The Superior Body of the Commission to Promote Competition is the collegiate Authority responsible for issuing final decisions in merger review cases. Its role is essential, as it provides the formal approval required for transactions to be closed.
Currently, this Superior Body does not have a quorum because the appointments of its members have expired. The appointment of members and functioning of the Body depends on the Superior Council of Government making recommendations to the Congress which must then approve the appointments.
As a result, the Superior Body is not holding sessions and is not issuing approvals for transactions. The initial review stage remains active: requests for information and transaction analysis are being conducted within the formal deadlines. However, final resolutions are not being issued.
Although local legislation establishes automatic approval once the statutory period expires, the Authority is disregarding this rule and is not permitting the closing of transactions without the Superior Body’s formal approval. This situation creates uncertainty for transactions currently under review or about to be filed.
