Ste Houston, Texas USA Tel:
Pre-Merger Notification Guide. FINLAND Roschier, Attorneys Ltd.
Pre-Merger Notification Guide FINLAND Roschier, Attorneys Ltd. CONTACT INFORMATION Christian Wik Roschier, Attorneys Ltd. Keskuskatu 7 A 00100 Helsinki, Finland 358.20.506.6000 christian.wik@roschier.com
More informationPre-Merger Notification India
Updated: August 2006 Copyright Lex Mundi Ltd. 2006 Pre-Merger Notification India Is there a regulatory regime applicable to mergers and similar transactions? Mergers and acquisitions ( combinations ) are
More informationPre-Merger Notification Survey. JORDAN Ali Sharif Zu bi Advocates & Legal Consultants
Pre-Merger Notification Survey JORDAN Ali Sharif Zu bi Advocates & Legal Consultants CONTACT INFORMATION Lubna Hawamdeh Ali Sharif Zu bi Advocates & Legal Consultants Jordan Telephone: Email: Lubna.hawamdeh@zubilaw.com
More informationPre-Merger Notification Latvia
Pre-Merger Notification Latvia Is there a regulatory regime applicable to mergers and similar transactions? Yes. Latvian merger control is regulated by the Competition Law (Konkurences likums) of 4 October
More informationPre-Merger Notification Guide. POLAND Wardynski & Partners
Pre-Merger Notification Guide POLAND Wardynski & Partners CONTACT INFORMATION Sabina Famirska and Andrzej Madała Wardynski & Partners Aleje Ujazdowskie 10 Warsaw 00-478, Poland 48.22.437.82.00 sabina.famirska@wardynski.com.pl
More informationPre-Merger Notification Survey. LATVIA Klavins & Slaidins LAWIN
Pre-Merger Notification Survey LATVIA Klavins & Slaidins LAWIN CONTACT INFORMATION Martins Gailis and Liga Hartmane Klavins & Slaidins LAWIN Latvia Telephone: 371.6781.4848 Email: martins.gailis@lawin.lv
More informationPre-Merger Notification Survey. INDIA Amarchand & Mangaldas & Suresh A. Shroff & Co
Pre-Merger Notification Survey INDIA Amarchand & Mangaldas & Suresh A. Shroff & Co CONTACT INFORMATION Pallavi Shroff Amarchand & Mangaldas & Suresh A. Shroff & Co India Telephone: 91.11.26920500 Email:
More informationPre-Merger Notification Guide. MALAYSIA Skrine
Malaysia Copyright Lex Mundi Ltd. 2012 Pre-Merger Notification Guide MALAYSIA Skrine CONTACT INFORMATION LIM Koon Huan Skrine Unit No. 50-8-1, 8 th Floor Wisma UOA Damaansara 50 Jalan Dungun Damansara
More informationPre-Merger Notification Guide. HUNGARY Nagy és Trócsányi
Pre-Merger Notification Guide HUNGARY Nagy és Trócsányi CONTACT INFORMATION Dr. Péter Berethalmi and Dr. Orsolya Kovács Nagy és Trócsányi Ugocsa utca 4/B Budapest, 1126 Hungary 36.1.487.8712/8717 berethalmi.peter@nt.hu
More informationPre-Merger Notification Guide. CZECH REPUBLIC PRK Partners s.r.o. advokátní kancelár
Pre-Merger Notification Guide CZECH REPUBLIC PRK Partners s.r.o. advokátní kancelár CONTACT INFORMATION Radan Kubr and Kateřina Hájková PRK Partners s.r.o. advokátní kancelár Jáchymova 2 110 00 Prague
More informationPre-Merger Notification Guide. TRINIDAD AND TOBAGO Hamel-Smith
Pre-Merger Notification Guide TRINIDAD AND TOBAGO Hamel-Smith CONTACT INFORMATION M. Glenn Hamel-Smith and Colin Sabga Hamel-Smith Eleven Albion, Cor Dere & Albion Street Port of Spain, Trinidad & Tobago
More informationPre-Merger Notification South Africa
