CHILE Law and Practice Contributed by: Claudio Lizana, Daniela León, Tomás Appelgren and María Jesús Gaete, Estudio Lizana
the notification, the FNE will dismiss the notifica - tion and order it to be refiled. Note in this connection that, in the FNE’s view, the failure to deliver documents required by the Regulation and which are in the possession of a notifying party, when the latter has stated in the notification and/or its supplements that it would not have such documents, amounts to an infrac - tion of delivery of false information, sanctioned by Article 3bis(e) of DL 211. This interpretation has been ratified by the TDLC in the 2024 judg - ment of the FNE v TWDC Enterprises 18 Corp case (see 3.7 Penalties/Consequences of Inac- curate or Misleading Information ). 3.7 Penalties/Consequences of Inaccurate or Misleading Information Article 3 bis(e) of DL 211 states that those who notify a concentration by providing false infor - mation may also be subject to the sanctions described in Article 26 of DL 211, as well as any necessary preventive, corrective or prohibitive measures. Therefore, if the parties notify a concentration but provide false information, the FNE may file a lawsuit before the TDLC requesting the imposi - tion of fines, pursuant to the general fine regime for antitrust violations established by Article 26 (c) of DL 211 (see 2.13 Penalties for the Imple- mentation of a Transaction Before Clearance ), as well as other measures. In addition to the aforementioned fines, pursuant to Article 39 (h) of DL 211, individuals responsi - ble for providing false information or withhold - ing information from the FNE during the inves - tigation may be subject to a criminal penalty of imprisonment for a period ranging from 61 days to three years.
In recent years, the FNE has filed complaints against TWDC Enterprises 18 Corp (“Disney”) (2022) and Cadena Comercial Andina (2023) for providing false information during the notifica - tion of a merger and therefore violating Article 3 bis(e) of DL 211. In the first case, the TDLC issued its final ruling in 2024, imposing a fine of UTA3,000 (approximately USD2.5 million) on Disney, plus legal fees. Disney filed an appeal ( recurso de reclamación ) with the Supreme Court against this ruling, but the latter upheld the con - viction in June 2025. In turn, the TDLC has not yet ruled on the Cadena Comercial Andina case. By contrast, no case has been made public in which the authority has reported any individual to the criminal prosecutor for the criminal offence provided for in Article 39 (h). 3.8 Review Process Once the notification is filed, the FNE has up to ten working days – ie, excluding Saturdays, Sundays and holidays – for reviewing whether the notification is complete (ie, if it meets all the information requirements of the applicable form). After that review period, the FNE can open the merger investigation or declare the notification incomplete. If the notification is declared incom - plete, the parties have up to ten working days to supplement the notification with the missing information. The review process is then repeated (in practice, up to three times) until the FNE considers the notification complete and decides to open the merger investigation. Otherwise, the FNE will dismiss the notification and order it to be refiled. Phase I: After opening an investigation, the FNE has up to 30 working days to carry out its inves - tigative steps. Within this deadline, it can then
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