TAIWAN
China
Taipei
Taiwan
Law and Practice Contributed by: Derrick Yang, Judy Lo and Yu-Ting Su Lee and Li Attorneys-at-Law
Contents 1. Trends p.69 1.1 Regulatory and Enforcement Environment p.69 1.2 Key Trends p.69 1.3 Key Industries p.69 2. Regulatory Architecture p.70 2.1 Main Sources of Law and Policy p.70 2.2 Competent Authorities p.70 2.3 Scope and Extraterritorial Reach p.70 2.4 Relationship Between Regimes p.71 3. Merger Control – Jurisdiction and Filing p.71 3.1 Transactions Subject to Merger Control p.71 3.2 Notification Thresholds p.71 3.3 Mandatory v Voluntary Filing p.71 3.4 Timing of Notification and Standstill Obligations p.72 3.5 Exemptions and Simplified Procedures p.72 4. Merger Control – Procedure and Substantive Assessment p.72 4.1 Review Phases and Timelines p.72 4.2 Information Requirements and Pre-Notification p.72 4.3 Substantive Test p.73 4.4 Theories of Harm and Key Issues p.73 4.5 Efficiencies and Failing Firm Defence p.73 4.6 Remedies and Commitments p.73 4.7 Third-Party Participation p.73 4.8 Confidentiality and Transparency p.74 4.9 Appeals and Judicial Review of Merger Decisions p.74 5. FDI and National Security Screening p.74 5.1 Existence and Objectives of FDI/National Security Regime p.74 5.2 Scope of Transactions and Investors p.75 5.3 Triggers and Thresholds p.75 5.4 Mandatory v Voluntary Filings p.75 5.5 Procedure and Timelines p.75 5.6 Substantive Criteria and Risk Factors p.75 5.7 Mitigation Measures, Conditions and Prohibitions p.75 5.8 Enforcement and Sanctions p.76 5.9 Transparency, Confidentiality and Judicial Review p.76
6. Sectoral and Other Regulatory Approvals p.76 6.1 Regulated Sectors Requiring Approval p.76 6.2 Approval Process and Timelines p.76 6.3 Substantive Standards and Discretion p.76 6.4 Interaction With Merger Control and FDI/National Security Reviews p.77 6.5 Practical Issues and Common Pitfalls p.77 7. Deal Structuring, Risk Allocation and Conduct Pending Closing p.77 7.1 Conditions Precedent and Long-Stop Dates p.77 7.2 Efforts Standards and “Hell or High Water” Clauses p.77 7.3 Risk Allocation Mechanisms p.78 7.4 Interim Operating Covenants and Gun-Jumping Risk p.78 7.5 Multi-Jurisdictional and Multi-Regulator Co-Ordination p.78 8. M&A Litigation and Disputes – Substantive Deal Issues p.78 8.1 Frequency and Types of M&A Litigation p.78 8.2 Challenges to Deal Process, Governance and Disclosure p.79 8.3 “Broken Deal”, MAC/MAE and Conditions Litigation p.79 8.4 Disputes Over Regulatory Efforts and Remedies p.79 8.5 Forum, Procedure and Remedies p.80 9. M&A Litigation Relating to Regulatory Decisions p.80 9.1 Judicial Challenges to Regulatory Actions p.80 9.2 Standing and Access to Courts p.80 9.3 Standard of Review and Deference to Regulators p.80 9.4 Interim Relief and Suspension of Decisions p.80 9.5 Interaction With Damages and Other Civil Actions p.81 10. Private Enforcement and Competition/ Regulatory Claims p.81 10.1 Follow-On and Standalone Actions p.81 10.2 Collective and Class Actions p.81 10.3 Limitation Periods, Causation and Quantification p.81 10.4 Settlements, ADR and Arbitration p.81 11. Outlook and Practical Guidance p.82 11.1 Expected Legislative, Policy and Enforcement Developments p.82 11.2 Practical Tips for Deal-Makers and Counsel p.82 11.3 Cross-Border and Geopolitical Considerations p.82
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