CHILE Trends and Developments Contributed by: Francisca Levin, Benjamín Torres, María Paz Dulanto and Antonia Silva, Cuatrecasas
Cuatrecasas Avenida Nueva Costanera 3300, Oficina 41, Vitacura, Santiago, Chile Tel: +56 2 2889 9900 Email: lorena.guardia@cuatrecasas.com Web: www.cuatrecasas.com
Monitoring of Transactions Not Subject to Mandatory Notification Compliance with the merger control regime has been enhanced by the FNE’s ability to scrutinise transac - tions that do not reach the relevant merger thresh - olds, by opening an investigation up to one year after a transaction’s closing. The FNE can also challenge transactions before the TDLC and request the merg - ing companies to be sanctioned in cases of breach of duty to notify, in cases where a transaction was imple - mented and the parties did not file despite allegedly passing the turnover thresholds. In all such scenarios, access to information is the key element in the FNE’s ability to bring antitrust investigations and challenge behaviour that would be at odds with the preventive nature of the merger control system. The above explains why in March 2026, the FNE signed a landmark co-operation agreement with the local Internal Revenue Service (SII) that enables both institutions to exchange relevant information for the performance of their duties. This agreement is expected to play a key role in the enforcement of merger control rules in Chile, as it grants the FNE sys - tematic access to detailed information on corporate structures, ownership chains, annual revenues, and other financial and tax-related data that may be criti - cal in identifying and investigating potential antitrust infringements, such as gun-jumping behaviour. In particular, the National Economic Prosecutor (the FNE’s head) stated that the agreement will be of great value for the agency’s investigations, as it will allow it to access crucial information gathered by the SII. In
Nine years since the implementation of the mandatory merger control regime in Chile, the system has under - gone significant developments over the past year. The National Economic Prosecutor’s Office (FNE) has attempted to strengthen its enforcement efforts. From expanding its investigative capabilities through inter- institutional co-operation agreements and dedicated monitoring resources focusing on underreported transactions, to adopting a more effective approach in conditionally clearing transactions at earlier stages, the FNE has demonstrated an increasingly proactive and sophisticated stance in overseeing concentra - tions. And despite the merger control regime being essentially allocated to the FNE (which has adjudica - tory powers), the judicial review power exerted by the Competition Court (TDLC) and the Supreme Court as last instance has also had an impact on merger control policy. Through landmark rulings, courts have clarified the meaning of “providing false information” in the context of a merger filing, a key legal concept whose boundaries had been unclear since the beginning of the regime. In addition, there has been a renewed interest in foreign direct investments, revealed in the submission of two bills to the Chilean Congress with the aim of providing a screening regime in relation to strategic sectors and critical infrastructure. Together, these developments are signs of a maturing merger control system that is both expanding its reach and sharpening its enforcement tools, with important prac - tical implications for companies operating in Chile.
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