The aim of the protection of market competition is primarily to create benefits for consumers and equal conditions for all entrepreneurs on the market, who, acting in accordance with the existing rules and competing on the market with the quality, price and innovation of their products and services, contribute to the overall development of the economy.
Commission further cuts red tape for merging businesses
The European Commission has today adopted a package to further simplify its procedures for reviewing concentrations under the EU Merger Regulation. The package includes: (i) a revised Merger Implementing Regulation (‘Implementing Regulation’), (ii) a Notice on Simplified Procedure (‘Notice’), and (iii) a Communication on the transmission of documents (‘Communication’).
Today’s package is expected to bring significant benefits for businesses and advisers in terms of preparatory work and related costs. It aims to simplify and expand the scope of the Commission’s review process of unproblematic mergers (‘simplified cases’). It also seeks to reduce the amount of information required for notifying transactions in all cases and to optimise the transmission of documents. As such, today’s package contributes to achieving the Commission’s objective to reduce reporting requirements by 25%, as announced in its Communication on Long-term competitiveness of the EU. The new rules will be applicable as of 1 September 2023.