Pre-Merger Notification South Africa Is there a regulatory regime applicable to mergers and similar transactions? Yes. The relevant legislation is the Competition Act 89 of 1998 (the Act) and the regulations
More informationPre-Merger Notification Survey. AUSTRIA Cerha Hempel Spiegelfeld Hlawati, Partnerschaft von Rechtsanwalten
Pre-Merger Notification Survey AUSTRIA Cerha Hempel Spiegelfeld Hlawati, Partnerschaft von Rechtsanwalten CONTACT INFORMATION Dr. Bernhard Kofler-Senoner Cerha Hempel Spiegelfeld Hlawati, Partnerschaft
More informationPre-Merger Notification Guide. PERU Estudio Olaechea
Pre-Merger Notification Guide PERU Estudio Olaechea CONTACT INFORMATION Jose Antonio Olaechea and Martin Serkovic Estudio Olaechea Bernardo Monteagudo 201 San Isidro Lima 27, Peru 511.219.0400 joseantonioolaechea@esola.com.pe
More informationPre-Merger Notification Guide. BRAZIL Demarest e Almeida Advogados
Pre-Merger Notification Guide BRAZIL Demarest e Almeida Advogados CONTACT INFORMATION Mário Roberto Villanova Nogueira Bruno De Luca Drago Demarest e Almeida Advogados Av: Pedroso de Moraes, 1201 05419-001
More informationMerger GuidelinesMerger Guidelines
Merger Guidelines Merger GuidelinesMerger Guidelines Danish Competition and Consumer Authority Carl Jacobsens Vej 35 2500 Valby Tlf. +45 41 71 50 00 E-mail: kfst@kfst.dk Online ISBN: 978-87-7029-542-0
More informationFOREIGN DIRECT INVESTMENT SURVEY: FINLAND
FOREIGN DIRECT INVESTMENT SURVEY: FINLAND Kimmo Mettälä and Sarita Schröder, Krogerus Attorneys Ltd 1 OUTLINE Is foreign investment subject to review in your jurisdiction? Briefly describe the regulatory
More informationEuropean Union Giorgio Motta and Thorsten Goetz, Skadden Arps Slate Meagher & Flom
MERGER CONTROL European Union Giorgio Motta and Thorsten Goetz, Skadden Arps Slate Meagher & Flom SECTION 1: OVERVIEW 1.1 Please provide a brief overview of your jurisdiction s merger control legislative
More informationMERGER NOTIFICATION AND PROCEDURES TEMPLATE POLAND. January 2011
MERGER NOTIFICATION AND PROCEDURES TEMPLATE POLAND January 2011 IMPORTANT NOTE: This template is intended to provide initial background on the jurisdiction s merger notification and review procedures.
More informationPre-Merger Notification Manual
2017 Pre-Merger Notification Manual A practical guide to understanding merger regimes in multiple jurisdictions. UPDATED 2017 EDITION INTRODUCTION This TerraLex Pre-Merger Notification Manual has been
More informationMERGER NOTIFICATION AND PROCEDURES TEMPLATE COLOMBIA
MERGER NOTIFICATION AND PROCEDURES TEMPLATE COLOMBIA April 2006 IMPORTANT NOTE: This template is intended to provide initial background on the jurisdiction s merger notification and review procedures.
More informationWorking Party No. 3 on Co-operation and Enforcement
Unclassified DAF/COMP/WP3/WD(2014)19 DAF/COMP/WP3/WD(2014)19 Unclassified Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 12-Feb-2014
More informationMERGER NOTIFICATION AND PROCEDURES TEMPLATE AUSTRIA
MERGER NOTIFICATION AND PROCEDURES TEMPLATE AUSTRIA 08/09/2006 IMPORTANT NOTE: This template is intended to provide initial background on the jurisdiction s merger notification and review procedures. Reading
More informationIssues Relating To Organizational Forms And Taxation. FINLAND Roschier, Attorneys Ltd.
