Puoi ritrovare quest'articolo alla pagina: http://www.newsfood.com/q/46260/i/
Usa
Condividi
Commenta 
Tough competition laws are being introduced in China
Eversheds comments on Anti-Monopoly Law and its impact on Chinese M&A
"The touchstone will be whether M&A will constrain or inhibit competition, which is a new legal standard"
© CONCADELACHI.com - 27/07/2008
Tough competition laws which could potentially delay or even prevent cross-boarder mergers and acquisitions from taking place are being introduced in China this week.
Andrew Halper, head of the China Business group at Eversheds, comments on the Anti-Monopoly Law ('AML').
"The primary legislative restraints on M&A have been in effect in China since late 2006 with the promulgation of the M&A rules, but what is new about the AML is that merger activity is now going to be explicitly subject to administrative review and control on an anti-monopoly basis. The touchstone will be whether M&A will constrain or inhibit competition, which is a new legal standard.
The People's Republic of China authorities set notification standards in the 2006 M&A rules and have added clarity with the AML: (1) where aggregate global turnover of all business operators to the concentration for the preceding financial year are greater than RMB 10 billion, and turnover of at least two of them were in excess of RMB 400 million; or (2) aggregate turnover in China of all business operators is in excess of RMB 2 billion and at least two of them in excess of RMB 400 million.
"The notification standard rules have deleted provisions on market share standard, however this is more than likely to be because market share is difficult to determine. Even where concentration does not reach notification standards set out above, the Enforcement Authority may investigate where the concentration may eliminate or restrict competition. It is important to note that some confusion remains in terms of the exercise of Enforcement Authority, with no clear winner as between contending agencies (MOFCOM, SAIC and NDRC) although the State Council Anti-Trust Commission will be expected to try to rein in these competing agencies."
