EC_Merger_Regulation欧盟并购规则

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/1I(Actswhosepublicationisobligatory)COUNCILREGULATION(EC)No139/2004of20January2004onthecontrolofconcentrationsbetweenundertakings(theECMergerRegulation)(TextwithEEArelevance)THECOUNCILOFTHEEUROPEANUNION,(4)HavingregardtotheTreatyestablishingtheEuropeanCom-munity,andinparticularArticles83and308thereof,HavingregardtotheproposalfromtheCommission(1),HavingregardtotheopinionoftheEuropeanParliament(2),HavingregardtotheopinionoftheEuropeanEconomicandSocialCommittee(3),Whereas:(1)(5)Suchreorganisationsaretobewelcomedtotheextentthattheyareinlinewiththerequirementsofdynamiccompetitionandcapableofincreasingthecompetitive-nessofEuropeanindustry,improvingthr,itshouldbeensuredthattheprocessofreor-ganisationdoesnotresultinlastingdamagetocompeti-tion;CommunitylawmustthereforeincludeprovisionsgoverningthoseconcentrationswhichmaysignificantlyimpelRegulation(EEC)No4064/89of21December1989onthecontrolofconcentrationsbetweenunder-takings(4)urtheramendmentsaretobemade,achievementoftheaimsoftheTreaty,Article3(1)(g)givestheCommunitytheobjectiveofinstitutinge4(1)oftheTreatyprovidesthattheactivitiesoftheMemberStatesandtheCommunityaretobeconductedinaccoripletionoftheinternalmarketandofeconomicandmonetaryunion,theenlargementoftheEuropeanUnionandtheloweringofinternationalbarrierstotradeandinvestmentwillcontinuetoresultinmajorcorpo-ratereorganisations,particularlyintheformofconcen-trations.(6)(2)AspecificlegalinstrumentisthereforenecessarytopermiteffectivecontrolofallconcentrationsintermsoftheireffectonthestructureofcompetitionintheCtion(EEC)No4064/ightofexperience,however,thatRegulationshouldnowberecastintolegislationdesignedtomeetthechal-lengesofrdancewiththeprinciplesofsubsidiarityandofproportionalityassetoutinArticle5oftheTreaty,thisRegulationdoesnotgobeyondwhatisnecessaryinordertoachievetheobjectiveofensuringthatcompetitioninthecommonmarketisnotdistorted,inaccordancewiththeprincipleofanopenmarketeconomywithfreecompetition.(3)(7)(1)OJC20,28.1.2003,p.4.(2)Opiniondeliveredon9.10.2003(notyetpublishedintheOfficialJournal).(3)Opiniondeliveredon24.10.2003(notyetpublishedintheOfficialJournal).(4)OJL395,30.12.1989,tedversioninOJL257,21.9.1990,tionaslastamendedbyRegulation(EC)No1310/97(OJL180,9.7.1997,p.1).CorrigenduminOJL40,13.2.1998,es81and82,whileapplicable,accordingtothecase-lawoftheCourtofJustice,tocertainconcentra-tions,arenotsufficienttocontrolalloperationswhichmayprovetobeincompagu-lationshouldthereforebebasednotonlyonArticle83but,principally,onArticle308oftheTreaty,underwhichtheCommunitymaygiveitselftheadditionalpowersofactionnecessaryfortheattainmentofitsobjectives,andalsopowersofactionwithregardtoconcentrationsonthemarketsforagriculturalproductslistedinAnnexItotheTreaty.

L24/2ENOfficialJournaloftheEuropeanUnion29.1.2004(8)TheprovisionstobeadoptedinthisRegulationshouldapplywhichtoofonsignificantthemarketstructuralgoesbeyondchanges,thenationaltheimpactofaslevel,aanygeneraloneMembercomplianceinapplicationrule,ncentrationsbordersshould,ofa‘one-stopexclusivelyshop’atsystemCommunityandtionswithtra-inoftheRegulationMembercome,ciple,(9)ThescopeofapplicationofthisRegulationshouldbedefinedtheaccordingtothegeographicaltiveundertakingswhichthresholdsconcernedandbelimitedarhoseTheconcentrationsCommissiontheactingapplicablereportthresholdstotheCouncilandontheimplementationofaregardingpositioninaccordancetoreviewwiththemArticlecriteriaregularly,202soasofthatwellthetheTreaty,Council,astherulesisinexperiencepre-notificationprovidedgained;thisrequiresreferral,statisticalinthelightoftheenepareThesuchCommission'sreportsandrntinformationandregularlypropo-(10)AconcentrationwithaCommunitydimensionshouldbeundertakingsdeemedtotheconcernedexistwhereexceedstheaggregategiventhresholds;turnoverthatoftheiseffectingcaseirrespectivecipalhavesubstantialfieldstheofconcentratiity,theirseatprovidedortheirprin-they(11)TherulesgoverningthereferralofconcentrationsfromtheStatesCommissioncorrectivetotheCommissiontoMembershouldStatesandfromMembersubsidiarity;mechanisminthelightoperateoftheasprincipleaneffectiveofofduetheMemberthestoflegalcertaintyandthemanner‘one-stopandshop’take(12)ConcentrationsmayqualnoverthresholdsreferredsystemstoinifthistheyRegu-fallincreasesMultipleingslegaluncertainty,notificationeffortofandthecostsamefortransactionwherebyaStatesconcernedbereferredshouldtotheCommis-therefore(13)TheCommissionshouldactincloseandconstantliaisonwithfromwStates(14)TheCommissionandthecompetentauthoritiesoftheMemberauthorities,Statesshouldtogetherformanetworkcloseapplyingtheirrespectivecompetencesofpublicinmation-sharingcooperation,ensuringandusingefficientarrangementsforinfor-priatethatacaseisconsultation,dealtwithbywiththemostaviewappro-todiarityauthority,cationsandwithainviewthetolighttrationthatmultiplenotifi-ReferralsareavoidedtotheStatesCommissionmannertotheCommissiontoMembershouldStatesofconcentrationsfrombeandfromMembertionsbeforewhereavoiding,andafteraconcentrationtothegreatestextentmadepossible,ecttoareferralboth(15)TheCommissionshouldbeabletorefertoaMemberStatesionawhichnotifiedthreatenconcentrationssignificantlywithaCommunitydimen-characteristicsmarketwithintionofathattoaffectcompetitionindistinctMemberSheremarket,thewhichconcentra-doesreferCommissionsubstantialpartofthecommonmarket,leshouldbeobliged,uponrequest,totheAMemberorpartStateoftheshouldcasetobetheableMemberStateCommunityCommissionMemberdimensionaconcentrationbutwhichwhichtorefertoaffectsdoesnothaveacompetitionStateembewInsuchtheconcentrationasystem,todecisionnationalensurethetimeefficiencylimitsshouldandpredictabilitysituation,oftheinThedealCrwithStateaaminearequestingand(16)Theundertakingsconcernedshouldbegrantedthepossi-bilitybeforeofimprovearequestingconcentrationreferralsistonotifiedorfromsotheasCommissiontofurtherconcentrationstheefficiencytions,forInthesuchcontrolsitua-oftiestheCommissionandnationalcompetitionauthori-limitsshoulddecidewithinshort,herbemade,areferraltherebytoensuringorfromthetheefficiencyCommissionoftheStateCommissionUponrequestshouldbybetheableundertakingstorefertoconcerned,thewhichawithinmayconcentrationsignificantlywithaffectacompetitionCommunityaMemberindimensionamarketticsshouldofthatadistinctMembermarket;Statepresnot,ofhowever,theconcentrationberequiredwouldtodemonstratebedetrimentalthattofromexpressedtheCommissionAconcentrationtoaMembershouldSconcernedtotrationshouldnationalalsobeauthorities,abletorequestthethatundertakingsnoti-aconcen-capablewithouttionlawsofaCommunitydimensionwhichisofbeingatleastreviewedthreeMemberundertheStatesnationalbereferredcompeti-to