Issues Relating To Organizational Forms And Taxation FINLAND Roschier, Attorneys Ltd. CONTACT INFORMATION Manne Airaksinen & Mia Hukkinen Roschier, Attorneys Ltd. Keskuskatu 7 A, 00100 Helsinki, Finland
More informationEU Competition Law. Merger legislation. Situation as at 1st December Competition
EU Competition Law Merger legislation Situation as at 1st December 2014 Competition EU Competition Law Rules Applicable to Merger Control Situation as at 1st December 2014 EU Competition law Rules applicable
More informationA Guide to Takeovers in the United Kingdom
A Guide to Takeovers in the United Kingdom August 2017 Contents Introduction 1 The Regulatory Bodies 2 The Legislation and Rules 3 Schemes of Arrangement 10 Overseas Shareholders 11 Specific Tax Considerations
More informationThe EU Merger Regulation. An overview of the European merger control rules
The EU Merger Regulation An overview of the European merger control rules January 08 Contents. Introduction. Concentrations 3 3. EU dimension 4. Pre notification allocation of cases between the Commission
More informationRussia Takeover Guide
Russia Takeover Guide Contact Vassily Rudomino VRudomino@alrud.com Contents Page INTRODUCTION 1 THE REGULATION OF TAKEOVERS 1 ORDINARY AND PRIVELLEGED SHARES, CONVERTIBLE SECURITIES 1 ACQUISITION OF MORE
More informationMerger Control Practical Aspects
www.pwc.com Merger Control Practical Aspects for British Law Centre Małgorzata Mroczkowska-Horne Partner Pawłowski, Żelaźnicki sp.k. malgorzata.mroczkowska@pwc.com +48 519 504 598 Contents Mergers Legal
More informationUnited States: Merger Control
The In-House Lawyer: Comparative Guides United States: Merger Control inhouselawyer.co.uk/index.php/practice-areas/merger-control/united-states-merger-control/ 9/12/2016 This country-specific Q&A provides
More informationSpain. Spain. Richard A. Silberstein and Gómez-Acebo & Pombo July 1, Outline
Spain Richard A. Silberstein and Gómez-Acebo & Pombo July 1, 2010 1. Outline Is foreign investment subject to review in your jurisdiction? Briefly describe the regulatory framework and authorities. What
More informationA Guide to Takeovers in the United Kingdom
A Guide to Takeovers in the United Kingdom January 2018 Contents Introduction 1 The Regulatory Bodies 2 The Legislation and Rules 3 Schemes of Arrangement 10 Overseas Shareholders 11 Specific Tax Considerations
More informationMergers and Acquisitions Report 2016 Taiwan
This article was published in the Mergers and Acquisitions Report 2016 on March 23, 2016. Mergers and Acquisitions Report 2016 Taiwan Ken-Ying Tseng, Robin Chang, Lihuei Mao and Patricia Lin, Lee and Li
More informationWe have a number of issues with regard to the jurisdictional application of the EU Merger Regulation to real estate transactions.
