The Federal Competition and Consumer Protection Commission, FCCPC have issued the Merger Review Regulations (MRR) 2020 with ancillary instruments.
A statement, signed by the Executive Vice Chairman and Chief Executive of the Commission, Babatunde Irukera, said the Regulations establish a composite framework for the application of rules with respect to notification and review of mergers under Part XII of the Federal Competition and Consumer Protection Act 2018.
In addition to the Merger Review Regulations, the ancillary instruments that have also been issued include the Merger Review Guidelines (MRG) 2020 which provide guidance framework for the procedural and substantive review of notified mergers as well as ‘Notice of Merger Form with Guidance Notes’ that explain filing requirements for notifications.
Other ancillary documents are ‘Notice of Merger Form for the Simplified Procedure,’ ‘Negative Clearance Form to seek clearance for transactions where parties are uncertain about the applicability of the full review jurisdiction of the Commission,’ ‘Guidance Notes about gun jumping and measures to uphold standstill obligations,’ ‘Notice in respect of Indicative Timeframes for Merger Notification and Review Process,’ ‘Templates for Waiver of Confidentiality and eliciting contact information,’ and ‘Model Power of Attorney.’
The Executive Vice Chairman who is the Chief Executive of the Commission said the Commission’s previous Guidelines on Simplified Process for Foreign-to-Foreign Mergers with Nigerian Component is now replaced by the new Merger Review Framework.
‘The Commission expresses its gratitude to all stakeholders for their valuable contributions during the process of consultation,’ he said, adding that as a first step towards implementation, the Commission would convey a virtual Stakeholders’ Seminar in conjunction with the World Bank Group to sensitize and educate the public on the provisions of MRR 2020 and ancillary instruments. The virtual Seminar will also include participation from other competition authorities.
‘The Commission invites all stakeholders, including businesses, legal & financial advisers, as well as other regulators to the virtual seminar scheduled to take place at 2:00pm on Thursday, December 10, 2020,’ he added.