Newsletter
TFTC Launches Online Query Service for Merger Filings to Accommodate Convenient and Transparent Case Status Inquiries
The Taiwan Fair Trade Commission ( "TFTC") announced in its news release dated June 28, 2021 that it is launching an online query service for merger filings on July 1, 2021 to allow notifying parties of merger filings to obtain updates on the review status of their filings. The new service allows notifying parties that have submitted their merger filings via the TFTC's online filing system to keep track of the review status of their filings through such online query tool. Meanwhile, notifying parties that have submitted their merger filings without using the online filing system can still apply for access to the new online query service with the TFTC and then use the ID numbers and passwords granted thereby to make inquiries about the review status of their filings. This newly established online query service aims to ensure a more open and transparent administrative process of merger review and to make the filing procedure more streamlined and accommodating to the notifying parties.
The TFTC further explained that the review process for merger filings is rather complex. The overall economic benefits of the proposed transactions and the restriction on market competition that could potentially arise therefrom must be subject to a comprehensive assessment pursuant to Paragraph 1, Article 13 of the Taiwan Fair Trade Act. The merger review also involves stringent examinations of all the relevant documents as required by the laws, consultation with relevant stakeholders, considerations as whether to extend or shorten the waiting period, and decisions on whether the merger clearance shall be granted unconditionally or with certain conditions or remedies imposed on the participating parties. For the enterprises participating in a merger, the consummation of the merger may have significant implication on their investment or financial planning strategies; therefore, keeping a close eye on the review progress and ensuring the clearance to be granted timely are instrumental to their businesses.
Other than launching the online query service, based on the announcements of proposed amendments to relevant regulations posted by the TFTC on its official website for public comments, as well as the minutes of the TFTC Commissioners’ meetings , the TFTC’s continuous efforts of revamping its merger control regime includes revising the Directions for Enterprises Filing for Merger and the Merger Notification Form, offering pre-filing consultations to potential notifying parties of merger filings, repealing the Taiwan Fair Trade Commission Disposal Directions (Guidelines) on Extraterritorial Mergers and concurrently amending the Taiwan Fair Trade Commission Disposal Directions (Guidelines) on Handling Merger Filings.
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