SWEDEN Law and Practice Contributed by: Marcus Glader, Sebastian Örndahl, Noelia Martinez and Dagne Sabockis, Vinge
supporting documents (such as market studies) may have to be provided. Internal documents are formally required in all cases giving rise to horizontal overlaps or vertical relationships. The SCA does not require a power of attorney. The notification must be submitted in Swedish. The documents attached to the notification, such as the transaction documents and financial statements, can be submitted in English. There are no other specific requirements for the sub - mission of documents. The SCA does not, for exam - ple, generally require certifications, notarisations or apostilles. 3.6 Penalties/Consequences of Incomplete or Inaccurate Notification If the notification is deemed incomplete, the SCA will not start the clock until all the required information is provided by the parties. The SCA also has the author - ity to stop the clock during the investigation if the par - ties have provided incomplete information. If the notification contains incorrect or misleading information, the SCA can also stop the clock, extend the review period (as it recently did in the Hypergene / Stratsys transaction) and/or require that the parties provide correct information under penalty of a fine. The review period starts to run again when the correct information has been provided. As of 1 August 2026, parties to a concentration may be fined if they, intentionally or negligently, provide incorrect, incomplete or misleading information, or if they fail to comply with information requests, during a review of a concentration. 3.7 Review Process There are two formal phases of the review process: • Phase I review – The SCA conducts the initial assessment of the notified transaction. It examines whether it raises any competition concerns that warrant further investigation. The deadline for a decision in Phase I is 25 business days from the date of formal notification. It can be prolonged to
35 business days if the parties submit commit - ments to the SCA. • Phase II review – If the SCA identifies potential competition concerns, it conducts a more in-depth investigation of the transaction’s impact on com - petition. The deadline for a decision in Phase II is 3 months from the date the SCA decides to initiate this phase. This period can be extended by up to one month at a time if the parties agree or if special circumstances justify an extension. As of 1 August 2026, the deadline for the SCA to issue a decision in Phase II will be 90 business days from the SCA’s decision to initiate Phase II. The Phase II period will be extendable by up to 25 business days at a time. The overall timeline for clearance depends on the complexity of the case and the findings during each phase of the review process. It can range from less than one month from notification for simplified cases, to around four to five months for more complex cases. Please refer to 3.8 Pre-Notification Discussions With Authorities for discussion of pre-notification contacts. 3.8 Pre-Notification Discussions With Authorities The SCA encourages the parties to engage in pre- notification discussions to seek guidance on the infor - mation required for the notification and clarify any pro - cedural aspects. The duration of the pre-notification phase can vary depending on the complexity of the merger and the level of interaction between the parties and the authority. It typically lasts a few weeks to one or two months. 3.9 Requests for Information During the Review Process Requests for information (RFIs) are quite common, especially in cases where the authority needs addi - tional data to assess the competitive impact of the transaction. Even in straightforward cases, the author - ity may issue at least one RFI to clarify aspects of the notification or to request supporting documents. The burden of responding to RFIs can vary signifi - cantly. In simple cases, the requests may be limited
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