On 12 November 2015 the draft law reforming merger review passed the 1st reading in the Parliament. 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 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;
* important: reportedly, this test is not finally shaped and the proposed plan for the 2nd reading is to link the local turnover to the target
- elimination of the market share-based notifiability test as 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:
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- 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.
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