Is there a public announcement that a notification has been filed?
Merger Control (2nd Edition)
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.
The ICA generally publishes a notice on its website providing a short description of the parties, the concentration and the relevant market(s) involved. The parties may submit a reasoned confidentiality request asking the ICA not to publicly disclose the above notice.
Under the HSR Act, all information about the filing, including the fact of the filing itself, is kept confidential (except in limited instances of an administrative or judicial proceeding or by request of Congress). The only exception is grants of early termination. In these instances, the contents of the filings and the supporting documentation remain confidential and only the identity of the filing parties, the date of the grant of early termination, and the assigned transaction number are published in the Federal Register and on the FTC’s web site.
The FCO regularly publishes all ongoing merger proceedings on its website.
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 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 branch(es).
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.
No, there is no public announcement that a notification has been filed. However, the resolution initiating the FNE’s investigation as well as the FNE’s decision is published on its website.
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. The CPC takes into account, as far as possible, the legitimate interest of the affected undertakings in the protection of their business secrets.
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 Commission publishes a brief summary of all notifications in the Official Journal of the EU. This summary includes the names of the undertakings concerned, their country of origin, the nature of the concentration and the economic sectors involved the date upon which the notification was received by the Commission. The summary of the notification shall normally not contain business secrets.
Pre-notification contacts are confidential. It is only once the formal filing is made, that the FCA publishes a notice on its website with the summary of the transaction, the names of the parties and the markets involved.
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.
Yes, receipt of the filing will be published on the NCAs webpage. The publication contains a brief description of the parties and the markets. This may take place the same day as notification or a few days later. The purpose is to gather responses from third parties as a form of hearing procedure. Note that third parties can request access to a copy of the non-confidential version of the notification.
The Competition Council may publish on its website and/or in the press an announcement that a notification has been filed, announcement which includes the name of the concerned parties, their country of origin, the nature of the concentration, the areas of activity of the concerned parties and the notification’s filing date. Such announcement usually contains the short non-confidential summary of the concentration which is provided by the notifying party/parties in the introductive part of the notification form. Additions or modifications of the information regarding the concentration may also be published. The Competition Council must take into account the legitimate interest of the undertakings in the protection of business secrets and other confidential information. The notifying party/parties may request, based on well-founded grounds, that no announcement be published until the adoption of the decision. In any case, such request would be refused when the complexity of the case and the anticipated effects on competition determines the Competition Council to seek for observations from third parties.
KN: The fact of filing of the notification is not made publically available in transactions which have no effect on the local market and are going through Phase I review. The Commission publishes on its website only the clearance decision (including the reasoning) after the Phase I review has finished.
Opening of Phase II is publically announced at the Competition Commission’s website with an invitation to market participants to provide information they deem relevant or important.
The Commission, which is the decision maker in terms of intermediate mergers, is required by law to publish, in the Government Gazette, reasons for the prohibition or conditional approval of mergers. Information is also made publicly available on the Commission’s website in respect of mergers that have been notified to the Commission. In addition, the Commission publishes media statements in respect of significant decisions – these often summarise the Commission’s reasons for its decision (in the case of intermediate mergers) or the basis for the recommendation to the Tribunal (in the case of large mergers).
The Tribunal generally publishes its full reasons for approving or disallowing a merger in any given case. To the extent that information in respect of which confidentiality has been claimed s contained in the reasons, a non-confidential version is prepared for public consumption.
The Commission and the Tribunal both operate information websites which can be found at www.compcom.co.za (Commission) and www.comptrib.co.za (Tribunal).
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 Law No.4054, 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.
The Brazilian legal system demands that, apart from confidential information, all documents and acts enacted by government agencies shall be public. With that in mind, usually the parties file a notification at CADE in 2 separate documents: a complete document, containing all the mandatory data for CADE’s analysis, and a second version of the same notification, “for the public eyes”, which does not contain sensitive information, requesting that only the public version be publicized.