MEXICO LAW AND PRACTICE Contributed by: Fernando Carreño, Sergio López, Michel Llorens, Andoni Garza and María García, Von Wobeser y Sierra
within the legal term for answering the first RFI (ie, ten business days, which can be extended by another ten business days), the filing is dis - missed. 3.7 Penalties/Consequences of Inaccurate or Misleading Information A fine of up to MXN19,799,500 (approximately USD1,011,798) may be imposed for submitting false information to the authority and an inves- tigation into the transaction could be launched. Additionally, such conduct might carry criminal consequences. 3.8 Review Process Standard Review Process The authority has, in principle, 60 business days to review the transaction and issue its decision. This term is counted from the date on which the authority receives all the information that was requested for the analysis. If the authority does not issue a decision within this term, the transac - tion will be considered authorised. The merger review process is suspensive in all cases; there - fore, the parties cannot close a transaction prior to receiving clearance by the authority. The authority is empowered to request addition - al information (to complete the file) within the following terms. • The authority has ten business days following the date of filing to request basic information that should have been included in the initial filing. The notifying parties will have a period of ten business days to satisfy the request and this term can be extended in justified cases. • The authority has 15 business days from either the date of filing (or the date on which the request for the above-mentioned infor- mation is satisfied) to request additional
information that it considers necessary for the analysis of the transaction. The notifying parties will have a term of 15 business days to answer the request and this term can be extended by another 15 business days in justified cases. Additionally, the authority may further request additional information that they deem relevant for their analysis from any person – including the notifying parties, authorities, or undertak - ings – that is related to the transaction. Who - ever receives such requests for information will have a period of ten business days to satisfy such request and this term can be extended in justified cases. Such requests will not restart the clock in terms of the period in which the author - ity must issue its resolution. If the authority issues a request for additional information pursuant to the above-mentioned terms, the 60 business days for review and reso - lution will start running from the date on which the authority has received all the requested information. In complex cases, the authority can extend the review period for up to 40 additional business days to request additional information and/or issue a decision. It should be noted that, pursuant to the FECL, the clock will be restarted, and the antitrust authorities will have 60 business days to analyse the remedies and to issue a decision if – follow - ing the submission of the pre-merger filing – the parties offer remedies or conditions in order to dissipate any possible concerns. The decision issued by the antitrust authori - ties will be valid for a term of six months. Upon request from the parties involved in the transac - tion, the term can be extended only once for six additional months. If a transaction is not closed
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