Ley del Sistema Venezolano para la Calidad · Ley para el Control de los Ley Antimonopolio, Antioligopolio Y La Competencia Desleal. Competition is more commonly known as the ‘Ley Anti-Monopolio’. The new legislation applies to all companies carrying out activities in. Venezuela, including. Editorial Jurídica Venezolana, Caracas, p 15 Guerra VH, Escovar R () FUNEDA, Caracas, p83 Hernández JI () Comentarios a la Ley Antimonopolio.
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Under the Competition Law filing with the Superintendency is voluntary. You can help adding them by using this form. What weight, based on your experience, does the authority give to the information provided? However, prior notification does not prevent consummation of the transaction.
Legislation Venezuela (Lexadin)
The review process, confidentiality and the role or influence of third parties The Venezuelan competition rules on mergers are contained in: In one specific case, the Leyy prohibited a transaction without horizontal or vertical overlaps, and no dominant position was created however, it was a particular case and the precedent has not been used in other cases. It is always up to the parties to decide whether to file a voluntary notification.
Pre-notifications meetings are not common. However, there are no penalties applicable to Conatel or the Superintendency for exceeding such terms.
When requesting a correction, please mention this item’s handle: Any transaction may be reviewed by the Superintendency, even conglomerate transactions. If local issues arise from a foreign-to-foreign merger, a solution may be to submit the transaction to the Superintendency for prior review to determine whether the transaction can be considered anti-competitive.
Are there safe harbours and what are they? It is possible to file a request for guidance on notifications requirements to the legal department of the Superintendency.
Venezuela: la ley antimonopolio – CNN Video
If a transaction is not notified, the Superintendency may open an investigation after the closing if it deems that such transaction may affect competition in Venezuela. You are currently accessing Latin Lawyer via your firmwide account.
Courts may review the substance of the merger analysis, including whether a rejection of remedies offered by the parties was correct. Explain whether these acquisitions must be notified at time of acquisition or before actual antiomnopolio or conversion.
Otherwise, the approval is considered denied. Conversely, any operation that does not meet the threshold may not be subject to review by anhimonopolio Superintendency.
Are there agreements in place to exchange information with foreign competition authorities?
What are the investigative powers of the authority? Previous Next Back to top Back to question list. However, after closing, the Superintendency may open ex officio or at the request of third parties an investigation to determine whether a merger thata was not notified may have restrictive effects on competition. The Venezuelan Capital Markets Law provides that any person intending to commence a tender offer antimonopooio a listed company shall notify its intention to the Venezuelan Securities Authority.
If the transaction is voluntarily notified and approved, third parties may not request the opening of an ex-post investigation on such transaction. Is there a triggering event that requires a filing to be made within a specified period? We have no references for this item. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.
In this case, the Superintendency must notify the parties, which have 15 business days which may be extended for 15 additional days to present evidence and arguments. Some of the most important are: Is there a pre-notification requirement or custom whereby a draft notification is submitted first to the authority for comments and questions to be addressed before formal notification is made?
Venezuela: la ley antimonopolio
Recently during the past five years the Superintendency has only prohibited one transaction: Such information includes identification of the parties and its subsidiaries and affiliates, identification of directors and managers of such entities, details of the transaction including financial and economic aspectsdetails of the markets in which the parties are competitors and market access, information about the products and industrial processes involved prices, raw materialsinformation on market shares, barriers to entry and form of competition.
Are there special rules applicable for public takeover sntimonopolio, private equity transactions or for corporate restructuring under bankruptcy procedures?
The notification and its contents lej normally not publicised. What is the timeline for review and clearance? There must be a local nexus, such as presence as a branch office or subsidiary or assets in Venezuela for the merger control regime to apply. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: In what conditions must transactions between foreign companies be notified?
In its decision, the Superintendency confirmed the transaction but imposed certain obligations on Coca-Cola. What sanctions can be imposed and on whom? When must notification be made with respect to acquisitions of convertible non-voting securities or options? What type of transactions qualify? Regardless of the circumstances, the threshold is relatively low and there is no existing jurisprudence concerning cases in which the Superintendency has initiated a review of transactions which fall below the threshold.
Any affected party may appeal against a antimonopooio before the administrative courts within 45 days from the rendering of such a decision. The parties are bound by the Superintendency’s decision. Normally the opinions and information from government authorities are crucial for the evaluation.
When must notification be made?
Under the Venezuelan Competition Law, filing is not mandatory. Briefly highlight any notable merger control decisions rendered over the past 12 months.