ARMENIA Law and Practice Contributed by: Varoujan Avedikian, Tamara Martirosyan, Sofya Sargsyan and Larisa Gevorgyan, Andersen Legal
markets, the review looks at whether the transaction might make it harder for competitors to access essen - tial inputs, customers or distribution channels. The regulator also considers whether the deal could make co-ordination among remaining competitors easier – for example by increasing market transparency or reducing the number of active players. Where potential competition concerns are identified, the CCPC weighs them against possible benefits of the merger, such as efficiency gains, cost reductions, innovation or improved service quality. If these ben - efits are concrete and likely to be passed on to con - sumers, they may justify clearance despite the struc - tural changes in the market. As defined in the previous section, in regulated industries, additional approvals are required (by the CBA and PSRC). Ex Officio Review Even where notification thresholds are not met, the CCPC may conduct an ex officio review if a transac - The law does not provide for a dedicated article that explicitly allows the CCPC to impose structural or behavioural remedies (such as mandatory divest - ments) tied directly to the clearance of a concentra - tion. The Commission may also issue warnings or advisory opinions to prompt voluntary changes before formal enforcement is needed. Where there is a risk of serious and immediate harm to competition, the CCPC can impose interim meas - ures – for example ordering the temporary suspen - sion of certain actions until the review is complete. In more serious cases, if a transaction fundamentally breaches competition rules, the Commission may seek court-ordered structural remedies, such as the reorganisation or invalidation of the offending trans - action. Overall, remedies in Armenia are applied on a case-by-case basis. tion appears to distort competition. 6.3 Remedies and Commitments In regulated sectors, additional oversight applies. The CBA may impose its own conditions or restrictions when approving mergers or acquisitions involving financial companies, focusing on financial stability, ownership transparency and risk management. Simi -
larly, the PSRC can attach licence-related conditions to mergers in the utility sectors, ensuring uninterrupted service and compliance with regulatory obligations. 6.4 Antitrust/Competition Enforcement Please refer to 6.1 Applicable Regulator and Process Overview and 6.3 Remedies and Commitments . 7. Foreign Investment/National Security 7.1 Applicable Regulator and Process Overview Armenia does not currently operate a formal foreign investment or national security review regime. There is no centralised screening authority that assesses FDI based on origin, investor background or strategic sec - tor risk. The main governing act is, as mentioned in 1. Legal System and Regulatory Framework , the law on Foreign Investments, which guarantees that the legal regime applicable to foreign investors cannot be less favourable than that afforded to local investors. It also provides protection against unlawful expropriation and ensures free repatriation of profits and proceeds. As a rule, FDI does not require prior authorisation or clearance. Certain sector-specific regimes impose licensing or approval requirements where foreign ownership may have implications for public interest, national security or public health (please refer to 6. Antitrust/Competi- tion for more details). 7.2 Criteria for National Security Review There is no applicable information in this jurisdiction. 7.3 Remedies and Commitments There is no applicable information in this jurisdiction. 7.4 National Security Review Enforcement There is no applicable information in this jurisdiction.
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