Is there a public announcement that a notification has been filed?
MOFCOM will not publicly announce that notifying parties have made a notification. However, for simple cases, MOFCOM publishes a Public Notice Form for public comment immediately following its formal acceptance of such notifications.
Once the parties have made a notification to the DCCA, a press release will be published on the DCCA’s website. Furthermore, a press release will be published on the DCCA’s website when a merger has been approved or prohibited.
The CCPC publishes a notice of the notification on its website within 7 working days of receipt of the notification and the filing fee. The notice sets out the date the notification was received, the parties and sectors involved in the transaction and details of the principal case handler for the matter.
Once the Commissioner's decision is given, the merger is publically announced in two daily newspapers. The Commissioner's decision and certain non-confidential parts of the merger notification forms will then be published on the Israeli Antitrust Authority's website.
In addition, the merger review process is considered public and is normally not conducted in a confidential manner. The Israeli Antitrust Authority may approach third parties during the review period, including customers, suppliers and competitors, thus revealing that the merger is about to occur.
The JFTC does not make a public announcement of the fact that a notification has been made during a Phase I review.
However, when the case goes to Phase II, the JFTC announces on its website that the proposed transaction is being reviewed and seeks public comments. The announcement normally just describes the parties and the relevant markets. The JFTC announces the result of a Phase II review on its website with certain redactions of business secrets.
The JFTC also publishes an annual report of major cases in the last fiscal year. These cases include the Phase II cases and important Phase I cases.
The Director General shall on notification publish in the Government Gazette and a daily newspaper the fact of the notification, the names of the parties, the nature of the concentration and the economic sectors involved.
Once notified to the Authority, the “existence” of a transaction and notification will no longer be a confidential matter. The Authority will publish the notified transactions on its official website with the names of the parties and their areas of commercial activity. Moreover, the reasoned decision of the Board is also published on the Authority’s official website upon its finalisation.
The main legislation that regulates the protection of commercial information is Communiqué No. 2010/3 on Regulation of Right to Access to File and Protection of Commercial Secrets (Communiqué No. 2010/3). Communiqué No. 2010/3 puts the burden of identifying and justifying information or documents as commercial secrets on the undertakings. Therefore, undertakings must request confidentiality from the Board in writing and justify their reasons for the confidential nature of the information or documents that are requested to be treated as commercial secrets. While the Board can also ex officio evaluate the information or documents, the general rule is that information or documents that are not requested to be treated as confidential are accepted as not confidential. The reasoned decisions of the Board are published on the website of the Authority after confidential business information is redacted.
Moreover, under Article 25 of the Competition Law, the Board and personnel of the Authority are bound with a legal obligation of not disclosing any trade secrets or confidential information which they have acknowledged during their service.
The AMC does not publish a merger control notification.
Generally, the fact that the parties to a transaction have submitted filings under the HSR Act is not made public. The one exception to this rule is if the agencies grant early termination of the HSR waiting period. In that case, the identity of the parties and the date of the grant of early termination are published in the Federal Register and on the FTC’s web site. Publication typically occurs within a day or two of the grant of early termination. Even where early termination is granted, however, the contents of the filings and the supporting documentation will remain confidential.
Information on the filing should be disclosed on the FAS website. The deadline for such disclosure is not stated in the law. Please note, however, that, since this is a new requirement (effective from January 2016), in practice, there still might be instances when filing is not announced.
The resolution on extension of the review period and the final decision of the FAS are also publicly announced on its website.
Once notified or after the CMA begins an investigation on its own initiative (in the case of an un-notified merger), the CMA will publish an invitation to comment to third parties. This occurs on the CMA's website and on the Stock Exchange Regulatory News Service, typically within a day or two of notification or the commencement of the CMA's investigation. The announcement is brief and contains the names of the parties to the transaction, the relevant industry sector, whether the merger has already completed and an indication of the CMA's review timetable.
Following receipt of a notification, a notice is published in French and Dutch in the Belgian State Gazette and on the website of the Belgian Competition Authority. The notice includes the names of the parties and indicates whether they have requested the simplified procedure.
The notification of a concentration is disclosed to the public immediately after the receipt of the application. The BWB essentially publishes the names of the undertakings involved, the nature of the concentration, the affected business branche(s).
Merger filings are a matter of public record (save for confidential information) and the investigatory process is public as market participants are typically contacted. However, receipt of merger notifications generally are not publicly announced.
When a notification is received by the FCA, it publishes a notice containing summary information available on its website (Article L.430-3 of the FCC). The notice includes the names of the parties, the nature of the operation and the markets involved.
Generally, there are not public announcements about merger control filings. However, both competition agencies have the obligation to publish extracts of the issued procedural rulings in public notification lists so eventually names of the parties, docket numbers and other non-confidential information are disclosed.
In addition, once the filing process has concluded, third parties may have access to the file, except for confidential information and only if they submit a formal request through a regulated mechanism. Likewise, a public version of the final resolution is published and in some relevant cases (especially those blocked or subjected to remedies), the authority has issued press releases on the general aspects of a resolution.
A short statement indicating the parties’ names, the target, the sector, and the filing date is published on the FCO website a few days after filing. Similar information is being published when the FCO initiates a Phase II investigation.
If the notifying parties consent, the ICA publishes a “notice of merger submission” on its website. The notice contains a short description of the parties, transaction and the economic sectors concerned by the concentration.
The ICA's phase I decisions are published on both the ICA's weekly bulletin and the ICA's website. In case of phase II investigation, the ICA will publish on its weekly bulletin and website both its decision to start the in-depth investigation and its final decision.
Applications are not publicly announced if the ACCC is notified on a confidential basis. Once the transaction is public, and the ACCC is undertaking a public review, the ACCC will list the transaction on its public register (available online). In the public review phase third parties may also be made aware of the transaction by direct contact from the ACCC as part of its market inquiries.
Formal clearance and authorisation
Valid applications for formal clearance or authorisation are publicly announced by way of inclusion (subject to limited claims for confidentiality) on the website and public register of the ACCC and Tribunal.
The fact that the parties have made a notification is not publically announced at the time of filing. The Bureau maintains a publicly accessible mergers registry setting out the names of the parties to a transaction, the relevant industry code (NAICS code), and the result of the Bureau’s review (whether the Bureau issued an Advance Ruling Certificate, issued a No Action Letter, registered a Consent Agreement, or obtained a judicial decision.) The mergers registry is updated on or after the 10th calendar day of each month for merger reviews completed during the previous month.
The CPC publishes a description of the notification in the Official Gazette of the Republic and on its website, indicating the names of the participants, the nature of the concentration and the economic sectors involved. In so doing, the CPC takes into account, as far as possible, the legitimate interest of the affected undertakings in the protection of their business secrets.