China’s Ministry of Commerce (MOFCOM), following six months of public comment on and consideration of Draft Regulations, has now formally promulgated new Regulations on the Investigation & Treatment of Failure to Report a Concentration of Undertakings. The new regulations will take effect as of 1 February 2012, and arm MOFCOM with clear powers to investigate and collect evidence on concentrations.
On 30 December 2011 China’s Ministry of Commerce (MOFCOM) formally promulgated new Regulations on the Investigation & Treatment of Failure to Report Concentration of Undertakings, to take effect as of 1 February 2012 (Regulations). The new Regulations arm MOFCOM with powers to investigate and collect evidence on concentrations, as well as set out the circumstances and procedures to be followed before fines and orders to unwind a concentration can be imposed. Compared with the draft Regulations, the new Regulations set out clearer, more streamlined, step-by-step procedures for MOFCOM’s investigation of a failure to properly notify and clear mergers and acquisitions and joint ventures between large undertakings. (See China’s MOFCOM Gets Tough on Merger Control? and the unofficial full translation, both available at MWE China Law Offices, for more on the Draft Regulations.
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