Use of ICN Merger Materials in preparation of new merger regime 6 th ICN Annual Conference
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Transcript of Use of ICN Merger Materials in preparation of new merger regime 6 th ICN Annual Conference
Use of ICN Merger Materials in preparation
of new merger regime
6th ICN Annual Conference1 June 2007
ICN Merger Materials Consulted
• Guiding Principles for Merger Notification and Review Procedures
• Recommended Practices for Merger Notification Procedures
• Merger Notification and Procedures Template• Merger Notification Filing Fees • ICN Merger Guidelines Workbook• Merger Remedies Review Project
Process & Key Considerations
• Public consultation• Small Open Economy• Minimisation of regulatory and business compliance
costs• Transparency
Key Features of Singapore’sMerger regime
• Voluntary notification system• Non-suspensive regime
− Proceed at own risk pending review− Interim directions
• Indicative Thresholds for Notification− Merged entity with 40% market share or more; OR− Merged entity with market share between 20 and
40% and CR3 ≥70%• Timing of Notification
− Merger no longer confidential− Confidential pre-notification discussions
Key Features of Singapore’sMerger regime
• Review Periods− Phase 1: 30 working days− Phase 2: 120 working days
• Requirements of Notification− Joint notification encouraged but not required− Abbreviated form for Phase 1 review− Discretionary waiver − Discretionary supplementation
• Confidentiality safeguards− Submission of public version
Key Features of Singapore’sMerger regime
• Role of third parties− Comments within 10 working days− Public version of submissions
• Procedural Fairness− Written notice of proposed decision / direction− Opportunity to inspect file and make representations− Right of appeal
• Commitments and Remedies• Transparency