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/eCommissionSuchrequestswouldforpre-notificationrefer-competitionsituationsWherebeyondwherebeparticularlypertinentthetheconcentrationwouldaffecttedcompetitioncation,tolawsofthreeormoreMemberStatesunderiscaseandthenoCommissionMemberStatepriortoanynationalnotifi-acquireexpressescompetenttoreviewthetionexclusiveitsdisagreement,theCommissionshouldaandsuchaconcentrationcompetenceshouldtoreviewbetheconcentra-fromCommunityhowever,tohaveStatestoSuchpre-notificationreferralscompetentbemadewheretheatCommissionleastoneMembershouldnot,ehasexpresseditsdisagree-State(17)hisRegulation,subjecttoreviewbytheCourt(18)TheMemberStatesshouldnotbepermittedtoapplytheirtionsnationallegislationoncompetitionlationwithnationalmakesaprovisionCommunitydimension,tedTherelevanttocasespowerswhere,oftitionterritoryisinterventionlikelytobebythesignificantlyCommission,effectivecompe-interestsofaMemberStateandwhereimpededthecompetitionwitbesufficientlyRegulationconcernedmustactpromptlyinsuchThecases;Memberthislaw,sionsfixunderasinglecannot,orofthetheadoptiondiversityofoffinalnationaldeci-(19)Furthermore,theexclusiveapplicationofthisRegulationtowithoutconcentrationswithaCommunitydimensionisnotmeasurespreventprejudicetoArticle296oftheTreaty,anddoespursuedtotheprotectMemberlegitimateStatesinterestsfromtakingotherappropriatethanareprovisionscompatiblebythisRegulation,lprinciplesandother(20)ItisexpedienttodefinetheconceptofconcentrationinsuchlastingamannerconcernedchangeasintothecovercontroloperationsofthebringingundertakigRegulation,appropriatealljointtoventuresinclude,wheismoreoverfunctionsofanautonomousonatransactionsappropriatethattoaretreatcloselyasaconnectedtheplaceformwithinofinthattheyarelinkedbyconditionorta(21)ThisRegulationshouldalsoapplywheretheundertak-ingsnecessaryconcernedacceptrestrictionsdirectlyrelatedto,andCommissionfor,egulationwiththedecisionscommondeclaringmarketconcentrationsinapplicationcompa-ofthiswithouttionstheshouldCommissionautomaticallyhavingcovertoassesssuchsuchrestrictions,ingscasesconcerned,equestoftheundertak-restric-risenottopresentinghowever,novelortheunresolvedCommissionquestionsshould,givinginfor,anygenuinerestrictionuncertainty,isdirectlyexpresslyrelatedassessto,whessaryAcaserelevantuncertaintyorifunresolvedtinforceorcoveredapublishedbythe(22)Thearrangementstobeintroducedforthecontrolofconcentrationsofshould,withoutprejudicebetweentheTreaty,sector,thepublicrespecttheprincipleofnon-discriminationtoArticle86(2)epublicaccountwithofinundertakingsaconcentrationmakingneeds,therefore,anundertakingtotaketheanindependentpowerofdecision,upaneconomicirrespectiveunitofadministulesof(23)ItisnecessarytoestablishwhetherornotconcentrationswithcommonaCommunitydevelopmarketindimensiontermsarecompatiblewihindoing,fundamentalthegeneraltheCommissionframeworkmustofplaceitsappraisalInTreatyobjectivesreferredtotheinachievementArticityandArticle(24)Inordertoensureasystemofundistortedcompetitioninconductedthecommonmarketinaccordancemarket,ermiteconomyofeffectivewithviewoftheircontrolfreecompetition,openeffectofallthisRegulationonconcentrationscompetitioninfromtheestablishedCommunitytheAccordingly,principleRegulationthataconcentration(EEC)No4064/89withdominanttionpositiondimensionasaresultwhichofcreatesorstrengthensaawouldinthecommonmarketorinwhichasubstantialeffectivepabedeclaredofit

L24/4ENOfficialJournaloftheEuropeanUnion29.1.2004(25)Inviewoftheconsequencesthatconcentrationsinoligopolisticmoremarketstructuresmayhave,arydegreeManytoitisalltheoligopolisticmaintaineffectivecompetitioninsuchstances,r,marketsexhibitahealthyinvolvingunderthecertaincircum-partiestionhadcompetitiveexerteduponconstraintseachother,thateliminationasthemergingoftors,ofnationmay,competitivepressureontheremainingwellascompeti-areduc-significantbetweeneventheinthemembersabsenceofofthealikelihoodofcoordi-Communityimpedimentinterpretedcourtshave,tooligopoly,resultinahowever,centrationsRegulationeffectsgiving(EEC)risetoNotodateexpresslysuch4064/ldTherefore,bedeclaredintheincompatibleinterestswithnon-coordinatedthecommontiveanycontrolbemadeofallclearsuchthatconcentrationsthisRegulationoflegalbyprovidingpermitscertainty,effec-itthateffectiveconcentrationsubstantialcompetition,whichwouldsignificantlyimpedewithpartofit,inshouldthecommonbedeclaredmarketincompatibleorinaimpedimentthecommon(3)ition’ThenotioninArticleof‘significantconceptshouldeffectsofbedominance,interpretedonlyas2(2)andtoextending,beyondthenatedadominantbehaviourofaconcentrationpositionofundertakingsresultinothave(26)Asignificantimpedimenttoeffectivecompetitiongener-allynantresnWithfromaviewpasttojudgmentspreservingtheguidance(EEC)consistencyNoand4064/89,CommissionwhiledecisionsoftheEuropeanatpursuanttoRegulationwhichCommunityhavewithbeenthethesametimemaintainingappliedstandardsofcompetitiveharmconcentrationcourtsbytheCommissionandtheshouldwithregardingthecompatibilityofatrationaccordinglythecommonmarket,thisRegulationsignificantlywithestablishtheprinciplethataconcen-commonticulardominantasmarketimpedeaCommunitydimensionwhichwouldaresultorofineffectivecompetition,inthetheasubstantialcreationorpartstrengtheningthereof,inpar-thecommonposition,declaredincompatiblewithofa(27)Inaddition,thecriteriaofArticle81(1)and(3)oftheTreatyonshouldbeappliedeconomicalastingtojointventuresperforming,itsbetweenconsequenceentities,basis,allthefunctionsofautonomousundertakingsantoapprecetitionhasas(28)InordertoclarifyandexplaintheCommission'sappraisalappropriateofconcentrationswhichfortheCommissionunderthistopublishRegulation,guidanceitistheminingassessmentshouldprovideofconcentrationsymaybedeclaredcompatibletodeter-(29)Inordertodeterminetheimpactofaconcentrationoncompetitiontakeinthecommonmarket,itisappropriatetoputaccountofanysubstantiatedandlikelyefficienciesthatforwardpossiblethehavepotentialtheharmeffectstoconsumers,oncompetition,theandconcentrationinparticularwouldandtheticularcommonnotthat,significantlyasaconsequence,thatitthemightconcentrationotherwisemarketorimpedeinasubstantialeffectivepartcompetition,ofit,indominantasaresultcountintheassessmentofaconcentra-(30)Wheretheundertakingsconcernedmodifyanotifiedconcentration,withwithaviewtoinrenderingparticularbyofferingcommitmentsabletibletothedeclarecommonmarket,thetheconcentrationCommissioncompatibleshouldbeshouldwiththeconcentration,asmodified,thealsocompetitionappropriateproblemtoacceptandtheeasilycompetitionbeforeproblemtheinitiationisreadilhouldattachbetoexpresslyitsprovidedthatconcernedobligationsandcomplyinorderwithtodecisionconditionstheirensurethattheundertakingscompatibleeffectivemannersoastocommitmentsrendertheconcentrationinatartiesshouldbeensuredthroughout(31)TheCommissionshouldhaveatitsdisposalappropriateinstrumentsandIntodealtowithensuretheenforcementofcommitmentsdecisioncasdeclaringtionmarket,theaconcentrationattachedtothesituationrenderingcompatiblewiththematerialisecompatiblethereforeandthewithconcentration,thecommonmarkettheconcentra-doesnotquence,emented,Asaconse-isimplementedintheconcentrationsamewayasaisnon-notifiedimplemented,hat,Furthermore,concentrationintheabsencewheretiblethetowithcondition,thecommontheconcentrationmarket,itwouldbeincompa-asdirectlymentationtorestoreorderthedissolutionofshouldtheconcentration,lingWherepriorantotheimple-compatibletoCommissionwithadecisionthecommondeclaringmarkettheobligationisnotconcentrationover,led,onswhereconditionsorobligations

