FCCPC Issues Merger Review Regulations 2020 and Ancillary Instruments
On Monday, November 23rd, 2020, the Federal Competition and Consumer
Protection Commission (the Commission) issued the Merger Review
Regulations (MRR) 2020 with ancillary instruments. The Merger Review
Regulations 2020 establishes a composite framework for the application
of rules with respect to notification and review of mergers under Part
XII of the Federal Competition and Consumer Protection Act 2018.
In addition to the Merger Review Regulations, the ancillary instruments
that have also been issued include:
1. The Merger Review Guidelines (MRG) 2020 that provide guidance
framework for the procedural and substantive review of notified mergers;
2. Notice of Merger Form (Form 1) with Guidance Notes that explain
filing requirements for notifications;
3. Notice of Merger Form for the Simplified Procedure (Form 2);
4. Negative Clearance Form to seek clearance for transactions where
parties are uncertain about the applicability of the full review
jurisdiction of the Commission;
5. Guidance Notes about _gun jumping _ and measures to uphold
standstill obligations;
6. Notice in respect of Indicative Timeframes for Merger
Notification and Review Process
7. Templates for Waiver of Confidentiality and eliciting contact
information; and
8. Model Power of Attorney
Consequently, the Commission’s previous Guidelines on Simplified
Process for Foreign-to-Foreign Mergers with Nigerian Component is now
replaced by the new Merger Review Framework.
The Commission expresses its gratitude to all stakeholders for their
valuable contributions during the process of consultation.
As a first step towards implementation, the Commission is convening a
virtual Stakeholders’ Seminar in conjunction with the World Bank Group
to sensitise and educate the public on the provisions of MRR 2020 and
ancillary instruments. The virtual Seminar will also include
participation from other competition authorities.
The Commission invites all stakeholders, including businesses, legal &
financial advisers, as well as other regulators to the virtual seminar
scheduled to take place at 2:00pm on Thursday, December 10, 2020.
All stakeholders are advised to register at
https://us02web.zoom.us/webinar/register/WN_sU4LL-6iR3S7-6XAmk6g-Q [1]and participate in the forthcoming seminar.
More information can be obtained by sending an email to the
Commission’s designated portal at regulations@fccpc.gov.ng.
Babatunde Irukera
Executive Vice Chairman/ CEO
