FCCPC Amends Merger Law, Reduce Application Fees For Businesses
The Federal Competition and Consumer Protection Commission (FCCPC) has issued 2021 Merger Review (Amended) Regulations, to govern the notification and review of mergers under Part XII of the Federal Competition and Consumer Protection Act.
According to a statement issued by the commission’s Executive Vice Chairman, Babatunde Irukera, the amendment largely involves a reduction in applicable fees and clarifications on certain considerations in determining applicable turnover in foreign-to-foreign business combinations and investments by Private Investments Entities.
The statement said, “Pursuant to sections 17, 18, & 163 of the Federal Competition and Consumer Protection Act 2018, the Federal Competition and Consumer Protection Commission 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.”
The commission noted that the modifications contained in the amended regulations were in response to close monitoring of the operational realities of the 2020 Regulations and feedback from the market, professional advisors and related associations.
It added that it intended to continue monitoring, and responding to emerging trends or practices, as well as appropriate feedback from relevant persons.
The statement further disclosed that the amended regulations was entered into the Federal Government Gazette (No. 129, Vol. 108) on August 6 and the implementation was immediate.