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Content last updated: 05-09-2019

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  • Merger Control Regime
  • Merger Screening
  • Merger Filing

1. Overall description of merger control regime

1.1 Supranationality

1.1.1 Is the jurisdiction a member of/party to a supranational jurisdiction?

Denmark is a member of the European Union.

1.1.2 Is the jurisdiction itself a supranational jurisdiction?

Denmark is not itself a supranational jurisdiction.

For the avoidance of doubt, it is noted that turnover allocated to the Faroe Islands and Greenland should not be included in the assessment of whether a transaction is notifiable to the Danish Competition and Consumer Authority or the European Commission. Both the Faroe Islands and Greenland have their own merger control regimes.

1.1.3 If the answer to Section 1.1.1 and/or 1.1.2 above is in the affirmative, what are the implications hereof?

Mergers falling under the jurisdiction of the European Commission pursuant to the EU Merger Regulation are exempt from notification in Denmark. In such cases, the Danish Competition and Consumer Authority is as a general rule precluded from applying the Danish merger control rules to the transaction.

This is known as the "one-stop-shop" principle.

2. Nature of merger control regime

2.1 Mandatory or voluntary

2.1.1 Is filing mandatory or voluntary?

Filing is mandatory if the thresholds described in Section 2.3.1 under the Merger Screening Schedule are exceeded.

2.2 Suspensory effect

2.2.1 Must completion of the transaction await clearance by the relevant authorities?

Completion of notifiable transactions must await clearance by the Danish Competition and Consumer Authority.

Transactions shall be notified to the Danish Competition and Consumer Authority prior to their completion and following the conclusion of the agreement, the announcement of a public bid or the acquisition of controlling interest.

1. What type of transactions are caught by the merger control regime?

1.1 Concentrations

1.1.1 Type of transactions that are caught by the merger control rules?

A transaction is caught by the merger control rules if it brings a change of control on a lasting basis resulting from:

a) the merger of two or more previously independent undertakings or parts of undertakings; or

b) the acquisition, by one or more persons already controlling at least one undertaking, or by one or more undertakings, whether by purchase of securities or assets, by contract or by any other means, of direct or indirect control of the whole or parts of one or more other undertakings.

1.2 Joint ventures

1.2.1 What types of joint ventures are caught by the merger control rules?

The creation of joint ventures performing on a lasting basis all the functions of an autonomous economic entity resulting in permanent structural market change, i.e. a so-called "full function" joint venture.

1.3 Definition of "control"

1.3.1 How are the concepts of "control" and "change of control" defined?

"Control" over an undertaking is defined as the possibility of exercising decisive influence on an undertaking by rights, contracts or any other means, either separately or in combination, having regard to the considerations of facts and law involved.

The assessment of whether there is a possibility of exercising decisive influence over an undertaking has to be decided on the facts in each case. Control can be established on either a de jure or de facto basis. De jure control is normally acquired on a legal basis by the acquisition of a majority of the voting rights or through special rights, while de facto control may be acquired by any other means, such as for example based on the size of the shareholding, the historic voting pattern at previous shareholders’ meetings and the position of other shareholders.

Only transactions that bring a lasting "change of control" to the undertakings concerned and in the structure of the market are covered by the Danish merger control rules. Thus, transactions resulting only in a temporary change of control, such as for instance a transitory transaction, are not covered.

In practice, the Danish Competition and Consumer Authority will generally apply the European Commission’s Consolidated Jurisdictional Notice for interpretation of the notion of control ("Jurisdictional Notice"):

https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2008:095:0001:0048:EN:PDF

1.4 Minority shareholdings

1.4.1 Are minority and other interests less than control caught by the merger control rules?

An acquisition of a minority interest or other interests less than control are not caught by the Danish merger control rules.

However, a minority interest entailing a possibility of exercising control over the undertaking concerned, e.g. due to veto rights related to certain strategic commercial decisions of the undertaking, will be caught by the merger control rules - regardless of whether control has actually been exercised. 

2. Establishing jurisdiction for notification of mergers

2.1 Merging parties/undertakings concerned

2.1.1 Which undertakings are considered parties to the merger ("undertakings concerned") in the various types of transactions identified under Section 1.1.1 and 1.2.1.

In a merger, the undertakings concerned are each of the merging entities.