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/5(32)Concentrationswhich,byreasonofthelimitedmarketshareimpedeoftheundertakingsconcerned,resumednotliabletobetoeffectArticlesundertakingsexists,81inand82oftheTreaty,anWithoutindicationprejudicetothisthecommonmarketconcernedparticular,orindoeswhereasubstantialnottheexceedmarketpart25shareof%ofthein(33)TheCommissionshouldhavethetaskoftakingallthedecisionstrationswithwithnecessarytoestablishwhetherornotconcen-totationrestorethecommonaCommunitythesituationmarket,prevailingasdimensionwellpriorasdecisionsarecompatibletotheimplemndeclared(34)Toensureeffectivecontrol,undertakingsshouldbeobligedatogiveagreement,CommunityacquisitionthedimensionpriornotificationofconcentrationswithannouncementfollowiotificationpublicbidshouldortheanstrateagreementtheCommissionwhereforofthetheirundertakingsintentiontoconcernedenterintoproposedtotheaproposedconcentrationanddemon-exampleconcentrationCommissionthattheirplanforthatmemorandumonthesignedofbasisofisansufficientlyagreementinconcrete,principle,forapublicbyallundertakingsunderstanding,concerned,oror,aletterintheofcaseintentofintentionbid,agreementtomakewheresuchtheyabid,ldresultinaconcentrationthattheintendedwithaCommissionshouldpossiblehasbesuspendedTheimplementspensionHowever,atittheshouldrequestbedecidingtheundertakingsCommissionwhetherorconcerned,nottograntwhereaderogation,uchtakingsasthenatureshouldandtakegravityaccountofofdamageallpertinenttofactors,competitionconcernedofposedorbytothethirdparties,andthethethreatunder-tothelesslegalbecertainty,ctionsInmusttheinterestnever-(35)AperiodwithinwhichtheCommissionmustinitiateproceedingsperiodinrespectcompatibilitywithinwhichitofmustanotifiedtakeafinalconcentrationdecisionandamarketperontheconcernedshouldtheofferbecommitmentsextendedwheneverwithaviewtheundertakingsThesetorenderinginmarketorderconcentrationtoallowforcompatiblesufficientwithtimetheforcommonthemarket,mbersuchcommitmentStatesasoffersanalysisandforandthethebeCommissionAlimitedmustextensionofthewellperiodasinterestedwithinwhichthirdinvestigationpossibleinordertotakeallowafinalsufficientdecisiontimeshoucationofthefacts(36)TheCommunityrespectsthefundamentalrightsandobservesChartertheprinciplesrecognisedinparticularUnionpreted(ofFundamentalRightsoftheEuropeanbythe1).Accordingly,liedwiththisrespectRegulationtothoseshouldrightsandbeinter-prin-(37)Theundertakingsconcernedmustbeaffordedtherighttobeenbeheardbysupervisoryinitiated;thetheCommissionmembersofwhenthemanagementproceedingshaveandthebodiesandtherecognisedrepresentativesofestedemployeesoftheundertakingsconcerned,arties,mustalsobegiventheopportunityto(38)Inorderproperlytoappraiseconcentrations,theCommissionsaryshouldhavetheriuctToallthatnecessaryend,inspec-Commission'ofcompetitionandwithinvestigationeffectively,needtothethepossessionrighttoTheinterviewCommissionanyshould,personsinparticular,ulinformationandtowhorecordmaythebestate-in(39)Inthecourseofaninspection,officialsauthorisedbytheCommissionmationinspection;relevantshouldtothehavesubjecttherightmattertoandaskpurposeforanyinfor-duringthereinspections,theyshouldalsohavetherighttoaffixofsealsthetionincorrect,hasarebeenreasonableparticularlyimplementedgroundswithouttosuspectincircumstancesbeingthatnotified;aconcentra-wherethatbeeningsconditionorsuppliedincompleteormisleadinginformationhaspersonstoconcernedtheCommission;ptionalnecessarycircumstances,Inobligationanyevent,imposedbydecisioncomplyofwinspection,normallynotformorethan(40)Withoutprejudicetothecase-lawoftheCourtofJustice,ittheisalsousefultosetoutauthorises,nationaljudicialauthoritythescopemayofexercisethecontrolwhenthatittionaryritiesmeasure,asprovidedassistancebynationalfromlawlawandasaprecau-parttheofintheordertoovercomepossibleenforcementoppositiononautho-theresultsaffixingundertakingofseals,orderedagainstbyanCommissioninspection,ingItauthorityfromfurthermaytheincase-lormationintheabsencewhichofitwhichneedsittocouldcarryCommissionrefuseouttationalgoverningcourtsthetoimplementationcontroltheapplicationofofStatesCommission'sshfexercisethecoerciveMemberofthe(1)OJC364,18.12.2000,p.1.

L24/6ENOfficialJournaloftheEuropeanUnion29.1.2004(41)WhencomplyingwithdecisionsoftheCommission,theundertakingsadmitarethattheyandhavepersonscommittedconcernedcannotbeforcedtotousedprovideinanyeventdocuments,obligedeventoanswerinfringements,ifthisfactualbuttheyinformationlvesoragainstothersthe(42)Forthesakeoftransparency,alldecisionsoftheCommissionnaturepreservationshouldwhichconcerned,eoftheWhileensuringisinparticulartherightofaccessundertakingstothefile,itiesexchangedofthirdinthecountriesnetworkshouldand(43)CompliancewiththisRegulationshouldbeenforceable,riate,ictionTheCourtinthatofregardJusticepursuantshouldtobeArticlegivenunlim-229of(44)Theconditionsinwhichconcentrations,involvingundertakingsactivityhavingtheirseatortheirprincipaltriesintheCommunity,arecarriedoutinthirdfieldsofforshouldbeobserved,andprovis-discriminatorymandateoftheCouncilfornegotiationgivingtheCommissiontreatmentforwithsuchaviewunder-to(45)ThisRegulationinnowaydetractsfromthecollectiverightsconcerned,ofemployees,informnotablywithasrecognisedintheundeentativesanyobligationunderto(46)TheCommissionshouldbeabletolaydowndetailedrulesinimplementingaccordanceconcerningtheimplementationofthisRegulationthepowerswiththeconferredproceduresonfoions,FortheCommitteeMemberStatescomposedshouldbeasspecifiedofassistedintheArticlerepresentativesbyanAdvisory23,oftheHASADOPTEDTHISREGULATION:tionWithoutdimensionasshallprejudicedefinedapplytoArticle4(5)andArticle22,ntrationhasaCommunitydimensionwhere:(a)theundertakingscombinedandconcernedaggregateisworldwidemorethanturnoverEUR5000ofmillion;allthe(b)thetwoaggregateCommunity-wideturnoverofeachofatmillion,oftheundertakingsconcernedismorethanEURleast250unlesstwo-thirdseachoneandtheofofsamenconcentrationparagraph2hasthataCommunitydoesnotmeetdimensionthethresholdswhere:laid(a)theundertakingscombinedconcernedaggregateismoreworldwidethanEURturnover2500ofmillion;allthe(b)inaggregateeachofmorethanturnoveratleastEUR100ofthreeMemberStates,thecombinedmillion;alltheundertakingsconcernedis(c)inpurposeeachofleastofatleastthreeMemberStatesincludedfortheEUR25twomillion;ofpointthe(b),theaggregateturnoverofeachofatandundertakingsconcernedismorethan(d)thetwoaggregatemillion,oftheundertakingsCommunity-wideconcernedturnoverismoreofeachthanofEURatleast100unlesstwo-thirdseachoedOnthebasisofstatisticaldatathattheoutCouncilbytheontheMemberoperationStates,ofthetheCommissionmaythresholdsandshallbecriteriareportalFollowingthereportreferredtofiedinparagraphmajority,Commission,revisethethresholdstheCouncil,inparagraph4andonaandcrionappraisedConcentrationsinaccordancewithinthewithscopetheobjectivesofthisRegulationshallwhetherandorthenotfollowingtheyarecompatibleunt:makingthisappraisal,theCommissionshalltakeinto(a)thewithinneedthethetocommonmaintainmarketandindevelopviewof,effectivecompetitionpotentialstructureofallthemarketsconcernedamongandotherthethings,withinoroutwithcompetitiontheCommunity;fromundertakingslocatedactualeitheror

