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Lawyers have welcomed certain changes made in the final version of the notification requirements on mergers but are disappointed at its lack of detail.
The new rules contain five articles, which is far less than the 19-article draft. According to the Kirstie Nicholson, Of counsel at Lovells, all of the provisions that contained further details about the practicalities on the notification process have been removed from the draft. The new rules now provide less guidance on filing process, she said.
But increasing the turnover thresholds is seen as a positive sign, as has the removal of the market share based thresholds. Nicholson welcomes that the Anti-monopoly Enforcement Agency retains the power to review transactions even when turnover thresholds are not met. Uncertainty remains in the area of under what circumstances such power will be exercised.
However questions marks still remain over several ambiguous definitions in the draft which is one of the areas that lawyers have been hoping to see more clarification.