UKRAINE Law and Practice Contributed by: Mykyta Nota and Anton Arkhypov, AVELLUM
• information regarding parties’ membership in associations and their constitutional docu - ments; and • parties’ excerpts from the trade register or similar (notarised and apostilled or legalised). Confidential information must be clearly labelled for appropriate treatment by the AMC. The filing must be submitted in Ukrainian lan - guage. Extracts from trade registers and PoAs of foreign undertakings must be notarised and apostilled or legalised. Documents in a foreign language must be provided with a certified translation into Ukrainian. Parties must submit a hard copy and an elec - tronic version (PDF, Word document, etc) of the notification and all attached documents on a flash drive. 3.6 Penalties/Consequences of Incomplete Notification If any necessary information/document is absent at the outset, the AMC may either ask for it dur- ing the review process or give a notice of incom - pleteness within the 15-day preview period. The parties will then have to file again, including the missing information/documents. In this situation, the AMC will not impose any penalties. Providing wrong or false information in the fil - ing, subject to adjustments taking into account any aggravating or mitigating factors, may lead to a penalty of up to 1% of the relevant party’s revenue from the year preceding the fine’s impo - sition. The AMC may further adjust this amount, taking into account any aggravating or mitigating factors. In addition, the AMC may reconsider its decision if it was based on misleading informa - tion.
If the parties do not provide requested infor - mation during the Phase II review, the AMC may close a merger case without ruling on the essence. The parties have the option to resubmit their application. 3.7 Penalties/Consequences of Inaccurate or Misleading Information See 3.6 Penalties/Consequences of Incom- plete Notification . 3.8 Review Process The phases of the review process are as follows. Standard Review Procedure Preview period The AMC will take up to 15 calendar days to evaluate whether the notification is complete and can proceed for substantive review (Phase I). If the AMC considers the notification incom - plete, the regulator may reject it. In this case, the parties would need to file again, supplementing the original notification with the missing infor - mation. During the preview period, the AMC asks follow- up questions that do not suspend the 15-day preview period. Generally, parties have sev - eral days to provide the requested information (see 3.10 Requests for Information During the Review Process ). Substantive review (Phase I) The AMC will take up to 30 calendar days to evaluate whether to approve the concentra - tion or whether there are grounds to prohibit it. If there are potential grounds for prohibition, Phase II will begin. In-depth review (Phase II) The Phase II review entails a meticulous evalu - ation of the transaction and the related compe -
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