On January 30, 2014 the Federal Law No. 423-FZ “On Amendments to the Federal Law “On Protection of Competition” (hereinafter - the Law) came into effect. The changes relate to the cancellation of the notification control by Federal Antimonopoly Service (hereinafter - the FAS) in respect of certain transactions on economic concentration.
According to the adopted Law Article 30 of the Federal Law ? 135-FZ "On Protection of Competition" setting out the list of the transactions subject to the preliminary consent of the antimonopoly body becomes invalid. In this regard, the amendments have abolished the requirements on notification of the antimonopoly authorities on mergers or acquisition of commercial and financial organizations, if the total value of assets of these organizations at the last balance or the total sales revenue for the preceding calendar year exceeds a certain value set out by the law.
At the same time FAS separately specified in their Clarifications dated on January 24, 2014 that the transactions carried out within the same group of persons (Article 31 of the Federal Law "On Protection of Competition") is not released from the compulsory notification procedure of the antimonopoly authorities.
It is necessary to recall that in the Draft Law FAS proposed wider changes in antimonopoly law. The "Fourth antimonopoly package" has caused uncertain reaction in the legal and business community. Obvious necessity to find a balance of interests has led to the removal of the package from the agenda. Nevertheless, there is sufficient reason to believe that this FAS’s initiative will soon be transferred to the independent Draft Law with possible adjustments.