The new Article 22 EU Merger Regulation (EUMR) Guidance [1] released by the European Commission (EC) enables the EC to review any acquisition, even those that do not qualify for notification under national (or EU) merger control rules. Summary The new guidance indicates that the EC will actively monitor deal activity to identify transactions that may be candidates for an Article 22 referral. While a formal referral request should be made by a national competition authority (NCA), the EC will “encourage and accept” referrals and may proactively “invite” NCAs to make referrals, even if national merger control thresholds are not met. This is a major policy reversal, as the EC has previously always discouraged referrals of transactions from NCAs that lacked jurisdiction under their own merger
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The EU Commission releases the new Article 22 EU Merger Regulation Guidance, which creates legal uncertainty for merger control and a de facto killer acquisition review power
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