Russian Federation: Merger Control in Russia

Last Updated: 25 November 2008
Article by Tatiana Kachalina and Oleg Volkov

This article was originally published in The International Comparative Legal Guide to: Merger Control, 2008

1 Relevant Authorities And Legislation

1.1 Who is/are the relevant merger authority(ies)?

The Russian main merger control authority is the Federal Antimonopoly Service (FAS). The Central Bank of the Russian Federation (CBR) also performs some merger control functions in respect of transactions involving banks and financial institutions. The FAS pursues its activities on the basis of the head office (consisting in its turn of departments responsible for certain fields of economy) and local branches.

1.2 What is the merger legislation?

The Russian antimonopoly legislation is based primarily on Federal Law 'On the Competition Protection' No. 135-FZ (the "Competition Law"), adopted on 26 July, 2006, effective as of 26 October, 2006. The Competition Law regulates competition in both the commodities market and the financial services market. The current regulatory framework also includes other laws, international treaties of the Russian Federation and regulations of the Russian governmental authorities

1.3 Is there any other relevant legislation for foreign mergers?

Foreign investments in Russia are governed by the Federal Law No. 160-FZ 'On Foreign Investments in the Russian Federation', dated 9 July, 1999 and by some other laws applicable in specific fields.

Federal Law No. 209-FZ 'On development of medium and minor undertakings in the Russian Federation', dated 24 July, 2007 comes into force on 1 January, 2008 and restricts foreign shares in companies considered medium and minor undertakings of not more than 25 per cent of the charter capital of such companies.

Pursuant to Federal law No. 10-FZ 'On State Regulation of Development of Aviation' dated 8 January, 1998 (as amended) the foreign share in the charter capital of an aviation company engaged in development, production, testing, repair and (or) utilisation of aviation machinery and equipment shall not exceed 25 per cent of its charter capital unless otherwise allowed by the decision of the President of the Russian Federation.

The Air Code of the Russian Federation dated 19 March, 1997, (as amended) stipulates that the incorporation of an aviation company with the participation of foreign capital is permitted only if the following requirements are met: (i) the foreign share is less than 49 per cent of the company's charter; (ii) the CEO of the company is a Russian citizen; and (iii) the number of foreign citizens in thegoverning body of the company shall not exceed 1/3 of its members.

Law No. 4015-1 'On the Organisation of Insurance in the Russian Federation' dated 27 November, 1992, (as amended) envisages special procedure for foreign investments in insurance companies.

Law No. 2124-1 'On mass media' dated 27 December, 1991, imposes certain restrictions on the establishment of Russian mass media companies by foreign legal entities and individuals and on the amount of foreign shares therein Pursuant to Federal Law No. 69-FZ 'On gas supply in the Russian Federation' dated 31 March, 1999, foreign shares in gas supply systems and gas distribution systems shall not exceed 20 % of the charter capital thereof.

Pursuant to Federal Law No. 101-FZ 'On Circulation of agricultural lands' dated 24 July, 2002, foreigners are not allowed to own agricultural lands in the Russian Federation.

The Land Code of the Russian Federation as of 1 October, 2001, governs the acquisition and usage of land plots by foreign legal entities and individuals on the territory of the Russian Federation.

1.4 Is there any other relevant legislation for mergers in particular sectors?

Pursuant to Federal Law No. 395-1 'On Banks and Banking Activities', dated 2 December, 1990, (the "Banking Law") the purchase or acquisition in trust management, as a result of one or several transactions by one legal entity or individual, or a group of legal entities and/or individuals under an agreement, or a group of legal entities acting as subsidiaries or dependent on each other, of more than 1% of stocks (share) of a credit organisation requires to submit a notification to the CBR, and if more than 20%, a preliminary consent of the CBR. The CBR shall inform the applicant in writing of its approval or rejection of the transaction within 30 days from the moment of a request receipt. The CBR exercises merger control along with the FAS.