Concerns related to the EU Merger Regulation (European Council Regulation (EC) No 139/2004) as applied to real estate investments and co-investments by certain institutional investors We have a number
More informationICN RECOMMENDED PRACTICES FOR MERGER NOTIFICATION AND REVIEW PROCEDURES
ICN RECOMMENDED PRACTICES FOR MERGER NOTIFICATION AND REVIEW PROCEDURES I. Definition of a Merger Transaction A. Jurisdictions should consider carefully the types of transactions that are included within
More informationMERGER REGIME IN SINGAPORE - MERGER PROCEDURES
MERGER REGIME IN SINGAPORE - MERGER PROCEDURES Competition Law Team Rajah & Tann 12 June 2007 1 Rajah & Tann is establishing a forte in competition and trade law, adding another capability to a multi-faceted
More informationBelow we provide a comparative outline of the principal changes related to: 5
THIRD ANTIMONOPOLY PACKAGE IN RUSSIA March 19, 2012 To Our Clients and Friends: In January, Federal Law No. 401-FZ on Amendments to the Federal Law on Protection of Competition 1 and Certain Legislative
More informationCompetition Laws In ASEAN Overview Of The Main Prohibitions
::: AUTHORS ::: Gerald SINGHAM Partner Corporate gerald.singham@rodyk.com +65 6885 3644 Mark TAN Partner Corporate mark.tan@rodyk.com +65 6885 3667 Soumya HARIHARAN Foreign Lawyer Corporate soumya.hariharan@rodyk.com
More informationMerger Control in Austria
Merger Control in Austria White Paper Judith Feldner Dieter Thalhammer June 2016 2016 Eisenberger & Herzog Rechtsanwalts GmbH All rights reserved. I. Notification obligation 1. Concentrations - Transactions
More informationTO FILE OR NOT TO FILE: THE TREATMENT OF OFFSHORE JOINT VENTURES UNDER THE EU AND CHINA S MERGER CONTROL REGIMES
TO FILE OR NOT TO FILE: THE TREATMENT OF OFFSHORE JOINT VENTURES UNDER THE EU AND CHINA S MERGER CONTROL REGIMES Angela Huyue Zhang Herbert Smith LLP & Mark Jephcott Herbert Smith LLP Copyright 2011 Competition
More informationSUMMARY. Error! Unknown document property name. Page 1
EUROPEAN COMPETITION LAWYERS FORUM RESPONSE TO EUROPEAN COMMISSION PROPOSALS TO AMEND THE MERGER REGULATION IN RELATION TO MINORITY SHAREHOLDINGS AND CASE REFERRALS I. INTRODUCTION 1. The European Competition
More informationEnglish - Or. English Directorate for Financial and Enterprise Affairs COMPETITION COMMITTEE
Unclassified DAF/COMP/AR(2011)33 DAF/COMP/AR(2011)33 Unclassified Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 11-Oct-2011 English
More informationSuspensory Effects of Merger Notifications and Gun Jumping - Note by Hungary
Organisation for Economic Co-operation and Development DAF/COMP/WD(2018)82 DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS COMPETITION COMMITTEE English - Or. English 2 November 2018 Suspensory Effects
More informationGlobal Practice Guides. Merger Control. Law & Practice. Contributed Pérez-Llorca. Trends & Developments: North East:
CHAMBERS BRAZIL Merger Control Global Practice Guides Law & Practice: Contributed by Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Law & Practice sections provide easily accessible information on Spain
More informationThe European Approach to Fast-Track Merger Control
The European Approach to Fast-Track Merger Control MOFCOM Sino-EU Workshop Kunming, October 24, 2013 Patrick Bock Partner, Cleary Gottlieb, Cologne, Germany 2013 Cleary Gottlieb Steen & Hamilton LLP. All
More informationChina's New Anti-Monopoly Law:
China's New Anti-Monopoly Law: Navigating Your Deal Through China's Antitrust Mist Hannah Ha Partner JSM +852 2843 4378 hannah.ha@mayerbrownjsm.com 18 September 2008 Mayer Brown is a global legal services
More information» Draft Statements of the Takeover Panel. » Supreme Court Rules on Book-Entry Register Information» Securities Market Legislation to be Amended
D&I Quarterly Finland Q1 2009 D&I Quarterly 2009 MERGERS & ACQUISITIONS» Draft Statements of the Takeover Panel FINANCE & CAPITAL MARKETS» Supreme Court Rules on Book-Entry Register Information» Securities
More informationGuidance on domestic effects in merger control
Guidance on domestic effects in merger control Draft for public consultation 5.12.2013 Courtesy translation. Only the German language version is authentic. A. Introduction 1 Foreign-to-foreign mergers,
More informationTel: Fax:
Alatas Americas Inc Houston Office 22015 South Frwy. Manvel, Texas 77578 USA Tel: +1 281 431 0707 Fax: +1 281 431 0799 Email: houston@alatas.us Web: www.alatas.com GENERAL TERMS AND CONDITIONS OF SALE
More informationANNEX II. SHORT FORM CO FOR THE NOTIFICATION OF A CONCENTRATION PURSUANT TO REGULATION (EC) No 139/2004
ANNEX II SHORT FORM CO FOR THE NOTIFICATION OF A CONCENTRATION PURSUANT TO REGULATION (EC) No 139/2004 1. INTRODUCTION 1.1. The purpose of the Short Form CO The Short Form CO specifies the information
More informationCommission Notice on a simplified procedure for treatment of certain concentrations under. under Council Regulation (EC) No 139/2004 (2013/C 366/04)
14.12.2013 Official Journal of the European Union C 366/5 Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2013/C 366/04) I.
