In response to the need for greater swiftness and transparency in the review of business combination procedures, the JFTC has introduced the Policies Concerning Procedures of Review of Business Combination (‘the Policies’). These Policies came into effect on 1 July 2011 and require a corporation, which plans to engage in a business combination, to consult with the JFTC prior to notification. Second, the Policies also provide detailed procedures that need to be undertaken once the combination has been notified. One of the changes is that merging parties are prohibited from implementing their merger until the expiration of a 30-days waiting period from date of notification. These new Policies only apply to combinations notified after they come into force. Any consultations requested from the JFTC before these new Policies come into force will continue to be reviewed under the old policies.