Federal law No. 147-FZ 'On Natural Monopolies' dated 17 August, 1995, (as amended) establishes merger control over transactions involving so called "natural monopoly entities" or the companies dominating in certain fields due to historical reasons. Law No. 4015-1 'On the Organisation of Insurance in the Russian Federation' dated 27 November, 1992, (as amended) covers certain matters related to the state control in the insurance sphere.

Federal Law No. 208-FZ 'On Joint Stock Companies' dated 26 December, 1995, (as amended) prescribes special procedures for the acquisition of more than 30%, 50% and 75% of the charter capital in an open joint stock company. Federal Law No. 40-FZ 'On the Insolvency (Bankruptcy) of Lending Organisations', dated 25 February, 1999, stipulates certain restrictions on the acquisition of shares in lending organisations by founders and shareholders of lending institutions previously proved to have led to the insolvency thereof.

2 Transactions Caught by Merger Control Legislation

2.1 Which types of transaction are caught - in particular, how is the concept of "control" defined?

The Competition Law does not provide a definition of control. However the Law sets a list of situations which may trigger merger control, such as:

1. reorganisation of companies in the form of consolidation or accession;

2. incorporation of a company (including incorporation as a result of reorganisation) if the charter capital thereof shall be paid by contribution of more than either (i) 25%, 50%, 75% of voting shares in another company, (ii) 1/3, 1/2, 2/3 of participation interests in another company or (iii) 20% of another company's fixed assets and intangible assets;

3. acquisition by a person (group of persons) of more than either (i) 25%, 50% or 75% of voting shares in another company, (ii) 1/3, 1/2, 2/3 per cent of participation interests in another company or (iii) 20% of another company's fixed assets and intangible assets as a result of one or several transactions; and

4. acquisition by a person (group of persons) of direct or indirect rights to determine business activities of another company (e.g. through shareholders' agreements) or rights enabling to exercise functions of another company's executive body as a result of one or several transactions.

2.2 Are joint ventures subject to merger control?

Join ventures are subject to the general rules set out in question 2.1. There are no specific rules on full-function and non full-function joint ventures save for merger transactions in certain spheres (e.g. banking and insurance).

2.3 What are the jurisdictional thresholds for application of merger control?

The pre-merger application shall be filed in cases envisaged in question 2.1 provided that:

1. the aggregate book value of assets of the companies (their group) involved in reorganisation exceeds RUB 3,000,000,000.00 (EUR 87,946,364.44 and USD 110,425,455.19) according to the most recent balance sheet and/or the previous year total turnover of the companies (their group) involved in reorganisation exceeds RUB 6,000,000,000.00 (EUR 175,892,728.89 and USD 220,850,910.39) and/or any of the companies participating in reorganisation is recorded in the Russian register of undertakings with a market share exceeding 35%;

2. the aggregate book value of assets of the companies (their group) involved in incorporation of another company and of the legal entity, the shares and assets which of are contributed to the charter capital of another company exceeds RUB 3,000,000,000.00 (EUR 87,946,364.44 and USD 110,425,455.19) according to the most recent balance sheet and/or their previous year total turnover exceeds RUB6,000,000,000.00 (EUR 175,892,728.89 and USD 220,850,910.39) and/or any of them is recorded in the Russian register of undertakings with a market share exceeding 35%; and

3. as to the situations envisaged in points 3 and 4 of paragraph 1 of question 2.1 the aggregate book value of assets of all the companies within the acquirer's group and the target company's group exceeds RUB 3,000,000,000.00 (EUR 87,946,364.44 and USD 110,425,455.19) according to the most recent balance sheet, provided the aggregate book value of assets of the target company is not less than RUB 150,000,000.00 (EUR 4,397,318.22 and USD 5,521,272.76) or their previous year total turnover exceeds RUB 6,000,000,000.00 (EUR 175,892,728.89 and USD 220,850,910.39) and/or any of them is recorded in the Russian register of undertakings with a market share exceeding 35%.