More informationDifferent classes of merger
Merger Control Different classes of merger Horizontal Vertical Conglomerate ICN Merger Working Group, Analytical Framework Sub-group The Analytical Framework for Merger Control (Final paper for ICN annual
More information749/2012. Act on the Book-entry System and Clearing Operations 1(44) Issued in Helsinki on 14 December 2012
23.10.2015 1(44) 749/2012 Versions of the document Issued in Helsinki on 14 December 2012 Act on the Book-entry System and Clearing Operations Pursuant to the decision of Parliament, the following is enacted:
More informationUS MERGER CONTROL MARCH 1, 2003
US MERGER CONTROL KENNETH R. LOGAN AND JACK D ANGELO SIMPSON THACHER & BARTLETT LLP MARCH 1, 2003 Antitrust planning typically is a central part of every transaction and public takeover bids are no exception.
More informationIFLR MERGER CONTROL SURVEY Guest edited by Nicole Kar. Merger Control Survey international financial law review
Merger Control Survey 2014 IFLR international financial law review MERGER CONTROL SURVEY 2014 Guest edited by Nicole Kar RISK RATING MAP Asia Pacific: risk rating map Key Indicates a regime in which regulation
More informationANTITRUST AND COMPETITION LAWS
ANTITRUST AND COMPETITION LAWS Legal framework The basic law governing antitrust and competition issues in the PRC is the Anti-Monopoly Law ( AML ), which entered force on August 1, 2008. The AML is China
More informationCOMMISSION DECISION. of 22 II relating to a proceeding pursuant to Article 82 of the EC Treaty and Article 54 of the EEA Agreement
EN EN EN COMMISSION DECISION of 22 II 2006 relating to a proceeding pursuant to Article 82 of the EC Treaty and Article 54 of the EEA Agreement (Case COMP/B-2/38.381 De Beers) (Only the English text is
More informationGeneral Terms and Conditions for co-operation between the Swedish Pensions Agency and Fund Managers 01/10/2016
General Terms and Conditions for co-operation between the Swedish Pensions Agency and Fund Managers 01/10/2016 01/10/2016 Contents General Terms and Conditions for co-operation between the Swedish Pensions
More informationKathryn Gordon tel: ); Joachim Pohl tel: )
For Official Use For Official Use Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 19-Sep-2012 English - Or. English DIRECTORATE FOR FINANCIAL
More informationUK Merger Control Law & Practice
UK Merger Control Law & Practice Authors: Nicole Kar, Simon Pritchard & Nicholas Scola UK Merger Control Law & Practice 2 Contents Introduction: UK Merger Control Law & Practice 4 Legislation and Enforcing
More informationTHAILAND. Chapter 40 INTRODUCTION
Chapter 40 THAILAND Pakdee Paknara and Kallaya Laohaganniyom 1 I INTRODUCTION The Trade Competition Act 1999 (TCA) is the legislation governing pre-merger filings in Thailand. The TCA established the Thai
More informationCOMMISSION DECISION of 19 February 1997 setting out measures in order to restore effective competition (Case No IV/M.784 -Kesko/Tuko)
COMMISSION DECISION of 19 February 1997 setting out measures in order to restore effective competition (Case No IV/M.784 -Kesko/Tuko) --------------- (Text with EEA relevance) THE COMMISSION OF THE EUROPEAN
More informationCOMMENTARY JONES DAY. Italian law provides for three main types of mandatory tender offers:
May 2007 JONES DAY COMMENTARY Tender Offers in Italy Italy has not yet implemented the Directive on Takeover Bids (Directive 2004/25/EC, the Directive ) in its internal legal system. 1 However, Italian
More informationEXTENSION OF SCOPE OF EUMR TO INCLUDE MINORITY INTERESTS AND REFORM OF THE REFERRAL SYSTEM
