This time last year, competition matters were causing
confusion across the globe. In China, implementing guidelines
for the Anti-Monopoly Law (AML) were exasperatingly short.
Lawyers were guessing as to how the laws would be
And in the UK, the government lobbied hard within the EC to
allow the merger of Lloyds TSB and HBOS. In a summer of gloomy
financial headlines, this vast diversion away from accepted
competition practice was largely ignored. Thankfully, the last
year has proved this not to be a trend.
Unfortunately, the situation is not as rectified in China.
There is concern that the newly established Anti-Monopoly
Commission may create tension between Chinese competition
authorities. When the AML was drafted, Mofcom (Ministry of
Finance) was placed in charge of merger control.
But Mofcom is now joined by the State Administration of
Industry and Commerce (SAIC) and the National Development and
Reform Commission (NDRC) in being overseen by the Anti-Monopoly
Commission. The concern is that the SAIC and the NDRC will try
to muscle in on merger control decisions now that they are bed
fellows with Mofcom.
Elsewhere in Asia, the South Korean regulator has made
noticeable amendments to its Corporate Leniency Programme and
to M&A reporting obligations. On page 42, partners from
Yoon Yang Kim Shin & Yu analyse this changing approach to
There have not been as many wholesale changes in Europe, but
the European Commission has revised its Remedies Notice.
Despite being more of a refinement than a drastic overhaul,
Herbert Smith lawyers detail the impact on page 8.
Individual European countries have seen great changes
though. Turn to page 14 to see how the French Modernisation of
the Economy (LME) has affected deals and page 56 to find out
why merger control doesn't just apply to mergers in the UK.