In an acquisition of control, the undertakings concerned may vary depending on the characteristics of the transaction:

- In case of acquisition of sole control, the undertakings concerned are the acquiring undertaking consisting of all entities belonging to the same group (i.e. parent, subsidiaries, sister companies etc.) and the target undertaking (i.e. not including the seller).

In case of acquisition of joint control of a newly created joint venture, the undertakings concerned are each of the undertakings jointly acquiring control. The same applies where one undertaking contributes a pre-existing subsidiary or a business (over which it exercises sole control) to a newly created joint venture.

 In case of acquisition of joint control over a pre-existing undertaking or business, the undertakings concerned are each of the undertakings acquiring joint control and the target (the joint venture).

In case where a pre-existing, full-function joint venture acquires control over another undertaking, the undertakings concerned are the joint venture (i.e. not including the parent companies, although their turnover should be included in the turnover calculation) and the target undertaking. Where a joint venture is mere acquisition vehicle, the undertakings concerned are in such situation the parent companies to the joint venture and the target undertaking.

In case of change from joint control to sole control, the undertakings concerned are the undertaking acquiring the sole control and the target. The "existing" shareholder(s) (i.e. the seller(s)) is not considered an undertaking concerned.

2.2 Date for establishing jurisdiction

2.2.1 Which date is relevant for concluding whether the transaction is notifiable?

Whichever date is earlier of the date of conclusion (i.e. signing) of the binding legal merger agreement; the announcement of a public bid or the acquisition of a controlling interest.

2.3 General thresholds

2.3.1 Threshold(s) for when a concentration must be notified under the general merger control regime?

If either of the two alternative sets of thresholds are exceeded, the transaction will have to be notified to the Danish Competition and Consumer Authority:

The first threshold:

a) The aggregate annual turnover in Denmark of all the undertakings concerned is at least DKK 900 million; and

b) The aggregate annual turnover in Denmark of each of at least two of the undertakings concerned is at least DKK 100 million.

The second threshold:

a) The aggregate annual turnover in Denmark of at least one of the undertakings concerned is at least DKK 3.8 billion; and

b) The aggregate annual global turnover of at least one of the other undertakings concerned is at least DKK 3.8 billion.

2.3.2 For each threshold, can the threshold be triggered by only one party having local turnover?

The second threshold mentioned in Section 2.3.1 above can be triggered even if only one of the undertakings concerned has turnover in Denmark.

The sector-specific threshold relating to transactions involving public electronic communications networks (see Section 2.4.1 below) can be triggered by only one party having turnover in Denmark.

2.3.3 For each threshold, can the threshold be triggered without any party having local turnover?

No.

2.3.4 Are there any circumstances where transactions falling below these thresholds may be still investigated?

No.

2.4 Other national thresholds for ex ante merger control (e.g. sector-specific rules)

2.4.1 Relevant thresholds for sector-specific or other ex ante merger control rules?

There is a sector-specific threshold in relation to transactions involving two or more providers of public electronic communications networks in Denmark.

Such transactions must be notified to the Danish Business Authority if the aggregate annual turnover in Denmark of all the undertakings concerned is at least DKK 900 million.

See the Danish Act on Electronic Communications Networks and Services (Consolidated Act No. 128/2014:

https://www.retsinformation.dk/forms/r0710.aspx?id=161319

as amended by Act No. 741/2015):

https://www.retsinformation.dk/Forms/R0710.aspx?id=171701

2.4.2 Are any such schemes mandatory or voluntary?

If a transaction involving two or more providers of public electronic communications networks in Denmark exceeds the threshold under Section 2.4.1 above, the transaction must be notified to the Danish Business Authority. The Danish Business Authority will in such case refer the transaction to the Danish Competition and Consumer Authority for its consideration, and the undertakings concerned will have to submit a merger notification to the Danish Competition and Consumer Authority pursuant to the standard merger control procedure.

Thus, a notification to the Danish Business Authority does not replace a notification to the Danish Competition and Consumer Authority.

2.5 Foreign-to-foreign mergers

2.5.1 Do any exemptions, special thresholds etc. apply to foreign-to-foreign mergers, i.e. where none of the undertakings concerned is domiciled in the jurisdiction?

Transactions meeting the above thresholds have to be notified to the Danish Competition and Consumer Authority, regardless of whether the undertakings concerned are domiciled outside of Denmark.