Consultation date: 20.06.2013 Response date: 11.09.2013 D021\087\LN7761495.2 A. Introduction RESPONSE TO THE EUROPEAN COMMISSION'S CONSULTATION ON EU MERGER CONTROL ("TOWARDS MORE EFFECTIVE EU MERGER CONTROL"):
More informationRegulations and guidelines 9/2013
Regulations and guidelines 9/2013 Takeover bid and the obligation to launch a bid J. No. FIVA 10/01.00/2013 Issued 10.6.2013 Valid from 1.7.2013 FINANCIAL SUPERVISORY AUTHORITY tel. 010 831 51 fax 010
More informationCase No IV/M BHF / CCF / CHARTERHOUSE. REGULATION (EEC) No 4064/89 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date:
EN Case No IV/M.319 - BHF / CCF / CHARTERHOUSE Only the English text is available and authentic. REGULATION (EEC) No 4064/89 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 30.08.1993 Also available
More informationOPINION OF THE EUROPEAN CENTRAL BANK. of 21 September 2001
EN OPINION OF THE EUROPEAN CENTRAL BANK of 21 September 2001 at the request of the Finnish Ministry of Finance on a draft proposal concerning legislation on the reorganisation and winding-up of credit
More informationCompetition Act Regulates Mergers & Acquisitions by Foreign and Canadian Companies
Competition Act Regulates Mergers & Acquisitions by Foreign and Canadian Companies By Janny Cho February 28, 2018 What is the Competition Act? The Competition Act ( CA ) is a federal statute administered
More informationDoing Business in Asia: Merger Control
Doing Business in Asia: Merger Control Mark Katz, Davies Ward Phillips & Vineberg LLP March 2, 2015 2015 Asia Forum ABA Section of International Law Tokyo, Japan PANEL Kala Anandarajah - Rajah & Tann Singapore
More informationTHE COMPETITION COMMISSION OUR ADVISORY ROLE. Advisory Opinions
INDEX THE COMPETITION COMMISSION 2 OUR ADVISORY ROLE 2 Advisory Opinions 2 Issues raised in advisory opinions: 3 Acquisition of minority stakes 3 Financial transactions and acquisition of rights 5 Implementation
More informationCase No IV/M IVO / STOCKHOLM ENERGI. REGULATION (EEC) No 4064/89 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 05/08/1998
EN Case No IV/M.1231 - IVO / STOCKHOLM ENERGI Only the English text is available and authentic. REGULATION (EEC) No 4064/89 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 05/08/1998 Also available
More informationBank Finance and Regulation Survey. CYPRUS Dr. K. Chrysostomides & Co LLC
Bank Finance and Regulation Survey CYPRUS Dr. K. Chrysostomides & Co LLC CONTACT INFORMATION Chryso Dekatris and Pavlos Symeonides Dr. K. Chrysostomides & Co LLC 1, Lampousas Street 1095, Nicosia, Cyprus
More informationCustomer Service (local network charge/mobile call charge)
1 (6) STANDARD EUROPEAN CONSUMER CREDIT INFORMATION 1. Identity and contact details of the creditor Creditor Address Telephone number Web address Nordea Bank Abp Nordea Bank Abp's branches Customer Service
More informationCase No COMP/M AHLSTROM / CAPMAN / FOLDING CARTON PARTNERS. REGULATION (EEC) No 4064/89 MERGER PROCEDURE
EN Case No COMP/M.1792 - AHLSTROM / CAPMAN / FOLDING CARTON PARTNERS Only the English text is available and authentic. REGULATION (EEC) No 4064/89 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date:
More information(Non-legislative acts) REGULATIONS
23.4.2010 Official Journal of the European Union L 102/1 II (Non-legislative acts) REGULATIONS COMMISSION REGULATION (EU) No 330/2010 of 20 April 2010 on the application of Article 101(3) of the Treaty
More informationCzech Republic Takeover Guide
Czech Republic Takeover Guide Contacts Vlastimil Pihera, Ondřej Mikula and Dagmar Dubecká Kocián Šolc Balaštík vpihera@ksb.cz omikula@ksb.cz ddubecka@ksb.cz Contents Page INTRODUCTION 1 VOLUNTARY TAKEOVER
