On 26 January 2016 the law reforming merger control regime was adopted by the Parliament. The most notable changes include:
- remodeling of notifiability
thresholds (2 alternative tests):
- the combined parties' worldwide value of assets or turnover exceeded EUR 30 million and the value of Ukrainian assets or turnover of each of at least two parties exceeded EUR 4 million – both in the last financial year; or
- Ukrainian value of assets or turnover of the target or of at least one of the founders of a new entity exceeded EUR 8 million and worldwide turnover of at least one other party exceeded EUR 150 million – both in the last financial year;
- removal of the market share-based (35%) notifiability test;
- introduction of consultations with the AMC at the pre-filing and the 15-day 'preview' stages;
- making omission to disclose ultimate (beneficiary) owners in the filing the basis for declaration of incompleteness;
- introduction of a simplified 25-day
review procedure for transactions where:
- only one party is active in Ukraine; or
- parties' combined shares do not exceed 15% on the overlapping markets or 20% on vertically related markets;
- clarification of rules applicable to remedies, including setting the 30-day (extendable) period for offering remedies;
- increase of the filing fees.
These changes are expected to become effective in April 2016.
Originally published 26 January 2016
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