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/7(b)thetheirmarketablemarkets,toeconomicpositionoftheundertakingsconcernedandsuppliersandandfinancialusers,power,theirthealternativesavail-demandintereststrendsanylegalforortheotherrelevantbarriersaccessgoodstoentry,tosuppliesorandservices,supplyandthetheprovideddevelopmentoftheintermediateformanobstaclethatitisofandultimateconsumers,ers'iveAconcentrationpartcompetitioninwhichthecommonwouldmarketnotsignificantlyorinaimpedeeningofthecommonofit,on,asaresultshoncentrationwhichwouldsignificantlyimpedepartcompetition,inthecommonmarketorinasubstantialeffec-eningofit,inpon,ToeffectaconcentrationtheextentthatpursuantthecreationtoArticleofa3jointhasventureasitsconsti-takingsthecoordinationofthecompetitivebehaviourofobjectunder-orappraisedthat(3)inremainaccordanceindependent,withsuchcoordinationshallbetheofoperationtheTreaty,iscompatiblewithaviewthecriteriaofArticle81(1)tInmakinginparticular:thisappraisal,theCommissionshalltakeinto—whethercanttwoormoreparentcompaniesventureextent,fromorinactivitiesamarketinwhichtheissamedownstreammarketretain,astoasignifi-ortheupstreamjointcloselythatrelatedofthetojointthismarket,ventureorinaneighbouringmarket—whetherofthecoordinationwhichistheconcernedthecreationofthejoisubstantialpossibilitypartofofeliminatingtheprodrolAconcentrationonalastingshallbasisberesultsdeemedfrom:toarisewhereachange(a)thetakingsmergerorpartsoftwoofundertakings,ormorepreviouslyorindependentunder-(b)theatwhetherleastacquisition,onebyoneormorepersonsalreadycontrollingbybypurchaseundertaking,oforbyoneormoreundertakings,wholeanyorotherpartsmeans,ofoneorofsecuritiesmoredirectorassets,ontrolshallbeconstitutedbyrights,contractsoranyhavingmeansconferregardwhich,totheeitherconsiderationsseparatelyorincombinationandundertaking,thepossibilityinparticularofby:exercisingdecisiveoffactorinfluencelawinvolved,onan(a)ownershipundertaking;ortherighttouseallorpartoftheassetsofan(b)rightscomposition,whilisacquiredbypersonsorundertakingswhich:(a)arecontractsholdersconcerned;oftherightsororentitledtorightsunderthe(b)cts,holderhecreationofajointventureperformingonconstituteallthefunctionsofanautonomouseconomicentityalastingshall1(b).ntrationshallnotbedeemedtoarisewhere:(a)creditanceinstitutionsorotherfinancialinstitutionstransactionscompanies,orsecuritiesfortheaccountanddealingthenormalactivitiesofwhichorincludeinsur-ofothers,insecuritiesfortheirownaccountavotingviewtowhichresellingtheythem,haveprovidedacquiredholdthatinonanatemporarybasistheyundertakingdonotexercisewithdeterminingrightsinrespectofthosesecuritieswithaviewtooraprovidedthatthecompetitivetheyexercisebehavioursuchvotingofthatundertakingtakingviewthatortopreparingofitsassetstheordisposalthedisposalofalloforpartrightsofthatonlyunder-withdateanysuchdisposaltakesplacewithinthoseonesecuritiesyearandCommissionofacquisition;thatperiodmaybeextendedbyofthethenieswithincantheshowonperiodthatrequestset;thedisposalwheresuchwasnotinstitutionsreasonablyorpossiblecompa-(b)controlofisacquiredinsolvency,aMemberStatebyrelatinganoffice-holderaccordingtothelawgousproceedings;cessationofpayments,toliquidation,compositionswindingoranalo-up,

L24/8ENOfficialJournaloftheEuropeanUnion29.1.2004(c)theby5(3)theoperationsfinancialreferredholdingtoinparagraph1(b)arecarriedout1978ofFourthCouncilDirectivecompanies78/660/EECreferredtoofin25ArticleJulyaccountsbasedhoweverexercised,thatofonthecertainArticle54(3)(g)votingtypesrightsofoftheTreatyontheannualinrespectcompaniesofthe(1)holdingprovidedmembersundertakingsofintheparticularmanagementinrelationandtotheappointmentareofthedirectlyfullvalueinwhichtheyhaveholdings,rectlyofthosetheinvestmentscompetitiveandconductnottodetermineofthoseArticle4PriornotificationreferralattheoeirRegulationConcentrationsshallwithbenotifiedaCommunitytothedimensionCommissiondefinedpriorintoagreement,implementationandfolloublicbid,ortheacquisi-NotificationconcernedtiondemonstratemayalsotobethemadeCommissionwhereathegoodundertakingsfaithwheretoconcludeanagreementor,inthecaseofapublicinten-bid,ainbid,aconcentrationprovidedtheyhavethatpubliclywiththeintouldresultFortration’thepurposesofthisRegulation,theterm‘notifiedconcen-pursuantshallgraphstoalsocoverintendedconcentrationsnotifiedintended4andthe5secondofthisArticle,trationswithinthethetermmeaning‘concentration’gAconcentrationwithinbytheofmeaningArticle3(1)(a)whichofArticleorinconsistsofamergerwithinthe3(1)(b)theacquisitionshallbeofnotifiedjointcontroljointlyaseffectedthethepartiescasetothemerrorallothercases,efallsWherewithinthetheCommissionscopeoffindsthisRegulation,thatanotifiedconcentra-namesfactofthenotification,oftheofundertakingstheconcentrationconcerned,andtheirthecountryoforigin,ndertakingsCommissioninshallthetakegPriortothenotificationofaconcentrationwithintoreasonedinparagraphofparagraphsubmission,2may1,thepersonsorundertakingsreferredthethatinformthetheconcentrationCommission,maybysignificantlymeansofa(1)OJ2003/51/ECL222,14.8.1978,iveaslastamendedby178,17.7.2003,ofthep.16).EuropeanParliamentandoftheCouncilDirective(xamined,characteristicsinamarketwithinaMemberStatewhichinwholeofaordistinctinpart,marketbythatandMembershouldTheStatesCommissionreasoned,ThewithinMember15workingStatereferreddaystointheregardssubmission,uchrequestexpressdecision,WhereitshallthatMemberbedeemedStatetoUnlessconsidersthatMemberStatedisagrees,theCommission,wheretiontration,inthatthatmarketsuchadistinctmarketexists,andthatcompeti-itcompetentmayapplicationauthoritiesdecidemaytoreferbesignificantlyofthatState'softhatthenationalMeasetotothetheThewithdecisiondaysthethirdwhethersubparagraphornotngfromthereceiptofthereasonedsubmission25workingbyitsStatesandThetheCommissioneriod,IfpersonstheorcaseittheCommissiondoesnottathehavesubmissionadoptedamadedecisionbythetoIfpursuanttheCommissionwholetothethirddecides,andfourthorissubparagraphs,deemedtohavetoreferdecided,theparagraphofthe9(6)to(9)1shallandcase,nonotificatithmeaningdoesregardunderofArticlenothavetoaconcentrationasdefinedinArticle31andaCommunitywhichiscapabledimensionofbeingwithintheStates,themay,informbeforethenationalpersonscompetitionlawsofatleastthreereviewedMemberanynotificationorundertakingstothereferredcompetenttoinparagraphauthorities,2thatthetheconcentraransmitthissubmissiontoallMemberAnyunderMemberdaysitsnationalStatecompetitioncompetenttolawexaminetheconcentrationmentofasreceivingregardsthetherequestreasonedtorefersubmission,may,s15itsdisagree-workingWheredisagreementatleastonesuchMemberStatetheTheperiodofin15accordancewiththethirdsubparagraphhasexpressedwithinitsandCommissionshall,workingwithoutdays,delay,sorundertakingsconcernedofanyMembersuchexpres-States

