Appointment of AMC Commissioners
Following a month after the new Chairman of the Antimonopoly Committee of Ukraine was appointed (see here for detail), at the end of June 2015 eight Commissioners were approved by the President to take the office. This finalizes formation of the AMC panel and makes the authority full-functional.
Merger Control Reform
A new draft law reforming merger review has been submitted to the Parliament at the end of June 2015. The most notable amendments include: remodeling of notifiability thresholds (2 alternative tests): the combined parties' worldwide value of assets or turnover exceeded EUR 30 million and the combined 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 turnover of at least one party exceeded EUR 8 million and worldwide turnover of at least one other party exceeded EUR 100 million – both in the last financial year; elimination of the market share-based notifiability test ineffective; introduction of consultations at the pre-filing and the 15-day 'preview' stages; introduction of a simplified and fast-track 25-day review procedure for transactions where: only one party is active in Ukraine; or parties' combined market shares do not exceed 15% on the overlapping markets or 20% on vertically related markets; clarification of rules applicable to remedies; increase of the filing fees.
More Predictability for Phase II timeline
Today the AMC announced amendments to the Merger Regulation with a view to limit the review period to 180 calendar days (due to procedural specifics, in practice the AMC could extend Phase II review for as long as finds appropriate). This appears to be a very positive change, although it is rather a goodwill gesture on the part of the AMC, since the relevant provisions in the Competition Law still provide for a de facto unlimited review.
Amnesty in Merger Cases
Reportedly, the AMC is considering introduction of amnesty for failure to have past transactions cleared provided that relevant notification is made within the 6-month grace period. It is unclear for now what transactions will qualify for amnesty and what the notification procedure will be.
For further information please contact Asters' partners Igor Svechkar and Alexey Pustovit.