Practical Law Global's Merger Control Quick Compare Chart: Updates for July 2023 | Practical Law

Practical Law Global's Merger Control Quick Compare Chart: Updates for July 2023 | Practical Law

Update for July 2023 on new jurisdictions and amendments to the Practical Law Global Merger Control Quick Compare Chart.

Practical Law Global's Merger Control Quick Compare Chart: Updates for July 2023

Practical Law UK Legal Update w-040-3276 (Approx. 4 pages)

Practical Law Global's Merger Control Quick Compare Chart: Updates for July 2023

Published on 28 Jul 2023European Union, United Kingdom
Update for July 2023 on new jurisdictions and amendments to the Practical Law Global Merger Control Quick Compare Chart.

Speedread

The Practical Law Global Merger Control Quick Compare Chart is an interactive chart enabling lawyers to understand where filings are required and how the filings impact the transaction timetable. It can be accessed in the Tools menu (access may vary by subscription). The chart was published in April 2022 with 69 jurisdictions and is continually maintained to reflect all of the latest legal changes.
This monthly update sets out which new jurisdictions have been added to the chart and recent changes that have been made in the jurisdictions during July 2023 (and are now reflected in the chart). Currently, the chart covers 108 jurisdictions.
The Practical Law Global Merger Control Quick Compare Chart is an interactive chart enabling lawyers to understand where filings are required and how the filings impact the transaction timetable. It can be accessed in the Tools menu (access may vary by subscription). The chart was published in April 2022 with 69 jurisdictions and is continually maintained to reflect all of the latest legal changes.
This monthly update sets out which new jurisdictions have been added to the chart and recent changes that have been made in the jurisdictions during June 2023 (and are now reflected in the chart). Currently, the chart covers 108 jurisdictions.
Practical Law has produced a training video on how to access and use the Merger Control Quick Compare Chart to "triage" merger control for all major jurisdictions globally.

New jurisdictions

The following jurisdictions were added to the chart in July 2023:
  • Gambia

Updates - July 2023

The following updates have been made to the chart during July 2023:

Belgium

Belgium has implemented a new foreign direct investment screening regime that applies to transactions that are completed on or after 1 July 2023.

Indonesia

The Indonesian Competition Commission (Komisi Pengawas Persaingan Usaha (KPPU)) has issued a new Merger Control Regulation, which came into effect on 31 March 2023. The following changes have been made to the chart:
  • Introduction of a new electronic portal to submit merger notifications.
  • Changes to the merger notification thresholds by:
    • Re-introducing a dual local nexus requirement (which was previously removed by the Merger Filing Law); and
    • Requiring that only assets in Indonesia be included when calculating the assets thresholds.
  • Changes to the timeline for the KPPU to complete a merger review.

Israel

The Israeli Economic Competition Law 5748-1988 (the Law) has been amended as follows:
  • The jurisdictional thresholds have changed. Now, the requirement to file is triggered when:
    • The aggregate sales turnover of the parties to the merger is greater than ILS 387.35 million in the fiscal year preceding the merger and the sales turnover of at least two of the merging companies exceeds ILS 21.06 million.
  • The Law will only apply to a merger involving a foreign party if at least two of the merging parties meet the conditions of the nexus test.

Morocco

Morocco implemented amendments to its merger control regime which came into effect on 24 May 2023. Among other changes, the amendments:
  • Increase the filing thresholds.
  • Introduce a simplified filing procedure.
  • Introduce a filing fee for merger notifications.

Looking ahead

Looking ahead, the following developments are being consulted on, in progress and/or likely to be implemented soon (at which point the amendments will be added to the chart).

Luxembourg

On 13 June 2023, the Luxembourg Parliament adopted a law introducing a screening mechanism for foreign direct investments (FDI) that may adversely affect national security or public order in Luxembourg. The law comes into force on 1 August 2023.

European Union

On 20 April 2023, the European Commission announced that it has adopted a revised Merger Implementing Regulation (and accompanying notification forms) a revised version of the Notice on Simplified Procedure and a Communication on the transmission of documents in merger cases (see Legal update, Commission adopts revised Simplified Procedure Notice, Implementing Regulation and merger notification forms to simplify merger procedures).
The revised Merger Implementing Regulation (with annexes containing revised notification forms: Form CO, Short Form CO, Form RS and Form RM) reduces and clarifies the information requirements in the notification forms for non-simplified cases, providing clearer information on waiver possibilities, introducing tables for information on affected markets, and eliminating certain information requirements. The Short Form CO for simplified cases has been substantially reduced to include primarily multiple-choice questions and tables and streamlined questions.
The revised Notice on the Simplified Procedure identifies two new categories of cases that can benefit from simplified treatment and gives the Commission more discretion to treat certain cases under the simplified procedure even if they do not fall under any of the default categories for such treatment. It also clarifies when the Commission may revert to the normal procedure and identifies categories of cases that can benefit from a “super-simplified” treatment, such that the parties are invited to notify without pre-notification discussions with the Commission.
The Communication on the transmission of documents sets out the technical requirements for digital submission of notifications and submissions, which, under the revised Implementing Regulation will become the default position.
The new rules will be applicable as of 1 September 2023 and all merger notifications from that date must use the revised notification forms.

United States

The Federal Trade Commission (FTC) and Department of Justice (DOJ) announced on 27 June 2023 its plans to overhaul the pre-merger notification filing system. If the proposed changes are enacted, parties will be required to submit significantly more information than under the current process.
In addition, the DOJ announced that it would adopting a new approach to reviewing mergers between banks.
The DOJ and FTC also proposed 13 new guidelines for horizontal and vertical mergers to guide the merger review process on 19 July 2023. The guidelines are open to public comment for 60 days and can be viewed on the FTC's website.