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FCCPC amends merger review regulation

31545384 – rules regulations meaning protocol guideline and procedures

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 amended Regulations were entered into the Federal Government Gazette (No. 129, Vol. 108) on August 6, 2021, and the implementation is with immediate effect.

The Commission said the review is pursuant to sections 17, 18, & 163 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.

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 Executive Vice Chairman/Chief Executive of the Commission, Babatunde Irukera, in a statement on Monday, said 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 reduce applicable fees and clarify 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.” 

As a result, he said the Commission intends to continue monitoring, and offering timely responses to emerging trends or practices, while urging appropriate feedback from relevant persons to ensure a vibrant, balanced, attractive and competitive mergers and acquisition regime and landscape for Nigeria. 

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.

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