More informationProcedure for Related Party and Connected Party Transactions and Transactions of Greater Importance
Procedure for Related Party and Connected Party Transactions and Transactions of Greater Importance Pursuant to: CONSOB s Regulations Containing Provisions Relating to Transactions with Related Parties
More informationNew rules on credit rating agencies (CRAs) enter into force frequently asked questions
EUROPEAN COMMISSION MEMO Brussels, 18 June 2013 New rules on credit rating agencies (CRAs) enter into force frequently asked questions I. GENERAL CONTEXT AND APPLICABLE LAW 1. What is a credit rating?
More informationREVISED RULES FOR THE ASSESSMENT OF HORIZONTAL COOPERATION AGREEMENTS
25 JUNE 2010 RECOMMENDATIONS OF HOGAN LOVELLS INTERNATIONAL LLP ON THE EUROPEAN COMMISSION'S REVISED RULES FOR THE ASSESSMENT OF HORIZONTAL COOPERATION AGREEMENTS 1. INTRODUCTION Hogan Lovells is an international
More informationLEVERAGE AND MARGIN POLICY Maxiflex Ltd
LEVERAGE AND MARGIN POLICY Maxiflex Ltd Proprietary Restriction: This controlled document is property of Maxiflex Ltd, any disclosure, reproduction or transmission to unauthorized parties without the prior
More informationOnly the Bulgarian language version is authentic
Only the Bulgarian language version is authentic Official Statement of the Bulgarian Competition Authority regarding the White Paper Towards more effective EU merger control and the Commission Staff Working
More informationThe new EC Financial Penalties Regime - a bridge too far?
Life Sciences 2007/08 The new EC Financial Penalties Regime - a bridge too far? Peter Bogaert, Covington & Burling LLP, Brussels www.practicallaw.com/5-378-8635 On 14 June 2007, the European Commission
More information1. at least one of the entities in the group is within the insurance sector and at least one is within the banking or investment services sector;
Supplementary Supervision of Financial Conglomerates Act Promulgated, State Gazette No. 59/21.07.2006, effective as from the date of entry into force of the Treaty concerning the Accession of the Republic
More informationPaul Hastings Newsletter for Investing & Operating in the People s Republic of China
CHINA MATTERS Paul Hastings Newsletter for Investing & Operating in the People s Republic of China August 2008 China s New Merger Notification Rules: What Does This Mean to International Investors? The
More informationSLOVENIA TAKEOVER ACT
SLOVENIA TAKEOVER ACT Important Disclaimer This translation has been generously provided by the Ministry of Economy of the Republic of Slovenia. This does not constitute an official translation and the
More informationInformation leaflet on the German control of concentrations
BUNDESKARTELLAMT Competition Policy Division July 2005 Information leaflet on the German control of concentrations The statutory basis for the examination of concentrations is the Act against Restraints
More informationMarket Abuse Regulation (EU MAR) Q&A (Updated 30 October 2017)
Market Abuse Regulation (EU MAR) Q&A (Updated 30 October 2017) Prepared by the City of London Law Society and Law Society Company Law Committees Joint Working Parties on Market Abuse, Share Plans and Takeovers
More informationMARKET ABUSE REGULATION
MARKET ABUSE REGULATION ENSURING COMPLIANCE AMIDST UNCERTAINTY Adrian West and Jane Bondoux of Travers Smith LLP consider how the Market Abuse Regulation will affect compliance procedures for UK listed
More informationGUIDELINES ON PRE-MERGERS, CONSOLIDATIONS AND ACQUISITIONS NOTIFICATION CONTENTS CHAPTER I BACKGROUND