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/9WhereaccordancenoMember15Communityworkingwithdays,theStatehasexpresseditsdisagreementinthethirdconcentrationsubparagraphshallwithinbetheperiodofindimensionandshallsituations,portofTheparagraphsCommission4shallreporttotheCoingthismajority,frommaythereviseCommission,paragraphsthe4Council,ggregateconcernedcompriseturnovertheamountswithinderivedthemeaningbyofthethisundertakingsRegulationproductstakings'ofordinaryandinthetheprovisionprecedingfinancialyearfromthesaleofactivitiesafterofservicesdeductionfallingofwithintheunder-Thevalueaddedtaxandothertaxesdirectlyrelatedsalesrebatesandincluotanyofsaletheofunder,compriseintheCommunityorinaMemberortheconsumers,productssoldandservicesprovidedtoundertakingsState,trationBywaynotonlyconstitutedconsistsofderogationaslegaloffromparagraph1,wheretheentities,theacquisitionofoneofparts,etotakenthepartsintowhichormoreaccountareundertakings,withthesubjectregardoftoHowever,firsttwoormoretransactionswithinthemeaningofbetweensubparagsameconcentrationeofturnoverthefollowingshallbeused:(a)forsumcreditinstitutionsandotherfinancialinstitutions,Directiveoftheand86/635/EECfollowingincomeitemsasdefinedinCounciltheappropriate:othertaxesdirectly(1),afterrelateddeductiontothoseofvalueitems,addedwheretax(i)interestincomeandsimilarincome;(1)OJ2003/51/ECL372,1986,ctive(ii)incomefromsecurities:—incomesecurities,fromsharesandothervariableyield—incomefromparticipatinginterests,—incomefromsharesinaffiliatedundertakings;(iii)commissionsreceivable;(iv)netprofitonfinancialoperations;(v)ityturnoverofacreditoritems,orasordefinedinaMemberabove,whichStatefinancialshallinstitutionintheCom-arereceivedcomprisetheincomeordivisionintheMemberofthatStateinstitutioninquestion,establishedastheincasethebymayCommunitythebranchbe;(b)forwritteninsuranceundertakings,thevalueofgrosspremiumsreceivablewhichbehalfinrespectshallcompriseallamountsreceivedandoutgoingoftheinsuranceofinsurancecontractsissuedbyorontaxesreinsurancepremiums,undertakings,andafterincludingdeductionalsoofreferenceandtotal(3)(b),volumetoparafiscaltheofpremiums;amountscontributionsoforlevieschargedbyasindividualregardspremiumsorthegrossfrompremiums(c)and(d)receivedandthefinalfrompartArticle1(2)(b)andCommunityofArticleresidents1(2)andand(3),outprejudicetoparagraph2,theaggregateturnoverlationanundertakingturnoversshallconcernedwithinthemeaningofthisRegu-ofbethecalculatedfollowing:byaddingtogethertherespective(a)theundertakingconcerned;(b)thosedirectlyundertakingsorindirectly:inwhichtheundertakingconcerned,(i)ownsmorethanhalfthecapitalorbusinessassets,or(ii)hasrights,theorpowertoexercisemorethanhalfthevoting(iii)hasofthepowertoappointbodiesthelegallysupervisoryrepresentingboard,morethetheundertakings,administrativethanhalfthemembersorboardor(iv)hastherighttomanagetheundertakings'affairs;(c)thoseconcernedundertakingstherightsorwhichpowershavelistedinin(b);theundertaking(d)thosein(c)hasundertakingstherightsinorwhichpowersanlistedundertakingin(b);asreferredto(e)thosereferredundertakingslistedin(b).toin(a)toin(d)whichjointlytwohaveormoretherightsundertakingsorpowersas

L24/yWherecalculatinghaveconcernedforthetheundertakingsrightstheaggregateorpowersconcernedbytheconcentrationpurposesofturnoverlistedthisRegulation:ofinparagraphtheundertakings4(b),in(a)notheaccountthesaleofproductsshallbetakenortheoftheturnoverresultingfromconcernedjointundertakingandprovisioneachofoftheservicesundertakingsbetweenoneofthem,orasanysetotheroutinundertakingparagraph4(b)connectedto(e);withany(b)accountsalejointofproductsshallbeandtakentheofprovisiottheThisbetweenundertakingsturnoverthemissionshallexaminethenotificationassoonas(a)Wherefallitconcludesthatthecongulation,itshallrecordthatnot(b)WherefallingitfindsthattheconcentrationseriouswithinthescopeofthisRegulation,notified,doesalthoughnotraisemarket,doubtsthatitisitcompatibleshallasdecihalldeclareAdeemeddecisiontotheimplementationtocoverdeclarilyrelatedandnecessary(c)Withoutfindsofthatprejudicetheconcentrationtoparagraph2,wheretheCommissioncompatibilitythisRegulationandraisesnotifiedseriousfallsdoubtswithinthescopeinitiatewiththecommonmarket,edconcernedforshallinArticlebeWithoutclosed8(1)tobyprejudicetoArticle9,such(4),meansunlessofadecisionasCommissionhavethatdemonstratedthetheCommissionfindsthat,followingmodificationlongerthe1(c),commonitraisesundertakingsshallseriousmarketdeclaredoubtsconcerned,anotifiedconcentrationnopursuantthetoconcentrationwithinthemeaningparagraph1(b)patibleofparagraphwiththeThe1(b)Commissionundertakingsconditionsandmayobligationsattachtoitsintendeddecisiontounderensureparagraphthatthehaverenderingenteredconcernedintovis-à-ntThetoCommissionparagraph1(a)mayor(b)revokewhere:thedecisionittook(a)theonedecisionisbasedonincorrectinformationforwhichobtainedofthebyundertakingsdeceit,isresponsibleorwhereithasbeenor(b)hecasesreferredtoinparagraph3,thebythetaketimealimitsdecisionreferredundertoparagraphinArticle1,10(1)petentauthorituantArticleAconcentration1,orwhichwithistoaCommunitybeexamineddimensionbytheCommissionasdefineditsthenotificationtoArticle6(1)(b),commonmarketoruntil4(5),shallnotbeimplementedeitherbeforepursuantithasbeentoadeclareddecisioncompatiblewithaccording8(1)toArticleor8(2),10(6).Paragraph1shallnotpreventtheimplementationofathosemarketconvertiblebidorofaseriesoftransactionsinsecuritiesincludingmeaningsuchasaintostockotherexchange,securitiesadmittedtotradingonathat:ofArticle3isacquiredfrombywhichvariouscontrolsellers,withinprovidedthe(a)thetoArticleconcentration4withoutisdelay;notifiedandtotheCommissionpursuant(b)thetheacquirerfullsecuritiesdoesinquestionnotexerciseordoesthevotingsoonlyrightstomaintainattachedetotheCommissionmay,onrequest,grantaderogationrequest,countIndecidingontheconcernedofthesuspensionononeormoreinterundertakingsaliathethreatgationtocompetitionbytheconcentrationposedoronathirerntedatanytime,evalidityofanytransactioncarriedoutincontraven-topursuantArticleofparagraphto6(1)(b)1shallbedependentonadecisionpursuantArticleor10(6).Article8(1),(2)or(3)oronapresumption

