The Federal Competition and Consumer Protection Act ("FCCPA") was signed into law on 30 January 2019. The FCCPA established the Federal Competition and Consumer Protection Commission ("FCCPC") and repealed the provisions of the Investments and Securities Act (ISA) relating to mergers and other business combination control.
With the passage of the Act, the FCCPC was vested with the powers to review all mergers and business combinations to ensure that such combinations do not distort or impede the markets; a function which was previously handled by the SEC.
The FCCPC and SEC have now issued a joint statement to clarify the status of pending applications and provide guidance for new applications.
As stated in the joint advisory, a transition period commences on 3 May 2019 and will remain in force until otherwise discontinued. Read our alert for further highlights of the Advisory.
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