SWITZERLAND Law and Practice Contributed by: Marcel Dietrich, Richard Stäuber and Katharina Bratvogel, Homburger
In addition, copies of the following documents need to be provided: • the most recent annual accounts and reports of the undertakings concerned; • any agreements affecting or related to the transaction; • in the case of a public takeover, offer docu - mentation; and • reports, analyses and business plans made with regard to the concentration, to the extent they contain relevant information for the com - petitive assessment of the concentration. The notification form may be submitted in any official Swiss language (ie, German, French or Italian). Accompanying documents may also be submitted in English. There are no requirements for the formalisation of submitted documents, such as certification, notarisation or apostilla - tion. 3.6 Penalties/Consequences of Incomplete Notification There are no penalties for incomplete notifica - tions. However, the review period will only com - mence once the notification is complete. Within ten days of submission of the notification, the Secretariat will confirm its completeness or request additional information. 3.7 Penalties/Consequences of Inaccurate or Misleading Information An undertaking that submits incorrect or mislead - ing information may be fined up to CHF100,000. Additionally, ComCo may withdraw its clearance decision. 3.8 Review Process ComCo is required to notify the undertakings concerned within one month (Phase I) of receiv - ing the complete notification whether it intends
to open an investigation. If no such notice is given within that time period, the transaction may be implemented. ComCo often provides the companies in such cases with a “comfort letter” stating that it considers the concentration unobjectionable. If ComCo decides to open an investigation, this must be completed within four months unless ComCo is prevented from doing so for reasons attributable to the undertakings concerned (Phase II). 3.9 Pre-Notification Discussions With Authorities The parties can and typically do engage in pre- notification with the Secretariat. The parties sub - mit a draft filing for the Secretariat’s review and comment on any additional information required for the notification to be considered complete. In complex transactions, pre-notification is gen - erally welcomed by the Secretariat and highly recommended. 3.10 Requests for Information During the Review Process The Secretariat regularly requests information during the review process. If the request per - tains to information that the Secretariat consid - ers necessary for the completeness of the notifi - cation, the review period only begins once such information has been submitted. The Secretariat may also request additional information that is not required for completeness of the notification. The parties are obliged to provide such informa - tion within the deadline set by the Secretariat, but the request does not suspend the review period.
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