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/11ThistransactionsArticleshall,however,havenoeffectonthevalidityofsecuritiesexchange,admittedinsecuritiestotradinsactionthebuyerwasandcarriedselleramarketknewsuchasastockoutinorconsesfulfilsWheretheCommissionfindsthatanotifiedconcentra-81(3)referredthecriterionlaiddowninArticle2(2)and,intheconcentrationofthetoinArticle2(4),thecriterialaiddowninArticlecompatibleTreaty,ingtheAdeemeddecisiontheimplementationtocoverdeclariheWhereundertakingstheCommissionconcerned,findsthat,followingmodificationtoTreaty,incriterionArticlelaid2(4),downthecriteriainArticlealaid2(2)notifieddownand,concentrationinthecasesreinginArticletheconcentration81(3)oftheThegationsCommissionmayattachtoitscomplyintendedtoensurethatdecisiontheundertakingsconditionsconcernedandobli-thecompatibleCommissionwiththecommitmentswiththewiththeyhaveenteredintovis-à-eringtheconcentrationAdeemeddecisiontheimplementatriterionWherethedefinedCommissioninArticlefinds2(3)thataconcentrationfulfils81(3)Articleconcentrationofthe2(4),Treaty,doesisincompatibleitnotshallfulfilor,inthecasesreferredtoissuethheCommissionfindsthataconcentration:(a)hasbeenalreadydeclaredbeenincompatibleimplementedwithandthethatcommonconcentrationmarket,orhas(b)hasattachedbeenfoundtoimplementedaincontraventionofaconditiontioninwouldthat,indecisionfulfilthetheabsencetakenunderparagraph2,whichhascriterionofthelaidcondition,downtheconcentra-criteriathecaseslaiddownreferredinArticletoinArticle81(3)of2(4),inArticle2(3)or,thewouldTreaty,notfulfilthetheCommissionmay:—requiretration,theundertakingsconcernedtodissolvetheconcen-orrestorethedisposalinparticularthroughthedissolutionofthemergerofthetheconcentration;thesituationofallprevailingthesharesorassetsacquired,soastoincircumstancespriortowheretheimplementationconcentrationsituationprevailingconcentration,isbeforetheimplementationrestorationoftheofmeasurethenotCommissionpossiblethroughmaydissolutiontakeanyofthepossible,appropriatetoachievesuchrestorationasfarotheras—orderundertakingsanyotherotherrestorativeconcernedappropriatemeasuresdissolInmeasurescasesfallingeitherreferredwithinpoint(a)ofthefirstsubparagraph,isiontoommissionmaytakewhererestoreaconcentration:ormaintainconditionsinterimofeffectivemeasurescompetitionappropriate(a)hasdecisionbeenimplementedincontraventionofArticle7,andthecommonastomarketthecompatibilityhasnotyetbeenofthetaken;concentrationwitha(b)hasattachedbeenimplementedincontraventionofofthisArticle;toadecisionunderArticle6(1)(b)orparagraphacondition2(c)ntThetoCommissionparagraphs1mayor2revokewhere:thedecisionithastaken(a)themationdeclarationwhereitforhaswhichofcompatibilitybeenoneobtainedoftheisbasedonincorrectinfor-byundertakingsdeceit;orisresponsibleor(b)TheCommissionmaytakeadecisionpursuanttotoinArticle1to310(3),withoutincasesbeingwhere:boundbythetimelimitsreferredpara-(a)itfindsthataconcentrationhasbeenimplemented(i)inundercontraventionArticle6(1)(b),ofaorconditionattachedtoadecision(ii)intakencontraventionofacondition10(2),underparagraph2andinaccordanceattachedtowithadecisioncondition,whichhasfoundthat,intheabsenceArticleoftheastoitscompatibilitytheconcentrationwiththewouldcommonraisemarket;seriousdoubtsor(b)adecisionhasbeenrevokedpursuanttoparagraph6.

L24/shallcompetentnotifyitsauthoritiesdecisiontoofthetheundertak-MetThetentdelayCommissiontotheundertakingsmay,bymeansconcernedofadecisionandthenotifiedcompe-concentrationauthoritiesconcernedinthetoofthetheotherMemberStates,inuponthe15workingdaysofthedateofreceiptofthecopyCommission,thenotification,invitationaMemberoftheCommission,State,onitsownmayinitiativeinformtheorthat:whichshallinformtheundertakingsconcerned,(a)ainconcentrationtheacharacteristicsmarketwithinthreatensofthattoaffectsignificantlycompetitionadistinctMembermarket,State,orwhichpresentsall(b)aMemberconcentrationdistinctState,whichaffectspresentscoIftheCommissionconsidersthat,havingphicalfortheproductsorservicesinquestionandregardthetothethereeither:isreferencesuchadistinctmarketmarketwithintheandmeaningthatsuchofaparagraphgeogra-threatexists,7,(a)itRegulation;shallitselfordealwiththecaseinaccordancewiththis(b)itauthoritiesshallreferthewholeorpartofthecasetothecompetenttheapplicationoftheofthatMemberState'If,markethowever,effectorthreatthedoesCommissionnotexist,hichitselfitdealshallwithaddressthecasetotheinaccordanceMemberStatewithconcerned,thisRegu-InpursuantcaseswheretitionformintoadistinctparagraphaMembermarket2(b)thatStatewithinaconcentrationinformstheCommissionitsterritoryaffectsthatdoescompe-notsiondistinctshallasubstantialmarketismarketreferthepartofthecommonmarket,ned,wholeorifitpartconsidersofthecasethatsuchrelatingadistincttothe4.3shallAbedecisiontaken:toreferornottoreferpursuanttoparagraph(a)as10(1),ageneralrulewithintheperiodprovidedforinArticlepursuantsecondtoArticlesubparagraph,6(1)(b),hasnotwhereinitiatedtheproceedings;Commission,or(b)withinconcentration65workingdaysatmostofthenotificationoftheinitiatedconcernedwheretheCommissionhastheproceedingsunderArticle6(1)(c),withouttakingmeasurespreparatoryrestoreeffectiveunderstepscompetitionArticlein8(2),orderon(3)toadoptthenecessarytheormarket(4)inor5.4(b)StatetheIfwithinanceconcerned,Commission,the65workingdaysreferredtoinparagraphhasnotdespitetakenaadecisionreminderfromtheMemberreferredwithparagraph3norhastakentheonreferralpreparatoryinaccord-atoinparagraph4(b),itshallbedeemedtohavetakenstepsaccordancedecisiontowithreferparagraphthecase3(b).econcernedWithincompetent45workingdaysaftertheCommission'sinformminarytheauthorityundertakingsoftheMemberStateconcernedreferral,mentconcernedTheMemberandStatewhatoftheconcernedfurtherresultaction,ofthepreli-mayifexcep-any,hasprovidednotsuspendbeenforbyprovidedthistimeitsnationaltonedasWhereofthat45authorityofworkinganotificationtheofreceiptdaysisrequestedundernationallaw,theperpplyinThewhichgeographicaltheundertakingsreferenceconcernedmarketshallareconsistofthetionsanddemandofproductsorservices,inwhichinvolvedtheinthecanticular,beofdistinguishedcompetitionfromaresufficientlyhomogeneousandcondi-whichthoseconditionsofcompetitionneighbouringareappreciablyareasbecause,differentinpar-inofconcerned,Thisandassessmentcharacteristicsshouldtakeaccountinparticularpreferences,oftheexistenceofentryofthebarriersproductsororservicesmarketareasorsharesofofsubstantialbetweenappreciablepricethedifferencesoftheundertakings'ntoconcernedapplyingmaythetakeprovisionsonlytheofmeasuresthisArticle,ticularMemberInaccordanceStatemaywiththerelevantprovisionsoftheTreaty,forthepurposerequestoftheapplyingapplicationappealtoitsnationaloftheArticleCourtofJustice,,