Post completion notification shall be submitted:

1. in situations envisaged in point 1 of question 2.1 if according to the most recent balance sheet the aggregate book value of assets of the companies (their group) involved in reorganisation or in the form of consolidation or accession or their previous year total turnover exceeds RUB 200,000,000.00 (EUR 5,863,090.96 and USD 7,361,697.00); and

2. in situations envisaged in points 3 and 4 of question 2.1 if according to the most recent balance sheet the aggregate book value of assets of all companies within acquirer's group and the target company's group or their previous year total turnover exceeds RUB 200,000,000.00 (EUR 5,863,090.96 and USD 7,361,697.00) provided the aggregate book value of assets of the target company (group of companies) is not less than RUB 30,000,000.00 (EUR 879,463.64 and USD 1,104,254.55) and/or any of them is recorded in the Russian register of undertakings with a market share exceeding 35%. It shall be noted that the implementation of 35% market share threshold is not absolutely clear.

2.4 Does merger control apply in the absence of a substantive overlap?

Any transaction which meets formal criteria envisaged by the law shall be subject to the clearance of the antimonopoly authorities. Only the antimonopoly authorities may determine whether a certain transaction is to lead to the restriction of competition or not.

2.5 In what circumstances is it likely that transactions between parties outside your jurisdiction ("foreign to foreign" transactions) would be caught by your merger control legislation?

Pursuant to the Competition Law foreign-to-foreign transactions in respect of Russia-based assets, shares/participation interests of Russian legal entities and/or rights over Russian legal entities are subject to Russian merger control if they have or may have an impact on competition in the Russian Federation.

2.6 Please describe any mechanisms whereby the operation of the jurisdictional thresholds may be overridden by other provisions.

Transactions are exempted from prior clearance if their completion is stipulated by acts of the President of the Russian Federation or Government. Also there are special thresholds for financial organisations.

2.7 Where a merger takes place in stages, what principles are applied in order to identify whether the various stages constitute a single transaction or a series of transactions?

Russian law doesn't stipulate such principles. If a merger consists of several transactions, customarily filing is required for each and every transaction subject to the merger control.

3 Notification and its Impact on the Transaction Timetable

3.1 Where the jurisdictional thresholds are met, is notification compulsory and is there a deadline for notification?

Both pre-merger filing and post-completion notification are always compulsory.

Post-completion notification shall be submitted to the antimonopoly authorities within 45 days from the completion date.

The prior consent shall be received before the completion of the transaction. The prior consent is effective within one year from its issuance.

3.2 Please describe any exceptions where, even though the jurisdictional thresholds are met, clearance is not required.

See situations envisaged in question 2.6. Also intra-group transactions which meet jurisdictional thresholds for pre-merger filing may require only post transaction notification according to the procedure envisaged in question 3.9.

3.3 Where does a merger technically require notification and clearance, what are the risks of not filing?

The risks include administrative and civil liability.

Administrative liability

Failure to submit either pre-merger filing or post completion notification may be penalised by fines on legal entities, its officials and individuals.

The fines to be imposed on legal entities may amount from RUB 300,000.00 (EUR 8,794.64 and USD 11,042.54) to 500,000.00 (EUR 14,657.72 and USD 18,404.23) for failure to submit premerger filing; and from RUB 150,000.00 (EUR 4,397.32 and USD 5,521.27) to RUB 250,000.00 (EUR 7,328.86.86 and USD 9,202.12) for failure to submit post-completion notification

The fines to be imposed on officials of legal entities amount from RUB 15,000.00 (EUR 439.73 and USD 552.12) to RUB 20,000.00 (EUR 586.31 and USD 736.16) for failure to submit pre-merger filing and from RUB 5,000.00 (EUR 146.58 and USD 184.04) to RUB 7,500.00 (EUR 219.86 and USD 276.06) for failure to submit post-completion notification.

