The Federal Competition and Consumer Protection Commission has issued the Merger Review Regulations (MRR) 2020 with ancillary instruments.
The Merger Review Regulations 2020 establishes 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.
According to Mr. Babatunde Irukera, Executive Vice Chairman/ CEO of the Commission said, in addition to the Merger Review Regulations, 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 and notice of Merger Form (Form 1) with Guidance Notes that explain filing requirements for notifications.
Irukera stated that others are notice of Merger Form for the Simplified Procedure (Form 2), negative Clearance Form to seek clearance for transactions where parties are uncertain about the applicability of the full review jurisdiction of the Commission; 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.
He said, “Consequently, the Commission’s previous Guidelines on Simplified Process for Foreign-to-Foreign Mergers with Nigerian Component are now replaced by the new Merger Review Framework.
The Commission expresses its gratitude to all stakeholders for their valuable contributions during the process of consultation. Irukera said.