3. Calculation and allocation of turnover, asset value, transaction value etc.

3.1 Relevant turnover

3.1.1 How is turnover defined (e.g. is income from other sources than "ordinary activities to be included, and how are rebates, taxes, internal turnover etc. treated)?

The relevant turnover to be taken into account is the net turnover derived from the sale of products and the provision of services falling within the undertakings' ordinary activities after deduction of value added tax and other taxes directly related to the sales.

3.1.2 Identification and link to any official rules, guidance etc. on how to calculate turnover?

The rules on calculation of turnover can be found in the Danish Competition and Consumer Authority’s Executive Order on the Calculation of Turnover in the Competition Act: https://www.en.kfst.dk/media/1366/executive-order-on-the-calculation-of-turnover-in-the-competition-act.pdf

3.2 Relevant period for calculation of turnover

3.2.1 Which financial year(s) is relevant for the calculation of turnover?

The most recent financial year for which audited annual accounts exist.

3.2.2 Should adjustments be made for e.g. divestitures, acquisitions, closings and other changes of the economic reality of the undertaking concerned made after or during the relevant financial year?

Adjustments must be made to account for permanent changes in the economic reality of the undertakings concerned, such as acquisitions or divestments, which have occurred after the date of the latest audited accounts and are thus not fully reflected in the accounts used in the calculation of turnover. Turnover stemming from such divested or acquired assets should consequently be excluded or included in the turnover calculation.

3.3 Relevant undertakings for the calculation of turnover

3.3.1 The "undertakings concerned", i.e. which parties?

See Section 2.1.1 above.

3.3.2 The undertakings whose turnover is taken into account?

See the definition of the "undertakings concerned" in Section 2.1.1 above.

3.3.3 Shall the turnover of the existing seller be included in the target's group turnover?

In general, the seller's turnover shall not be included in the target's group turnover. The only exception is when the seller post-merger will retain (joint) control with the target.

3.4 Geographical allocation of turnover

3.4.1 The principles for the geographical allocation of turnover?

In general, turnover generated from sale of products/services is allocated to Denmark if the customer was resident in Denmark at the time when the agreement was made.

For credit institutions and other financial undertakings, investment income and interests are allocated to Denmark if they are received by branch or division of the financial undertaking established in Denmark.

Note that the turnover allocation does not follow IFRS, GAAP or other accounting standards. Revenue allocated according to these standards cannot be used for an assessment under the Danish Competition Act.

3.5 Valuation and allocation of assets

3.5.1 The principles for valuation and allocation of assets?

Not applicable.

3.6 Calculation of other thresholds

3.6.1 The principles for calculation of metrics for other thresholds (e.g. transaction value, market share, share of supply etc.)?

Not applicable.

3.7 Special rules

3.7.1 Do any special rules or principles apply to the calculation, allocation etc. of turnover, assets etc. for specific undertakings (e.g. State-owned undertakings, investment funds, credit and financial institutions, insurance companies, financial holding companies, others)?

Specific rules apply to the calculation of turnover for investment funds; state-owned undertakings; financial institutions and insurance undertakings, which can be found in the Danish Competition and Consumer Authority’s Executive Order on the Calculation of Turnover in the Competition Act: https://www.en.kfst.dk/media/1366/executive-order-on-the-calculation-of-turnover-in-the-competition-act.pdf

Further guidance can also be found in the Jurisdictional Notice: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2008:095:0001:0048:EN:PDF

3.7.2 Does any exemptions apply?

Not applicable.

1. Practical information

1.1 Responsibility for filing

1.1.1 The parties responsible for filing?

In principle, all undertakings involved are responsible for filing, i.e. the merging parties in full mergers; the acquirer and the target company in acquisitions of control; and the parent companies in the formation of a full-function joint venture. This also includes the shareholders who are not involved in the present transaction, but who will maintain control over the target (the parent company of an acquirer will only be considered an undertaking concerned, if the acquiring entity is a mere acquisition vehicle).

1.2 Deadlines for filing

1.2.1 Are there any mandatory deadlines for filing, and, if so, how these are calculated?

There are no mandatory deadlines for filing.

