The Federal Competition and Consumer Protection Commission has amended the merger review regulations (FCCPC).
According to a statement issued by the Executive Vice Chairman/ Chief Executive, Babatunde Irukera, the amendments are in response to feedback from the market, professional advisors and related associations. Read the statement below:
Pursuant to sections 17, 18, & 163 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a Merger Review (Amended) Regulations, 2021, to govern the notification and review of mergers under Part XII of the FCCPA.
The Regulations amend the FCCPC Merger Review Regulations 2020 and modify applicable fees for notifications under Schedule 1 of the Regulations.
The amended Regulations by a renewed matrix and combination of factors generally reduces applicable fees and clarifies certain considerations in determining applicable turnover in foreign-to-foreign business combinations and investments by Private Investments Entities.
These modifications were largely in response to close monitoring of the operational realities of the 2020 Regulations and feedback from the market, professional advisors and related associations. The Commission intends to continue monitoring, and timely responsiveness to emerging trends or practices, as well as appropriate feedback from relevant persons in a desire and bid to ensure a vibrant, balanced, attractive and competitive mergers and acquisition regime and landscape for Nigeria. As such, the Commission appreciates the feedback and welcomes the continuing engagement accordingly.
The amended Regulations was entered into the Federal Government Gazette (No. 129, Vol. 108) on the 6th day of August 2021 and the implementation is with immediate effect.
The amended and now prevailing Regulations (and Regulations, Guidelines and Guidance materials) in addition to being available for purchase from the Gazette Office is also available on the Commissions website at www.fccpc.gov.ng.