Annex of Commission for the Supervision of Business Competition Regulation No. 1 of 2009 Dated: 13 May 2009 GUIDELINES ON PRE-MERGERS, CONSOLIDATIONS AND ACQUISITIONS NOTIFICATION CONTENTS CHAPTER I BACKGROUND
More informationWhen entering a new market, most companies face the struggle of establishing their brand
Albania A full toolkit Alketa Uruçi and Jonida Skendaj of Boga & Associates examine the options available to companies wishing to develop their business Albania When entering a new market, most companies
More informationPRACTICAL LAW COMPETITION AND CARTEL LENIENCY MULTI-JURISDICTIONAL GUIDE The law and leading lawyers worldwide
PRACTICAL LAW MULTI-JURISDICTIONAL GUIDE 2012 COMPETITION AND CARTEL LENIENCY The law and leading lawyers worldwide Essential legal questions answered in 31 key jurisdictions Rankings and recommended lawyers
More informationThe Takeover Code and Guernsey companies
page 1 of 6 forward contact us www.careyolsen.com Corporate The Takeover Code and Guernsey companies September 2011 p 2 of 6 Increasing use of the Takeover Code in Guernsey Over the past couple of years
More informationMerger review and anti-competitive activity if there's no Brexit deal
Merger review and anti-competitive activity if there's no Brexit deal Summary How merger review and investigations into anti-competitive activity would be affected if the UK leaves the EU with no deal
More informationThe Government of the UK s response to the European Commission s White Paper Towards more effective EU merger control
The Government of the UK s response to the European Commission s White Paper Towards more effective EU merger control Introduction and Summary 1. This is the response of the UK Government (the UK) to the
More informationROMANIA TRANSFER PRICING COUNTRY PROFILE
ROMANIA TRANSFER PRICING COUNTRY PROFILE 1. Reference to the Arm s Length Principle Latest update April 2018 The arm's length principle was introduced in the domestic tax law in 1994 and is applicable
More informationShearman & Sterling LLP s Response to the Commission s Consultation on Merger Simplification Project
Shearman & Sterling LLP s Response to the Commission s Consultation on Merger Simplification Project 1. On 27 March 2013 the European Commission launched a consultation seeking stakeholders views on a
More informationPlease note: This is an unofficial translation. Amendments up to 1490/2011 included. March 2012
Act on Common Funds 29.1.1999/48 Please note: This is an unofficial translation. Amendments up to 1490/2011 included. March 2012 Act on Common Funds 29.1.1999/48 Pursuant to the decision of Parliament,
More informationCOMMENTARY JONES DAY. 1 Reportedly, the Amended Act is expected to become enforceable on January 1, 2010, at the earliest.
September 2009 JONES DAY COMMENTARY Amendment of the Anti-Monopoly Act of Japan and its Impact on Mergers and Acquisitions On June 3, 2009, the Japanese Diet enacted a bill to amend the Act on Prohibition
More informationTHE TAKEOVER PANEL MISCELLANEOUS CODE AMENDMENTS
RS 2009/2 Issued on 16 December 2009 THE TAKEOVER PANEL MISCELLANEOUS CODE AMENDMENTS STATEMENT BY THE CODE COMMITTEE OF THE PANEL FOLLOWING THE EXTERNAL CONSULTATION PROCESS ON PCP 2009/2 CONTENTS 1.
More informationInstructions for Form M-1 Annual Report for Multiple Employer Welfare Arrangements (MEWAs) and Certain Entities Claiming Exception (ECEs)
Department of Labor Pension and Welfare Benefits Administration Instructions for Form M-1 Annual Report for Multiple Employer Welfare Arrangements (MEWAs) and Certain Entities Claiming Exception (ECEs)
More information