The Federal Competition and Consumer Protection Commission, November 23, 2020, issued the Merger Review Regulations (MRR) 2020 with its accompanying ancillary instruments. 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 MRR, the ancillary instruments that have also been issued include, the Merger Review Guidelines (MRG) 2020 that provide guidance framework for the procedural and substantive review of notified mergers; Notice of Merger Form (Form 1) with Guidance Notes that explain filing requirements for notifications; Notice of Merger Form for the Simplified Procedure (Form 2) and the Negative Clearance Form to seek clearance for transactions where parties are uncertain about the applicability of the full review jurisdiction of the Commission.
Others include the 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.
Consequently, 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 expressed its gratitude to all stakeholders for their valuable contributions during the process of consultation.
Meanwhile as an initial step towards its implementation, the Commission said it is convening a virtual Stakeholders’ Seminar in conjunction with the World Bank Group to sensitise and educate the public on the provisions of MRR 2020 and ancillary instruments. The virtual seminar will also include participation from other competition authorities across.