The European Commission (EC) has published guidance on its new policy to encourage and accept referral requests from Member States under Article 22 of the EU Merger Regulation (EUMR) even where transactions do not meet the national merger control thresholds of the referring Member States (see here our previous article on when the EC announced this change in policy). The EC considers that this change of approach is needed in light of the gradual increase of transactions involving low-turnover firms that play (or may develop into playing) a significant competitive role. Despite a strong focus on the digital and pharma sectors, the EC’s change in practice will impact businesses doing M&A across many sectors. Indeed, the guidance notes that Article 22 EUMR has allowed the EC to
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The EU Commission publishes guidance on its broadened Member State referral system
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