However, a transaction meeting the above thresholds must be notified to the Danish Competition and Consumer Authority prior to its implementation and following the conclusion of the agreement, the announcement of the public bid, or the acquisition of a controlling interest.

1.2.2 Are there any sanctions for not filing within the deadlines?

Not applicable.

1.3 Early filing

1.3.1 Is it possible to file before the signing of merger agreement?

Subject to the Danish Competition and Consumer Authority's acceptance, a draft notification may be submitted where the notifying parties to the transaction demonstrate a good faith intention to conclude an agreement or, in the case of a public bid, where they have publicly announced an intention to make a bid, provided that the intended agreement or bid would result in a notifiable transaction to the Danish Competition and Consumer Authority.

However, a complete notification will only be accepted by the Danish Competition and Consumer Authority when a signed agreement or a public announcement of an intention to make a public bid is in place.

1.4 Filing fees

1.4.1 Are there any fees for filing, and, if so, please describe how such fees are calculated?

The size of the filing fees depends on whether the transaction is notified pursuant to the simplified or the standard procedure.

Simplified procedure: DKK 50,000

Standard procedure: 0.015% of the parties' combined global turnover. However, the filing fee is capped at a maximum of DKK 1.5 million.

1.4.2 When must the filing fee must be paid?

The filing fee must be paid to the Danish Competition and Consumer Authority no later than at the time for filing of the complete notification. Documentation for payment of the filing fee must be submitted together with the complete notification of the transaction.

1.5 Publicity

1.5.1 When and in which format will the authority publish receiving a notification?

The Danish Competition and Consumer Authority publishes a short non-confidential notice (press release) of the fact that it has received a notification, inviting third parties to comment on the proposed transaction. The Danish Competition and Consumer Authority may - with the parties' consent only - publish the transaction prior to complete notification.

There is generally no announcement of the commencement of pre-notification discussions. However, the Danish Competition and Consumer Authority may – with the parties' consent – publish that it has received a draft notification.

1.5.2 How will the authority in general handle the case publicly, e.g. will it usually comment in the media, send out press releases etc.?

The Danish Competition and Consumer Authority will send out the above-mentioned press release and a press release following the adoption of a decision. In general, the Danish Competition and Consumer Authority will abstain from commenting on active cases in the media.

1.5.3 Will third parties be able to review the notification?

The Danish Competition and Consumer Authority will not publish the parties' notification on its website. However, the Danish Competition and Consumer Authority may send a non-confidential version of the notification to third parties, which have been stated as the parties' main competitors, customers or suppliers, in order to ensure that they have been informed of the transaction and are given the opportunity to raise objections before it is approved.

2. Procedure and timing

2.1 Normal and simplified procedures

2.1.1. Does the regime allow for a simplified (fast track) procedure, and, if so, what are the criteria for using the simplified procedure?

The Danish Competition and Consumer Authority allows transactions to be notified pursuant to a simplified procedure in the following situations:

1. Transactions that do not involve horizontal overlaps or vertical connections between the undertakings concerned.

2. Transactions in which the undertakings concerned are active in the same market(s), i.e. horizontally overlapping, but their aggregate market share(s) does not exceed 15% in any market.

3. Transactions in which the undertakings concerned are connected vertically, but where their respective market share is below 25% in all of the connected markets.

4. Transactions in which two or more undertakings acquire joint control of a joint venture, or create a new fully-functional joint venture, with no significant activities, or projected activities, in Denmark. This is the case where (i) the total value of any transferred assets to the joint venture, or the turnover generated by any transferred assets, does not exceed DKK 100 million; or (ii) the turnover of the joint venture does not exceed DKK 100 million.

5. Change of control by which a joint venture ceases to be subject to joint control and becomes subject to the sole control of one of the undertakings that previously took part in joint control.

2.2 Procedural stages (cf. timetable below)

2.2.1 The various stages of (i) a simplified procedure and (ii) a normal procedure?

The Danish Competition and Consumer Authority insists that parties to all mergers (i.e. both following the simplified and normal procedure) engage in a pre-notification consultation. The pre-notification process is normally initiated by the submission of a draft notification.

This pre-notification period may involve, inter alia, discussions with the Danish Competition and Consumer Authority about the case and timing; submission of draft notification; requests for additional information and documents, and market investigations in more complex cases.

