On 26 March 2021, the European Commission (“Commission”) has, without any public consultation, published its new guidance on accepting merger referrals from Member States under Article 22 of the European Merger Regulation (“EUMR”), which it had announced last year. This document (the “Guidance”) seeks to provide more clarity as to Brussels’ new-found love for accepting referral requests even when requesting Member States do not have jurisdiction for merger review under their national laws. However, practitioners and companies who were hoping to see bright line rules will be left disappointed. While the Guidance does provide for a rough framework of what to expect going forward, there is no commitment to any clear safe-harbour or limitation period rules, impacting deal timetables and
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The EU Commission revamps its approach to Member State referrals as set out in article 22 of the Merger Regulation
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