Commission (the “CCPC”) announced that a simplified merger notification procedure regime (the “simplified procedure”) will commence on 1 July 2020. This procedure will be available to notifiable mergers or acquisitions which clearly do not raise competition concerns in Ireland.
The CCPC believes that the simplified procedure will have a positive impact on relevant businesses as it will lead to shorter review periods for mergers and acquisitions which do not raise competition concerns, resulting in a less burdensome process. Businesses will also see a reduction in the time and resources required during the process as notifying parties will be exempt from providing certain information.
The CCPC has also published Simplified Merger Notification Procedure Guidelines (the “Guidelines”) which provide a detailed overview of the conditions that must be satisfied for a merger or acquisition to fall within the scope of the simplified procedure, as well as a number of procedural provisions. The CCPC will review the operation of the Guidelines and report annually. A digital copy of the Guidelines can be found here.
The notification form for the simplified procedure will be the same as the standard notification form, however notifying parties will only be required to complete certain sections. It should be noted that the CCPC may at any point revert to the standard procedure for notifications if new information comes to light which suggests that the transaction does not fall within the scope of the simplified procedure.
The CCPC will commence receiving notifications under the simplified procedure on 1 July 2020. This allows notifying parties and their legal representatives sufficient time to familiarise themselves with the new process. The CCPC has also stated that it is happy to engage with stakeholders on pre- notification discussions prior to this date.