The Finnish Competition and Consumer Authority proposes changes to the merger notification process
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Associate
Finland
I am an associate in our international Competition & EU Law team, advising on Finnish and EU competition law as well as Finnish FDI regulation and Finnish gambling law.
Partner
Finland
As a partner in our Helsinki office and head of our Competition & EU Law group in Finland, I specialise in complex competition and corporate matters.
This spring, the Finnish Competition and Consumer Authority (FCCA) began reviewing the mandatory merger notification form which is used in the Finnish merger control process. In doing so, the FCCA is seeking to update the form to ensure its correlation with today’s merger control needs. If the proposal is approved, the FCCA will look to simplify the existing information requirements that apply to acquisitions where there are no substantial overlapping business activities or vertical connections between the parties. The FCCA will also seek to clarify the current information requirements in cases where the acquisition is likely to have an impact on competition. Additionally, the competition authority plans to update the notification form to ensure it aligns better with the FCCA’s practical needs.
In support of its proposal, the FCCA has provided several practical examples that demonstrate how the changes will compliment its latest business operations. For example, the detection means, and information needs for merger control have developed significantly since the notification form was first established in 2011. Accordingly, the FCCA has expressed the need for a general update. Additionally, the FCCA proposes to consolidate its resources to better identify potentially harmful acquisitions and their competitive impacts, as well as intervening in harmful acquisitions.
The proposed reforms concern three main areas; the primary intent of the renewal being to revise and generally update the information requirements that relate to the notification form.
The first reform concerns potentially harmless acquisitions. In order to simplify the existing information requirements, the FCCA will curb the volume of market information that potentially harmless acquisition applicants will be required to submit.
The second major reform concerns the clarification of the information requirements that relate to potentially problematic acquisitions. This will include amendments to the structure of the form as well as the inclusion of a new category of market sectors to assist the FCCA to better evaluate the acquisitions. Further, the proposed reforms will require the applications to disclose their market share estimations in table form.
The third reform concerns the general update of the notification form and removal of unnecessary and obsolete requirements. The update will also require the applicant to attach a public summary outlining the details of the notified acquisition as part of the form.
According to the FCCA, the proposed reforms will not increase parties’ administrative burden. On the contrary, the reforms will slightly reduce the workload, especially considering the removal of existing unnecessary information requirements. The proposal is currently under public consultation.
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