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/outArticle6(1)prejudiceshalltobeArticletaken6(4),thedecisionsreferredthatsuppliedofThatthereceiptperiodofshallanotificationbeginonwithintheor,ifworking25workingdaysattheinformationdayfollowingtodayfollowingwiththattheofnotificationthereceiptisofincomplete,kingbeThatCommissionperiodshallbeincreasedtoancereceivesarequestfrom35aworkingMemberdaysStatewheretheofferwithrenderingcommitmentsArticle9(2)orpursuantwhere,centrationcompatibleArticle6(2)riousconcentrationsDecisionspursuanttoArticle8(1)or(2)concerningnoti-particularlydoubtsingsasreferredshallbetakenassoonasitappearsthatthearesultoftomodificationsinArticle6(1)(c)madehavebeenremoved,paragraphconcerned,eWithoutprejudicetoArticle8(7),decisionspursuanttotakenwhichwithin8(1)toincreasedtheproceedingsnot(3)gThatdaysofthedateonconcernedtosubparagraph,offer105workingdayswheretheperiodundertakingsshallbecompatiblewithcommitmentsaviewtopursuantrenderingtoArticlethe8(2),eofferedcommonlessthanmarket,55workingunlesstheseconcentrationdaysaftercommit-theTheextendedperiodssetbynotingslaterthanifthe15notifyingthefirstworkingpartiessubparagraphdaysaftermakethearequestshalllikewisebeinitiationtothateffectonlypursuanttoArticle6(1)(c).Thenotifyingpartiesofmayproceed-makeinitiationoneparagraphofsuchproceedings,se,theperiodsheCommissionsetbytotaldurationwiththefirstsub-uspendedTheperiodssetbyparagraphs1and3shallexceptionallytheundertakingswhere,involvedowingintothecircumstancesforwhichoneofpursuantCommissionpursuanttotohashadtorequestconcentrationinformationisresponsible,bydecisionArticleArticle13.11ortoorderaninspectionbydecisionTheinArticlefirstsubparagraph9(4)(b).aminedtimewholeWheretheCourtofJusticegivesajudgmentwhichannulslimitorpartofaCommissiondecisionwhichissubjecttosionpursuantbysetthebytoArticleCommissionthisArticle,theconcentrationshallbere-6(1).ere-examinedinthelightofcurrentThementnotifyingnotificationtheoriginalpartiesnotification,shallsubmitwithoutanewnotificationorsupple-changesWherefactwithoutthereinmarketbecomesincompletebydelay,onditionssuchchanges,eworkingperiodstiondayfollowinglaiddownthatinofparagraphthereceipt1ofshallstartonthecertificationinanewwithinnotification,cation,informa-oraThecasessecondreferredandtointhirdArticlesubparagraphs6(4)andArticleshall8(7).anceWheretimewiththeArticleCommissionhasnottakenadecisionintrationlimitsthecommonshallsetbeinmarket,deemedparagraphs6(1)(b),(c),8(1),(2)or(3)withinthewithouttohave1andprejudicebeen3declaredrespectively,tion,Inordertocarryoutthedutiesassignedtoitsion,theCommissionmay,bysimplereqsonsassociationsreferredoftoundertakings,inArticle3(1)(b),,WhenCommissionanundertakingsendingasimpleoranassociationrequestforofinformationundertakings,toarequest,shallstatethelegalbasisandthepurposeofthethelimitthewithinspecifywhichwhattheinformationinformationrticleis14toforbeprovided,etheCommissionrequiresadecision,anassociationofundertakingstosupplyperson,informationanundertakingbyrequest,limitspecifyitshallwhatstatethelegalbasisandthepurposeofthepenaltieswithinpenaltiesprovidedwhichforitisinformationintoisrequiredandfixthetimeArticlebeprovided.14Itshallalso

L24/,ciationsinThetheownersrepresenthavingcasenoofoftheundertakingsortheirrepresentativeslegallegalpersons,personality,companiesthepersonsorfirms,authorisedorasso-informationthemPersonsbehalfdulyrequestedbylaworbytheirconstitution,shallsupplythetoauthorisedThelatterisshallincomplete,CommissionshallwithoutdelayforwardacopyauthoritiesdecisionofundertakingsthepersonoftakentheorMemberpursuanttoparagraph3tothecompetentoftheseatStateoftheinundertakingwhoseterritorytheresidenceMemberissituated,andtothecompetentorauthorityassociationofthpecificrequestforinformationaState,entAttherequestoftheCommission,theCommissionauthoritiesdutiesassignedwithtoitalloftheMemtion,InorderpersoncollectingwhothetoconsentsCommissioncarryouttobemaythedutiesassignedtoitbythisinationconductedAtthebeginningrelatingoftothesubjectmatterofanCommissionbytheinterview,elephonestatetheorlegalotherbasisandelectronicthepurposemeans,ofthetheWhereCommissionaninterviewCommissionorbytelephoneisnotconductedorotheronelectronicthepremisesmeans,uests,IfMembershallthecompetentStateinformininadvancethecompetentauthoritytheauthoritywsofficialsauthorisedofthatauthoritybytheCommissionmayassistthetoofficialscondeofAtorCommissionthetheMemberrequestoftheCommission,thecompetentauthori-considersStatesshalltobeundertakenecessarytheunderinspectionsArticlewhich13(1),ThewhichwhoofficialsithasthoseareresponsibleoftheorderedcompetentbydecisionpursuanttoArticle13(4).forconductingauthoritiestheseofinspectionstheMemberaswellStatespoityIfsorequestedbytheCommissionorbythecompetentinspectionofpersonsistothebeMemberconducted,StateofficommissionmayotherassistaccompanyingtheofficialsArticle13TheCommission'tion,InordertionsofundertakingsthetoCommissioncr:theTheCommissionofficialsandtootherconductaccompanyinganinspectionpersonsshallauthorisedhavethe(a)toundertakingsenteranyandpremises,associationslandofandundertakings;meansoftransportof(b)toness,examineirrespectivethebooksoftheandmediumotherrecordsonwhichrelatedtheyaretothestored;busi-(c)tosuchtakebooksorobtainorrecords;inanyformcopiesoforextractsfrom(d)toperiodsealandanytobusinesstheextentpremisesnecessaryandbooksfortheorinspection;recordsforthe(e)totakingaskanyfactspurposeororrepresentativeormemberofstaffoftheunder-ofdocumentsassociationtheinspectionrelatinersCommissionOfficialsandtootherconductaccompanyinganinspectionpersonsshallauthorisedexercisebythetiessubjectuponrequiredprovidedmatterproductionforandofawrittenauthorisationspecifyingtheirinpurposeArticle14,oftheininspectionandthepenal-isbooksorotherrecordsrelatedthetoproductionthebusinessofthegraphincompletetime2orwhereanswerstoquestionsaskedunderwhichpara-theinwhoseinspectionbeforeofthethisterritorytoinspection,ittoandinspectionsassociationsorderedofbyundertakingsarepurposeThedecisionshallspecifythesubjectdecisionmatterofandthebegin15andofindicatetheinspection,consultingTherightCommissiontothehavepenaltiestheprovidedforinArticles14andshalldecisiontakereviewedbytheCourtofwhosetentOfficialsof,andthoseauthorisedortheauthorityoftheMemberStateinappointedwhoseterritoryby,theauthorityinspectionotheroristobeconductedshall,attherequestofthatToaccompanyingoftheCommission,d,graph

