European Union: Adopted Implementing Regulation (EU) 2023/914, which implements Council Regulation (EC) 139/2004 on the control of concentrations between undertakings

On 20 April 2023, the European Commission adopted the Implementing Regulation (EU) 2023/914, which implements Council Regulation (EC) 139/2004 on the control of concentrations between undertakings, repealing and replacing European Commission Regulation (EC) 802/2004. The Regulation will come into force on 1 September 2023. It provides procedural rules for assessing mergers and acquisitions within the European Union to ensure they do not significantly impede competition in the internal market. It establishes mechanisms for notifying, examining, and clearing concentrations, with specific guidelines on pre-notification consultations, submission of detailed notifications, and timelines for assessments. Companies involved in a concentration exceeding specified financial thresholds must notify the European Commission before proceeding with the merger or acquisition. The Commission will then evaluate whether the transaction could lead to a dominant position that harms competition, with the authority to approve, block, or propose remedies for transactions.