GUATEMALA Law and Practice Contributed by: Claudia Pereira, Carlos Ortega and Juan Pablo Gramajo, Mayora & Mayora, S.C
3. Procedure: Notification to Clearance 3.1 Deadlines for Notification
It further states that the acts related to a concen - tration cannot be publicly or privately formalised, recorded in corporate books or before public registries, before obtaining favourable or con - ditioned clearance from the Superintendence. 2.13 Penalties for the Implementation of a Transaction Before Clearance A concentration that exceeds the thresholds, implemented without prior authorisation from the Superintendence, is considered irregular and therefore subject to penalties. However, the Competition Act does not state the applicable penalties and its substantive provisions are not yet in force. 2.14 Exceptions to Suspensive Effect Exceptions to suspensive effect are not addressed in the Competition Act. 2.15 Circumstances Where Implementation Before Clearance Is Permitted The only circumstance foreseen by the Com - petition Act in which the authorities may permit closing before clearance is, as mentioned at 2.1 Notification , financial sector mergers whose purpose is to prevent systemic risks arising from the risk of insolvency or bankruptcy. The other cases listed in that section are exceptions, ie, not technically subject to the Act. The other issues referred to in the questions are not addressed in the Competition Act. Further details on specific operations subject to control and how to calculate the thresholds should be contained in the forthcoming Regulation to the Act.
Deadlines for notifications are not addressed in the Competition Act. These and other further details should be contained in the forthcoming Regulation to the Act. 3.2 Type of Agreement Required Prior to Notification The type of agreement required prior to notifi - cation is not addressed in the Competition Act. These and other further details should be con - tained in the forthcoming Regulation to the Act. 3.3 Filing Fees The Competition Act provides that filing fees will apply to merger control procedures. The amounts will be set by the Directorate of the Superintendence and are yet to be enacted. 3.4 Parties Responsible for Filing The Competition Act does not specifiy which party is responsible for filing, it only broadly places the obligation on the economic agents involved in a concentration. These and other fur - ther details should be contained in the forthcom - ing Regulation to the Act. 3.5 Information Included in a Filing The information, level of detail, documents and other filing requirements are not specified in the Competition Act. These and other further details should be contained in the Regulation to the Act. The Act does state generally that all matters before the Superintendence are subject to the Act for Simplification of Administrative Require - ments and Procedures (Decree 5-2021), which provides as follows:
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