Answer ... Failure to notify may incur a fine of up to RMB 500,000. The filing parties may also be ordered to take all necessary measures to unwind the transaction.
In practice, the Anti-monopoly Bureau of the State Administration for Market Regulation (SAMR) is issuing an increasing number of penalty decisions for failure to notify and is also seeking to increase the cap on the fine.
Answer ... Yes. If the transaction closes while the review is ongoing, the sanctions will be as same as those for failure to notify.
Answer ... In general, the SAMR is responsible for the supervision of the implementation of the remedies approved. In addition, in cases where divestments are required, the monitoring trustee approved by the SAMR will undertake this responsibility and report on fulfilment of the remedies to the SAMR.
If the parties fail to comply with the remedies, the SAMR may require corrections by a certain deadline. If the infringement is grievous, the SAMR is entitled to issue an order requiring the parties to:
- cease implementation of the transaction;
- dispose of certain shares or assets by a certain deadline;
- transfer the business by a certain deadline; or
- pay a fine of up to RMB 500,000.