Mergers & Acquisitions | |
Mergers & Acquisitions | |
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Thursday, May 30, 2019 / 05:59PM / By
Deloitte Nigeria / Header Image Credit: King & Wood Mallesons
Pursuant to the Federal Competition and Consumer
Protection Act (FCCPA), which was signed into law on 30 January 2019, the
Securities and Exchange Commission (SEC) and Federal Competition and Consumer
Protection Commission (FCCPC) recently issued joint guidance on submission of
notifications for proposed mergers, acquisitions and other business combination
notifications (the Guidance).
FCCPC, which replaced the Consumer Protection
Council, is saddled with the responsibility of reviewing all mergers and
business combinations in order to ensure that they do not impede or distort the
market. Prior to the creation of FCCPC, the responsibility to review these
transactions rested with SEC, but was removed by FCCPA.
The FCCPA mandated FCCPC (to the exclusion of SEC)
to set, publish and gazette thresholds applicable to all mergers and
combinations, regardless of the size of the transaction i.e. whether large,
medium or small. This new responsibility of FCCPC does not however abrogate the
powers of SEC to regulate transactions involving public companies.
In a bid to address the issues emanating from the
transition from SEC to FCCPC regime, SEC and FCCPC issued the Guidance to
ensure seamless and continuous commercial transactions and market operations.
Based on the Guidance, which became effective on 3 May 2019 (and is applicable
until further notice/directive):
We will continue to monitor developments in this
space and update you as further information become available.
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