FCCPC Amends Merger Review Regulation
The Federal Competition and Consumer Protection Commission on Monday, disclosed that it has issued an amended Merger Review Regulations to govern the notification and review of mergers under Part XII of its Act.
According to a statement issued by the Executive Vice Chairman of the Commission, Babatunde Irukera, the amendment largely involves a reduction in applicable fees and clarifications on certain considerations in determining applicable turnover in foreign-to-foreign business combinations and investments by Private Investments Entities.
The statement read in part, “Pursuant to sections 17, 18, & 163 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a Merger Review (Amended) Regulations, 2021, to govern the notification and review of mergers under Part XII of the FCCPA.
“The Regulations amend the FCCPC Merger Review Regulations 2020 and modify applicable fees for notifications under Schedule 1 of the Regulations.
“The amended Regulations by a renewed matrix and combination of factors generally reduces applicable fees and clarifies certain considerations in determining applicable turnover in foreign-to-foreign business combinations and investments by Private Investments Entities.”
The Commission noted that the modifications contained in the amended regulations were in response to close monitoring of the operational realities of the 2020 Regulations and feedback from the market, professional advisors and related associations.
The FCCPC added that it intends to continue monitoring, and responding to emerging trends or practices, as well as appropriate feedback from relevant persons.
As such, the Commission said it appreciated the feedback and welcomed the continuing engagement accordingly.
The statement further revealed that the amended Regulations was entered into the Federal Government Gazette (No. 129, Vol. 108) on August 6 and the implementation is with immediate effect.
“The amended and now prevailing Regulations (and Regulations, Guidelines and Guidance materials) in addition to being available for purchase from the Gazette Office,” it added.
