SINGAPORE Law and Practice Contributed by: Lim Chong Kin and Corinne Chew, Drew & Napier LLC
applicant(s) for the purposes of assessing the merger situation. 3.6 Penalties/Consequences of Incomplete Notification The Commission may refuse to accept an appli - cation if it is not: • complete; • accompanied by relevant supporting docu - ments; • substantially in the prescribed form; • accompanied by the appropriate fee; or • in compliance with any requirement pre - scribed under the Competition Act or accom - panying regulations. If the application is refused for any non-conform - ity with the above factors, the Commission will notify the applicant(s) as soon as practicable. The 30 working day indicative timeframe for the Phase 1 review, as discussed further in 3.8 Review Process , will only commence after such non-conformity has been rectified. To avoid any unnecessary delay, merger parties should therefore ensure that the application is complete and that all filing requirements are met upon submission. 3.7 Penalties/Consequences of Inaccurate or Misleading Information If the Commission has issued a favourable deci - sion based on information that was incomplete, false or misleading, it may review and revoke the decision. Persons who recklessly or intentionally provide false or misleading information to the Commis - sion may also be charged and convicted of a criminal offence under the Competition Act. Upon conviction, such persons may face a fine
of up to SGD10,000 or imprisonment for up to 12 months, or both. As of 9 May 2025, based on publicly available information, no cases have been brought in respect of such offences under the Competition Act. 3.8 Review Process In general, the Phase 1 review is expected to be completed within 30 working days, com - mencing on the working day after the day of receipt of a completed application. If a Phase 2 review is required, the Commission will endeav- our to complete it within 120 working days of the applicant(s) submitting a completed Form M2 and a response to the Phase 2 information request that is deemed satisfactory by the Com - mission. In any event, the indicative timeframe for Phase 2 will only commence after the expiry of the indicative timeframe of 30 working days for the Phase 1 review. The Commission may extend the timelines for both Phase 1 and Phase 2 reviews in exceptional circumstances, and will notify the applicant(s) in writing in advance. Merger parties should note that the indicative timeframes are not binding on the Commission and that the Commission has the power to “stop the clock” during the review – eg, if the merg - er parties fail to provide the Commission with the additional information requested within the stipulated time period (or any extensions of time given), or if commitments are being considered. 3.9 Pre-Notification Discussions With Authorities Parties may either engage the Commission in pre-notification discussions (PNDs) or seek con - fidential advice before submitting Form M1 and commencing the formal notification process.
527 CHAMBERS.COM
Powered by FlippingBook