The Italian Competition Authority releases guidance on how it intends to apply its merger-review powers to transactions that do not meet the requisite thresholds

On December 27, 2022, the Italian Competition Authority (the “AGCM” or “Authority”) published a notice (“Notice”) setting forth procedural rules for application of Article 16, paragraph 1-bis, of Law No. 287/90 (“Italian Competition Act”), which was introduced by Article 32 Law No. 118 of August 5, 2022. In line with the provisions of article 22 of the EU merger regulation, Regulation No. 139/2004, paragraph 1-bis, the AGCM is allowed to control transactions that do not exceed national merger control thresholds, via request up to six months after the close of the transaction. There has been an increase in the number of predatory and consolidating acquisitions that, while below the threshold, are still positioned to restrict competition, particularly in the digital economy and in the