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The Antimonopoly Committee of Ukraine (AMC) announced that
beginning on July 1, 2012, the AMC will impose the maximum fines
permissible under Ukrainian law on companies that fail to file
required pre-merger notifications in Ukraine.
In a statement released on June 19, the AMC stated that it
intends to impose the maximum allowable fines under Ukrainian law,
5 percent of the worldwide turnover for the fined parties when
companies fail to report transactions that exceed the statutory
pre-clearance threshold. If the AMC actually imposes such fines, it
would mark a departure for the AMC, which has rarely issued fines
up to the maximum level for failure to file pre-merger
notifications.
Filing of pre-merger notification is required under Ukrainian
law if, in the previous fiscal year, one party to the transaction
earned revenue of or had assets worth 1 million euros in Ukraine;
at least two parties to the transaction earned revenue of or had
assets worth 1 million euros worldwide; and the aggregate worldwide
revenue or assets of all companies to the transaction was at least
12 million euros worldwide. Ukrainian law also requires filing of
pre-merger notification if the parties to the transaction,
individually or in the aggregate, hold a market share of greater
than 35 percent. After filing a pre-merger notification, the
parties to the transaction must abide by a 45-day waiting period
before closing the transaction.
Parties with Ukrainian assets or operations are advised to
carefully consider their obligations under Ukrainian pre-merger
notification laws before engaging in significant transactions.
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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