THE BRICS COMPETITION AUTHORITIES HELD THE FIRST AD-HOC WORKING GROUP TO DISCUSS DRAFT MODEL RECOMMENDATIONS ON WAIVERS

On September 29, the experts of the BRICS Competition Authorities discussed the draft text of the Model Recommendations on the application of waiver while considering global mergers and acquisitions.

The purpose of the ad-hoc working group is to converge the practices used in the BRICS countries while reviewing global M&As by comparing the relevant provisions of the legislation, as well as the features of the application of the waiver in their countries.

Up to date, the BRICS Competition Authorities have a wide experience in consulting each other on the basis of waiver while considering global transactions. The mergers considered by the antimonopoly authorities were conducted with main sectors of the economy, such as medicine, agriculture, railway and aviation industries, etc.  

The draft of Model Recommendations was developed on the basis of the FAS Russia Presidium Recommendations on the application of a waiver of confidentiality in the process of considering global mergers and acquisitions (http://en.fas.gov.ru/documents/documentdetails.html?id=15356) and Model Recommendations on the application of a waiver of confidentiality in the process of considering global mergers and acquisitions by the CIS members (http://en.fas.gov.ru/documents/documentdetails.html?id=15357).

The documents is planned to be adopted in 2021.