CHILE Law and Practice Contributed by: Claudio Lizana, Daniela León, Tomás Appelgren and María Jesús Gaete, Estudio Lizana
• a declaration by the notifying parties of the truthfulness, sufficiency and completeness of the information provided, as well as the fact that they are aware of the administrative and criminal sanctions that apply in the event of providing false information or hiding informa - tion (veracity affidavit). The ordinary notification requires more detailed documents and a longer time range for the above (eg, the last three balance sheets and financial statements). Importantly, along with the ordinary notification, the parties must also provide copies of studies, reports, analyses, surveys and any comparable document prepared in the last three years that analyses the relevant affected market, competitive conditions, actual or potential com - petitors, consumer preferences, brand strength and potential growth or expansion to new prod - ucts or geographic areas, among others. Language The information to be submitted with a notifica - tion must be presented in Spanish, unless there is a special authorisation from the FNE. How - ever, the regulation provides an exception to this rule, allowing certain information to always be submitted in English without prior authorisation. The exempted documents are: • existing documentation regarding the merger and other projections and/or its effects in Chile; • copies of studies, reports, analyses, surveys and any comparable documents prepared in the last three years that analyse the relevant affected market, competitive conditions, actual or potential competitors, consumer preferences, brand strength, and potential growth or expansion into new products or geographic areas, among others; and
• identification of the legal representatives and agents of the notifying parties, along with their contact details, the original document confirming the power of attorney under which the agents act, and a simple copy of the documents that support it. Specific Requirements All digital copies must be submitted in a for - mat that allows for review using search criteria. Qualitative information should be provided in a standard text format compatible with Microsoft Word, Adobe Acrobat, or similar software. Quan - titative information should be submitted using standard spreadsheet processors like Microsoft Excel or comparable software. All attached documents must be originals or true copies of the originals. The bona fide and verac - ity affidavits require a simple signature, and a scanned copy can be provided. In the case of the power of attorney, if it is issued in Chile, it needs to be notarised, and if it is issued abroad, it must be notarised and apostilled (or legalised, in the case of countries without an apostille). 3.6 Penalties/Consequences of Incomplete Notification Once the FNE receives the notification, it has a period of ten working days to review it. If it considers that the notification is complete, it will begin the investigation. On the other hand, if it is deemed incomplete, the FNE will issue a resolu - tion of lack of completeness, and the parties will be granted ten working days to add or clarify the information as requested by the FNE. There - fore, no penalties are imposed, but the parties are required to provide the missing information. The authority only accepts the issuance of up to three resolutions of lack of completeness. If, after that, the parties do not adequately amend
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