The fines to be imposed on individuals amount from RUB 1,500 (EUR 43.97 and USD 55.21) to RUB 2500 (EUR 73.29 and USD 92.02) for failure to submit pre-merger filing; and from RUB 800.00 (EUR 23.45 and USD 29.44) to RUB 1,200.00 (EUR 35.18 and USD 44.17) for failure to submit post-completion notification.

Civil liability

Either a company incorporated as a result of consolidation or by contribution of another company's assets or shares, or company reorganised by the means of another company's accession may be liquidated or reorganised in the form of split-up or split-off and transactions may be invalidated, provided that a compulsory priorconsent has not been granted or post-completion notification has not been submitted. But such liquidation, reorganisation and invalidation are possible only in judicial order upon a lawsuit of the antimonopoly authorities.

3.4 Is it possible to carve out local completion of a merger to avoid delaying global completion?

If the global merger per se is subject to prior clearance in the Russian Federation there is no mechanism to avoid clearance.

3.5 At what stage in the transaction timetable can the notification be filed?

The prior consent shall be filed and granted any time before the completion of the transaction provided that the completion shall take place within a year following the receipt of the consent (failing which a new consent is needed). Post-completion notification shall be submitted within 45 days from the transaction completion.

3.6 What is the timeframe for scrutiny of the merger by the merger authority? What are the main stages in the regulatory process? Can the timeframe be suspended by the authority?

The general timeframe for review of the application is 30 days. This period may be extended for another two months.

In the cases of reorganisation or incorporation the review may last as long as 10 months. The timeframe for considering post-completion notifications is not prescribed by law. But customarily such notifications are scrutinised within 30 days from the filing date.

3.7 Is there any prohibition on completing the transaction before clearance is received or any compulsory waiting period has ended? What are the risks in completing before clearance is received?

Transactions subject to prior clearance may be completed after obtaining prior consent of the antimonopoly authorities. The consequences of failure to do so are described in question 3.3. Transactions which meet criteria for post-completion notification are not subject to any restrictions relating to their completion.

3.8 Where notification is required, is there a prescribed format?

There is no prescribed format for pre-merger filing and postcompletion notifications.

But the information to be provided is envisaged in the Competition Law and Decree No. 276 issued by the Russian Federation Ministry for Antimonopoly Policy and Support of Entrepreneurship on 13 August 1999. The following documents shall be submitted along with the pre-merger application and post-completion notification:

1. Notarised copies of the constituent documents of the applicant (foundation documents of foreign companies shall carry an apostille (provided the country where documents are issued is party to the 1961 Hague Convention on Apostille)). Otherwise they are to be legalised.

2. Documents defining the subject and content of the transaction, and other actions subjected to state control.

3. Information on the types of activity exercised by the applicant over the last two years before the date of submitting pre-merger application.

4. Copies of documents enabling the performance of types of activity which can be exercised only under special permission pursuant to the law.

5. Description of the types of products, volume of products produced and sold by the applicant over the last two years before the date of submitting pre-merger application.

6. Information on the types of activity exercised by the other persons involved in the transaction during the last two years before the date of submitting the pre-merger application and a description of the types of products, volume of products produced and sold by the other persons involved in the transaction for the last two years before the date of submitting the pre-merger application, provided the information is available to the applicant.

7. The most recent balance sheet.

8. Financial, economic and other reports submitted to the CBR and the federal bodies of executive authority regulating the financial services market.

9. A list of commercial organisations where the applicant administers more than five per cent of stocks (shares) on any grounds or written notice stating that the applicant does not administer stocks (shares) of commercial organisations.

10. A list of persons included into one group of persons with the applicant or with the other persons involved in the relevant transaction, provided the information is available to the applicant.

All the documents shall be translated into the Russian language and signed by the translator which is to be certified by a Russian notary.

