Use of ICN Merger Materials in preparation of new merger regime 6 th ICN Annual Conference

Use of ICN Merger Materials in preparation

of new merger regime

6th ICN Annual Conference1 June 2007

ICN Merger Materials Consulted

• Guiding Principles for Merger Notification and Review Procedures

• Recommended Practices for Merger Notification Procedures

• Merger Notification and Procedures Template• Merger Notification Filing Fees • ICN Merger Guidelines Workbook• Merger Remedies Review Project

Process & Key Considerations

• Public consultation• Small Open Economy• Minimisation of regulatory and business compliance

costs• Transparency

Key Features of Singapore’sMerger regime

• Voluntary notification system• Non-suspensive regime

− Proceed at own risk pending review− Interim directions

• Indicative Thresholds for Notification− Merged entity with 40% market share or more; OR− Merged entity with market share between 20 and

40% and CR3 ≥70%• Timing of Notification

− Merger no longer confidential− Confidential pre-notification discussions

Key Features of Singapore’sMerger regime

• Review Periods− Phase 1: 30 working days− Phase 2: 120 working days

• Requirements of Notification− Joint notification encouraged but not required− Abbreviated form for Phase 1 review− Discretionary waiver − Discretionary supplementation

• Confidentiality safeguards− Submission of public version

Key Features of Singapore’sMerger regime

• Role of third parties− Comments within 10 working days− Public version of submissions

• Procedural Fairness− Written notice of proposed decision / direction− Opportunity to inspect file and make representations− Right of appeal

• Commitments and Remedies• Transparency