When the Danish Competition and Consumer Authority has accepted and declared the notification as complete, the regulatory timeframe for the case team's Phase I investigation starts.

During Phase I the Danish Competition and Consumer Authority will review the transaction to determine whether it could give rise to competition concerns (a "significant impediment to effective competition"). In merger cases notified pursuant to the standard procedure, the Danish Competition and Consumer Authority may as part of its review initiate a market test implying, inter alia, questionnaires sent to the parties' largest competitors, customers and suppliers.

At the end of Phase I, the Danish Competition and Consumer Authority will either approve the transaction (unconditionally or conditionally) or refer the case to Phase II. It is possible for the parties to offer remedies in Phase I and possibly thereby avoiding a referral to Phase II. Most transactions are cleared in Phase I.

If the Danish Competition and Consumer Authority's investigations in Phase I warrants further in-depth investigations, including assessments of any remedies proposed by the parties, and these investigations cannot be concluded in Phase I, the Danish Competition and Consumer Authority will refer the transaction to a Phase II investigation.

Usually within five days from the decision to initiate Phase II, the Danish Competition and Consumer Authority will issue a confidential so-called "Notice of Concerns" explaining in detail its preliminary concerns.

Based on its investigations, the Danish Competition and Consumer Authority will then either clear the transaction unconditionally, or the notifying parties can offer remedies meeting the concerns in order to get a conditional clearance, withdraw the notification or receive a prohibit decision.

If no decision is reached before the relevant deadlines, the merger will be deemed to have been approved.

2.2.2 Is pre-notification contact with the relevant authorities customary/obligatory/encouraged/etc.?

The Danish Competition and Consumer Authority insists that parties to all mergers (i.e. both following the simplified and standard procedure) engage in a pre-notification consultation.

2.2.3 Are there any sanctions for not filing within the deadlines?

Not applicable.

2.3 Timetable (cf. timetable below)

2.3.1 The statutory timetable/deadlines for review of a notification?

Phase 1 - Maximum of 35 working days

1. Starting from the first working day after the notification being declared complete, the Danish Competition and Consumer Authority has 25 working days to decide whether to clear the transaction in Phase I or refer the case to Phase II;

2. If the notifying parties propose remedies, this initial period is extendable by an additional 10 working days.

Phase 2 - Maximum of 130 additional working days

1. The initial Phase II period is 90 working days, which starts to run from the end of the Phase I period;

2. This period can be extended by up to 20 additional working days, if the notifying parties propose any remedies and at least 70 working days have elapsed from the decision to initiate the Phase II investigation (the extension only applies to ensure that the Danish Competition and Consumer Authority has 20 complete working days to review any proposed remedies.);

3. Furthermore, this period may be extended by up to 20 additional working days with the consent of the parties.

The maximum total review period is 165 working days (approx. 8 months) from the Danish Competition and Consumer Authority declaring the notification complete, i.e. excluding pre-notification and any suspensions of the review period.

2.3.2 Can the statutory timetable/deadlines be suspended ("stop-the-clock"), and if so under which conditions?

The Danish Competition and Consumer Authority can suspend the review periods at any time, if it determines that the parties have not responded to a request for information within a reasonable time.

2.3.3 If pre-notification with the relevant authorities contact is possible/customary, how long will the duration of such contact usually be?

There is no set period for pre-notification, but for very simple cases it can be as short as 1-2 weeks, while for complex cases it can be several months.

3. Format and content of notification

3.1 Notification forms

3.1.1 Must the notifying parties use any mandatory notification forms, e.g. for simplified and normal procedures, and, if relevant, add a link to the relevant forms?

The Danish Competition and Consumer Authority has on its website published notification templates in Danish for respectively standard notifications (Appendix 1) and simplified notifications (Appendix 2).

The templates can be found here on the Danish Competition and Consumer Authority's website: 

https://www.kfst.dk/konkurrenceforhold/vejledninger/

The Executive Order No. 1005 of 15 August 2013 on merger notifications does not explicitly stipulate whether it is obligatory to use the exact forms but only that notifications must include all information requested in Appendix 1 or 2. In practice, the notification templates published by the Danish Competition and Consumer Authority are used.


3.2 Supporting documentation

3.2.1 List of the supporting documentation which must as a minimum be submitted along with the notification?

Cf. checklist below.

