CHILE Law and Practice Contributed by: Francisca Levin, Benjamín Torres, María Paz Dulanto and Antonia Silva, Cuatrecasas
However, the FNE reserves the right to require docu - ments to be filed in their original language together with the corresponding translation. Waiver Requests Notifying parties may request to be exempted from providing certain information when such information is not reasonably available for the notifying parties, whether completely or partially, or is not necessary, relevant or pertinent for the FNE’s analysis of the transaction. Such requests must be specific, be made prior to the filing and set out the reasons and/or circumstances underlying the request. 3.6 Penalties/Consequences of Incomplete or From the date of filing, the FNE has ten business days to decide whether the notification is complete or additional information is required. If the notification is deemed complete, the FNE will open an investiga - tion and Phase I starts. If the notification is deemed incomplete, the FNE will issue a notice of incompleteness, requiring the parties to supplement or clarify the information provided in the filing. The notifying parties will be given ten busi - ness days to complement or clarify as requested by the FNE. Inaccurate Notification Incomplete Notification While a notice of incompleteness does not, by itself, trigger a fine or sanction, it delays the start of the merger review process because Phase I will not for - mally begin until the FNE declares the filing complete. Inaccurate or Misleading Information in the Notification If the FNE finds that the parties provided false infor - mation in the notification – which, according to the TDLC’s interpretation, includes concealing information the parties held at filing – the consequences may be more serious. Under TDLC precedent and the FNE’s consistent approach, a notifying party that declares it lacks documents required by the Merger Regula - tion when it in fact holds them may be found to have engaged in the infringement of notifying a concentra -
tion while providing false information, under Article 3 bis(e) of DL 211. This procedural infringement is sub - ject to the general fine regime for antitrust violations in DL 211, as well as other measures. Penalties Imposed for Providing False Information in the Notification The FNE has filed two complaints before the TDLC for the provision of false information in merger filings: (i) against TWDC Enterprises 18 Corp (Disney) in 2020 in its concentration with 21st Century Fox, and (ii) against Cadena Comercial Andina (CCA) in 2022 in its acquisition of OK Market. In both cases, the TDLC confirmed the FNE’s view that the failure to submit required documents available to the notifying party constitutes a procedural merger control infringement and imposed fines of up to approx. USD2.7 million. The Supreme Court confirmed this approach in Disney in 2025, while its ruling in CCA remains pending. Additionally, in December 2025, the FNE entered into two out-of-court settlements, with Bunge and CJ Cheiljedang respectively, under which these compa - nies agreed to pay a sum of up to USD1.2 million (split equally) plus – in the case of Bunge – complet - ing a competition law training programme, for provid - ing false information when filing the acquisition of CJ by Bunge (which ultimately was not consummated despite having been authorised by the FNE). The FNE concluded that both companies failed to submit with the notification certain information that they ought to have provided (primarily, documents relating to the analysis of the transaction and the market), which were belatedly submitted during the investigation into the transaction. Both settlements were approved by the TDLC on January 2026. See “Confirmation of the Criteria for Providing False Information in Merger Control Notifications” in the Trends & Developments article. 3.7 Review Process The phases of the review process are the following: • Completeness review : The FNE has ten business days (approx. two weeks) from filing to decide whether the notification is complete or additional
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