CAMEROON LAW AND PRACTICE Contributed by: Serges Martin Zangue, Brandon Ntahdui, Joel Noussie, Julienne Happi, Mathias Choudjem, Maeva Pokem, Winy Felifack and Synthia Pamela Dounking Amfouo, Zangue & Partners
Types of FDI triggering a notification At the national level, companies involved in a merger or acquisition operation must declare to the National Competition Commission their intention to merge when: • the joint turnover achieved by the parties to the operation exceeds specific thresholds set by order of the Minister of Trade on the proposal of the National Competition Commission; or • the market shares held by the parties to the opera - tion are equal to or greater than a percentage set by the regulation in force. At the sub-regional level, a concentration with a sub- regional dimension has to be notified to the Commu - nity Competition Council when: • the companies involved in the operation together achieve a turnover in the common market of CEMAC exceeding specific thresholds (excluding tax) set by the CEMAC Regulation; or • the companies involved in the operation together hold more than a specific percentage of the com - mon market of CEMAC set by the CEMAC Regula - tion. Exemptions Available for Certain Categories of Foreign Investors or Investments When the thresholds of turnover or market share defined by both national and sub-regional regula - tions are not reached, the parties are free to carry out merger and acquisition operations, provided that said operations are not likely to significantly affect compe - tition in the market. Furthermore, at the national level, a merger or acqui - sition that has or would have a significant effect on competition may be allowed if the parties thereto prove to the National Competition Commission that: • the merger has brought, or will bring, real efficiency gains to the national economy that exceed any det - rimental effects on competition in the market; and • said gains could not have been achieved without the merger or acquisition.
XAF50 million), prior declaration or authorisation may be required from the BEAC. • The foreign investor must also designate a local correspondent in CEMAC (a stock exchange com - pany or asset management company approved by COSUMAF, as the case may be) to serve as its official point of contact and representative before COSUMAF. 5.3 Investment Funds Please refer to 5.2 Securities Regulation . 6. Antitrust/Competition 6.1 Applicable Regulator and Process Overview Merger Control Regime in Cameroon Cameroon has a merger control regime established by two main regulations: one at the national level, and the other at the sub-regional level instituted by CEMAC. National level The merger control regime at the national level is gov - erned by Law No 98/013 of 14 July 1998 on com - petition and its implementing texts. This applies to national concentration operations. Sub-regional level At the sub-regional level, the merger control regime is governed by CEMAC Regulation No 06/19-UEAC- 639-CM-33 of 7 April 2019 on competition, as amend - ed, and its implementing texts. The CEMAC merger control regime applies to concen - tration operations with a sub-regional dimension. An operation is deemed to have a sub-regional dimension when it is likely to have an effect in at least two of the CEMAC member states. Relevant Authorities and Types of FDI Triggering an Antitrust Notification Relevant authorities The relevant authority at the national level is the National Competition Commission ( Commission nationale de la concurrence ). At the sub-regional level, the relevant authority is the Community Competition Council ( Conseil communautaire de la concurrence ).
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