3.9 Is there a short form or accelerated procedure for any types of mergers?

In general there are no legal means to speed up clearance. But intragroup mergers subject to prior consent may be notified to the FAS upon completion. For that purpose the current information on the group shall be filed with the antimonopoly authorities no later than one month before the performance of the relevant transaction. Then this information is displayed on the official website of the FAS. Post transaction notification shall be filed within 45 days upon its completion.

3.10 Who is responsible for making the notification and are there any filing fees?

Pre-merger filings with the antimonopoly authorities are to be made by any of the parties involved in the relevant transaction. There are no restrictions for all the parties to the transaction to approach the antimonopoly authorities.

Pre-merger filings are subject to a fee of RUB 10,000.00 per filing (EUR 293.15 and USD 368.08). The fee is to be paid by an applicant or its authorised representative before filing the applications.

Post-completion notifications shall be filed with the antimonopoly authorities by the acquirer of the shares (participation interest), rights or assets or by the company which has been created as a result of the relevant incorporation and reorganisation or by the absorbing company.

In cases related to a Group of persons, post-completion filings shall be made by one of the parties involved in the relevant transaction with shares (participation interests), assets or rights or by the company which has been created as a result of the relevant incorporation and reorganisation or by the absorbing company.

Post-completion notifications are not subject to any fee.

Pre-merger applications and post completion notifications as toincorporation, consolidation and accession shall be signed by all persons involved in the relevant incorporation, consolidation and accession.

4 Substantive Assessment of the Merger and Outcome of the Process

4.1 What is the substantive test against which a merger will be assessed?

A merger must be prohibited or made conditional by the FAS if it leads to the creation or strengthening of a dominant position in the relevant Russian market sector or otherwise leads to limitation of competition in the Russian market.

4.2 What is the scope for the involvement of third parties (or complainants) in the regulatory scrutiny process?

The FAS displays on its official website information on pre-merger filings which review is extended due to reasons envisaged in question 5.1. All the interested persons are entitled to submit to the antimonopoly authority data related to the impact of such transactions on the competition.

4.3 What information gathering powers does the regulator enjoy in relation to the scrutiny of a merger?

In the course of investigation antimonopoly officials are entitled to free access to federal or local executive authorities and to nongovernmental bodies and commercial organisations with the view to get documents and information necessary for the antimonopoly authority.

4.4 During the regulatory process, what provision is there for the protection of commercially sensitive information?

Commercial information shall not be withheld in a filing. The FAS has the right to demand it from individuals, legal entities, state and local authorities. Documents and data constituting commercial secrets to be filed by the applicant shall be marked "commercial secret". The FAS shall not disclose information containing commercial, official or other secrets protected by law and received in the exercise of its powers. FAS officials bear civil, administrative and criminal liability for unauthorised disclosure and damage caused by such disclosure is to be compensated from the Russian federal budget.

5 The End of the Process: Remedies, Appeals and Enforcement

5.1 How does the regulatory process end?

Within 30 days following the pre-merger filing the antimonopoly authority shall examine the application and notify the applicant in written form of the taken decision.

The antimonopoly authority will reach one of the following decisions:

1) Clearance, provided that the transaction or another action envisaged in the application does not lead to restriction of competition.

2) Prolongation of the investigation period due to the need forfurther examination of application and collection of the additional information in order to make the decision.

3) Prolongation of the period for examination of the application for approval of the company's reorganisation or incorporation and determination of the conditions to be fulfilled by the applicant and (or) other persons involved in relevant incorporation or reorganisation in order to receive clearance and stipulating a period for fulfilling such conditions, which shall not exceed nine months.

4) Clearance of transaction or another action envisaged in the application and simultaneous issue of instruction stating certain remedies to be complied in order to complete transaction or another action envisaged in the application.

5) Prohibition provided that: a) transaction or another action envisaged in the application results in restriction of competition; or b) information significant to the investigation and submitted by the applicant is found unreliable by the antimonopoly authorities.

5.2 Where competition problems are identified, is it possible to negotiate "remedies" which are acceptable to the parties?

