CZECH REPUBLIC Law and Practice Contributed by: Robert Neruda, Roman Světnický, Martin Rott and Robert Nersesjan, HAVEL & PARTNERS
3.7 Penalties/Consequences of Inaccurate or Misleading Information If the notifying party provides the OPC with inaccurate, misleading or incomplete informa - tion, the OPC may re-open the proceedings and, in the worst-case scenario, revoke its approval decision. In addition, the OPC may impose a fine of up to 1% for the provision of inaccurate, mis - leading or incomplete information. There have not been any cases of these sanctions being applied in practice. 3.8 Review Process The proceedings consist of three phases: • pre-notification phase (see 3.9 Pre-notifica - tion Discussions With Authorities ); • phase I; and • phase II. Phase I The first phase starts with the submission of the filing by the notifying party. It takes up to 30 cal - endar days (20 if the concentration is notified in the simplified procedure) and may be extended by up to 15 working days if commitments are offered by either of the parties during phase I. The OPC may request additional information or/ and documents from the notifying party, which “stops the clock” – the period from the date of delivery of such request to the date of response is not included in the time limit for issuing the decision. After filing, the OPC assesses the formal pre - requisites of the filing (its completeness) and proceeds to send a notice of initiation of the proceedings to the notifying party. The initiation of proceedings is also published on the OPC’s website and in the Commercial Bulletin. The first phase may result in either:
parties are under an obligation to compile consolidated financial statements pursuant to special legal regulations; • analyses, reports, studies, surveys and any comparable documents prepared for any member(s) of the board of directors, or the supervisory board, or any other person(s) for the purpose of assessing or analysing the transaction with respect to competitive conditions, undertakings (both existing and potential), the rationale of the transaction, potential for sales growth or expansion into other product or geographic markets, and/or general market conditions; and • a turnover calculation scheme stating the turnover of the parties in the relevant accounting period, proving the notification thresholds are met. The filing must be submitted in the Czech lan - guage. If the documents were not prepared in Czech originally, it is necessary to provide certi - fied translations of the documents to the OPC, along with the original documents. Furthermore, a power of attorney by the notifying party has to be provided if it is represented in the proceed - ings. The OPC may also request additional docu - ments. 3.6 Penalties/Consequences of Incomplete Notification The OPC may reject an incomplete notification. In practice, the OPC first requests the missing information/documents from the notifying par - ties, allowing them to complete the submission by providing the required information.
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