On 21 June 2016, the Anti-Monopoly Committee of Ukraine (the “AMC”) approved substantial changes to the procedure for submission and review by the AMC of merger control filings (the “Merger Control Regulation”).
The said changes are part of the on-going reforms of competition law in Ukraine, in accordance with provisions of the UA-EU Association Agreement (for details please see our Law Now).
The main changes to the Merger Control Regulation include the following:
- a reduced number of documents and information required to be submitted for the filing;
- increased analysis of the competitive effects of the notified transaction and its impact on the relevant markets;
- removal of the obligation to complete so-called ‘electronic data base’ (this was a very burdensome and time consuming exercise); and
- the introduction of a requirement to disclose the ultimate beneficial owners of the parties to the transaction.
The new procedure is expected to be a step forward for Ukrainian competition law and will bring the legislation closer in line with the European standards. It is hoped that the new Merger Control Regulation will focus more on the competitive effect of a notified transaction rather than the review of a great number of documents and information that have little or no relevance to the assessment of a concentration.
The Merger Control Regulation will become effective on the day of its official publication- 19 August 2016.
Regulation: Decree of the Anti-Monopoly Committee of Ukraine No 14-рп dated 21 June 2016 On approval of the amendments to Regulation of concerted actions and Regulation on concentration.