Pursuant to the Russian legislation there is no way to discuss remedies. Still clearance of corporate reorganisation may be achieved after demonstration that certain conditions have been fulfilled (see question 5.1, point 3). Also conditional clearance may be issued (see question 5.1).

5.3 At what stage in the process can the negotiation of remedies be commenced?

Not applicable as no remedies may be discussed.

5.4 If a divestment remedy is required, does the merger authority have a standard approach to the terms and conditions to be applied to the divestment?

A court decision on liquidation of the legal entity or on reorganisation thereof in the form of spin-up or spin-off shall be fulfilled by the entity's owner or his authorised representative on the conditions and within the timeframe (which can not be less than six months) stipulated by the said decision. If the divestment remedy has not been complied within the prescribed period the court appoints an external administrator who will carry out such divestment.

5.5 Can the parties complete the merger before the remedies have been complied?

Usually remedies stipulated by injunctions envisaged in point 4) of question 5.1 may be complied after the completion of the merger Remedies prescribed by resolutions envisaged in points 2) and 3) of question 5.1 are to be implemented before completion.

5.6 How are any negotiated remedies enforced?

Failure to fulfil lawful prescriptions of antimonopoly authorities is penalised in administrative order. The fine to be imposed on officials amounts up to RUB 20,000.00 (EUR 586.31 and USD 736.16). Alternative sanction covers disqualification for a period of up to three years. The fine to be imposed on legal entities is up to RUB 500,000.00 (EUR 14,657.72 and USD 18,404.23). Also failure to fulfil injunctions of the FAS envisaged in point 4) of question 5.1 may lead to invalidation of the relevant transactionupon lawsuit of antimonopoly authorities.

It shall be noted that the turnover fines may be applied for the following violations of the antimonopoly legislation: abuse of dominant position; conclusion of agreements restricting competition; and unfair competition related to illegal usage of intellectual property.

5.7 Will a clearance decision cover ancillary restrictions?

Ancillary restrictions are covered provided that full information thereon has been submitted to the antimonopoly authority and they are not subject to consent themselves. If the merger consists of several arrangements requiring clearance separate filings are more preferable.

However unconditional clearance envisaged in point 1) of question 5.1 is assumed to cover the whole transaction. And in the situation envisaged in point 4) of question 5.1 certain ancillary restrictions may be changed or impeded by the antimonopoly authority's injunction.

5.8 Can a decision on merger clearance be appealed?

Decisions and prescriptions of the FAS may be challenged in judicial order within three months from their issue. However the elapsed period may be revived if the reason for a term default is grounded. Prescriptions of the antimonopoly authorities shall be suspended until the court decision comes into legal force. Decisions of the trial shall be rendered within two months from receipt of the petitioner's application.

If the claimant or another participant of the judicial proceedings is a foreign undertaking the trial may turn out to be a rather long process. Russia is party to the Hague Convention on the service abroad of judicial and extrajudicial documents in civil or commercial matters as of 1965 and to the Convention on the taking of evidence abroad in civil or commercial matters as of 1970.

5.9 Is there a time limit for enforcement of merger control legislation?

As to administrative violations, the limitation period is one year following the offence commitment or following detection thereof in relation to continuous offences. As to civil liability, the limitation period is three years save for transaction invalidation which may be claimed within a year.

6 Miscellaneous

6.1 To what extent does the merger authority in your jurisdiction liaise with those in other jurisdictions?

The antimonopoly authorities of the Russian Federation are involved in active collaboration with antitrust authorities of the Eastern European countries, Central European states, CIS countries, Asian states and South American states. Russia being represented by the FAS is a member to the International Competition Network, Organisation for Economic Cooperation and Development and United Nations Conference on Trade and Development.

6.2 Please identify the date as at which your answers are up to date.

28 August 2007.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

    Links

    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

    Mail-A-Friend

    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

    Emails

    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

    Security

    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at enquiries@mondaq.com.

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions