The previous draft of these guidelines was specifically aimed at capturing small mergers where the merger parties operate in digital or technology markets due to concerns that acquisitions in this space often escape regulatory scrutiny. However, the final version of the Small Merger Guidelines places an obligation on merger parties to inform the Commission of all small mergers that meet the requisite criteria, not just those in the digital space.
There are many aspects of the Small Merger Guidelines that raise concerns. There is uncertainty as to how the thresholds should be interpreted, and it remains to be seen if there will be any consequences for firms involved in mergers that meet the relevant criteria and fail to inform the Commission. This additional administrative obligation also adds a layer of regulatory red tape that may be seen to hinder, instead of facilitate, investment into the country.