3.3 Originals, legalization and apostillation (cf. checklist below)

3.3.1 List of all documents which must be submitted in original/legalized versions and whether any documents must be apostilled?

Not applicable.

3.3.2 If the merger regime has a mandatory filing deadline, must all the documents identified under Section 3.3.1 be submitted within this deadline?

Not applicable.

3.4 Language

3.4.1 Which languages may be used for drafting and filing a notification?

The notification shall as a main rule be submitted in Danish, but the Danish Competition and Consumer Authority can (and often does) accept notifications in English. The Danish Competition and Consumer Authority may request that supporting documents not prepared in Danish are submitted with convenience translations of the relevant sections or even the complete document. However, the Danish Competition and Consumer Authority will most often accept documents prepared in English.

3.4.2 Does translations have to be certified/legalized and apostilled?

Not applicable.

Statutory timetable

Step Description Time
1

Pre-notification

The Danish Competition and Consumer Authority insists that parties to all mergers (i.e. both following the simplified and normal procedure) engage in a pre-notification consultation. The pre-notification process is normally initiated by the submission of a draft notification.

This pre-notification period may involve, inter alia, discussions with the Danish Competition and Consumer Authority about the case and timing; submission of draft notification; requests for additional information and documents, and market investigations in more complex cases.

There is no set period for pre-notification, but for very simple cases it can be as short as 1-2 weeks, while for complex cases it can be several months.

2

Phase I

When the Danish Competition and Consumer Authority has accepted and declared the notification as complete, the regulatory timeframe for the case team's Phase I investigation starts.

During Phase I the Danish Competition and Consumer Authority will review the transaction to determine whether it could give rise to competition concerns (a "significant impediment to effective competition"). In merger cases notified pursuant to the standard procedure, the Danish Competition and Consumer Authority may as part of its review initiate a market test implying, inter alia, questionnaires sent to the parties' largest competitors, customers and suppliers. 

At the end of Phase I, the Danish Competition and Consumer Authority will either approve the transaction (unconditionally or conditionally) or refer the case to Phase II. It is possible for the parties to offer remedies in Phase I and possibly thereby avoiding a referral to Phase II. Most transactions are cleared in Phase I.

If the Danish Competition and Consumer Authority's investigations in Phase I warrants further in-depth investigations, including assessments of any remedies proposed by the parties, and these investigations cannot be concluded in Phase I, the Danish Competition and Consumer Authority will refer the transaction to a Phase II investigation.


Phase 1 - Maximum of 35 working days

  1. Starting from the first working day after the notification being declared complete, the Danish Competition and Consumer Authority has 25 working days to decide whether to clear the transaction in Phase I or refer the case to Phase II;
  2. If the notifying parties propose remedies, this initial period is extendable by an additional 10 working days.

Please be aware that "stop-the-clock" is possible (cf. 2.3.2 above).

3

Phase II

Usually within five days from the decision to initiate Phase II, the Danish Competition and Consumer Authority will issue a confidential so-called "Notice of Concerns" explaining in detail its preliminary concerns.

Based on its investigations, the Danish Competition and Consumer Authority will then either clear the transaction unconditionally, or the notifying parties can offer remedies meeting the concerns in order to get a conditional clearance, withdraw the notification or receive a prohibit decision.

If no decision is reached before the relevant deadlines, the merger will be deemed to have been approved.

Phase 2 - Maximum of 130 additional working days

  1. The initial Phase II period is 90 working days, which starts to run from the end of the Phase I period;
  2. This period can be extended by up to 20 additional working days, if the notifying parties propose any remedies and at least 70 working days have elapsed from the decision to initiate the Phase II investigation (the extension only applies to ensure that the Danish Competition and Consumer Authority has 20 complete working days to review any proposed remedies.);
  3. Furthermore, this period may be extended by up to 20 additional working days with the consent of the parties.

Please be aware that "stop-the-clock" is possible (cf. 2.3.2 above).

  • Step 1 1
  • Step 2 2
  • Step 3 3
  • Not defined
  • 25 + 10 days
  • 90 + 20 + 20 days

Checklist

List of the supporting documentation which must as a minimum be submitted along with the notification.

Supporting documentation

This content was delivered
and last updated on 05-09-2019 by
Contact Person
Daniel Barry, Partner, Head of EU and Competition Law
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