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/isedWhereopposespremises,anbytheinspection,theofficialsCommissionandotheraccompanyingpersonsincludingfindthethatsealinganofundertakingbusinesstheassistance,MemberbookspolicerequestingStateorconcernedrecords,orderedpursuanttothisArticle,whereappropriateshallaffordthethemassistancethenecessaity,isationIftheassistanceprovidedforrules,fromajudicialauthorityinparagraphaccordingto6requiresnationaltionmaysucdWhereCommissionfor,theauthorisationnationaljudicialasreferredauthoritytoshallinparagraphensure7ismeasuresregardproportionalitytoenvisageddecisionisauthenticandthatthecoercivethatthethesubjectarematterneitherofthearbitrarynorexcessivehavingauthorityofthecoercivemeasures,ationalitscontrolofcompetentmaytionsauthorityasktheCommission,directlyorthroughjudicialthethenecessitynationalrelatingjudicialtothesubjectofthatMemberState,wever,withfortheinspectionnordemandthatitquestionbeprovidedtheofthethetheCourtCommission'sinformationintheCommission'edTheCommissionmaybydecisionimposeontheundertakings,toinofwithintheundertakingfinesArticlenot3(1)b,undertakingsorassociationspersonsoforexceeding1%oftheaggregateturnovergently:themeaningofassociationArticle5where,ofundertakingsintentionallyconcernedornegli-(a)theysubmission,supplyincorrectormisleadinginformationinathereto,22(3);pursuantcertification,toArticlenotification4,Article10(5)orsupplementorArticle(b)theyresponsesupplytoarequestincorrectmadeorpursuantmisleadingtoArticleinformation11(2);in(c)intoresponsemisleadingArticleto11(3),arequesttheymadesupplybydecisionincorrect,adoptedincompletepursuantwithintherequiredinformationtimelimit;ordonotsupplyinformationor(d)theytheproducetherequiredbooksorotherrecordsrelatedtoArticlebusinessdecision13,takenorinrefuseincompleteformduringinspectionsunderpursuanttosubmittoArticletoan13(4);inspectionorderedby(e)in13(2)(e),responsetoaquestionaskedinaccordancewithArticle—theygiveanincorrectormisleadinganswer,—theyCommissionfailtorectifyanswergivenbyanaincorrect,withinmemberofincompleteatimelimitsetbythestaff,orormisleading—theyfactsfailinspectionrelatingorrefuseArticle13(4);orderedtothetoprovideacompleteansweronbysubjectadecisionmatteradoptedandpurposepursuantofanto(f)sealsauthorisedaffixedbyofficialsorother13(2)(d)ingTheconcerned10Commissionmaybydecisionimposefinesnotreferredwithin%ofthethemeaningaggregateturnoveroftheundertakingwhere,eithertoinintentionallyArticle3(1)bornegligently,oroftheArticleundertakings5onthepersonsthey:concerned(a)failortonotifyexpressly22(3)siontakenauthorisedprioraconcentrationtoitsinaccordancewithArticles4pursuanttotoArticledoimplementation,soby7(3);Article7(2)unlessorbytheyadeci-are(b)implementaconcentrationinbreachofArticle7;(c)implementcommonaconcentrationdeclaredincompatiblenotmarketbydecisionpursuanttoArticle8(3)withorthedotoArticlecomply8(4)withorany(5);measureorderedbydecisionpursuant(d)failbytocomplywithaconditionoranobligationArticledecision8(2),cles6(1)(b),Articleimposed7(3)ure,Infixinggravitytheandamountdurationoftheofthefine,graphs1,edTheCommissionmayundertakings,tointheperiodicArticlepenalty3(1)b,byundertakingsdecisionimposeonthepersonspaymentsnotorexceedingassociations5%ofofciationaverageArticledateset5ofdailyaggregateturnoveroftheundertakingorasso-inforundertakingstheeachdecision,workingconcernedinorderdaytoofwithinthemeaningofcompeldelay,calculatedthem:fromthe(a)torequestedsupplybycompletedecisionandtakencorrectpursuantinformationtoArticlewhich11(3);ithas(b)totakensubmitpursuanttoantoinspectionArticle13(4);whichithasorderedbydecision

L24/16ENOfficialJournaloftheEuropeanUnion29.1.2004(c)totocomplyparagraph;Article6(1)(b),withanor;Articleobligation7(3)imposedorArticlebydecision8(2),secondpursuantsub-(d)totocomplyArticle8(4)withorany(5).erethetionorenforce,whichassociationspersonsreferredtoinArticle3(1)(b),undertak-theperiodicofundertakingshavesatisfiedtheobliga-periodicthewouldarisepenaltyCommissionundeethedefinitivelowerthanamountthatofwhichtheArticle16ReviewbytheCourtofJusticeThemeaningCourtofJusticeshallhaveunlimitedjurisdictionwithinthewherebyofArticle229oftheTreatytoreviewdecisionspayments;,reducehasfixedorincreaseafinetionInformationrequest,investigasionWithoutprejudicetoArticle4(3),Articles18States,workingtheirandofficialstheandcompetentotherservantsauthoritiesandofothertheandMember20,thepersonsofficialsStatesandunderciviltheservantssupervisionofotheroftheseauthoritiesauthoritiesoftheasMemberwellasthroughshallbytheobligationtheapplicationlParagraphsmationinformationngtoparticularundertakingsornotassociatioeBeforeCommission7(3),takingArticleany8(2)decisionto(6),andprovidedArticlesforinArticle6(3),tionsofundertakingsshallgiveconcernedthepersons,theopportunity,undertakings14and15,theatandeveryassocia-stageofCommittee,ngntBywaywithoutingsthetoArticlesofderogationpersons,7(3)undertakingsand8(5)frommayparagraph1,adecisionorassociationsbetakenprovisionally,portunitybeforehand,beinggiventheopportunitytomakeknownaspheCommissionthepartieshaveshallhtspartiesAccessofthetodefencethefileshallshallbebefullyopenrespectedobserva-atleasttointheundertakingsdirectlyininvolved,Naturalnecessary,orthecompetentorlegaltheyauthoritiespersonsmayalsoshowingheartivesufficienttheorentitled,recognisedmanagementinterestandespeciallymembersoftheadministra-uponapplication,rtakingstheiremployeesconcerneCommissionshalltransmittotheworkingoftheMemberStatescopiesofnotificationscompetentwithinauthori-threeimportantdayspursuantdocumentsand,assoonaspossible,withSuchorissuedbytheCommissionthecompatibleCommissionofferedbytheundertakingsdocumentsconcernedshallvis-à-visincludeorArticle8(2),torenderingpursuantthetoconcentrationArticle6(2)eCommissionshalltentRegulationviewsauthoritiesofinthecloseMemberandcarryconstantouttheproceduressetoutinStates,purposesmayofexpressArticletheirMemberobtaingiveStateinformationfromthecompetentauthorityof9theitofparagraphtheittheasreferredtoinparagraph2ofthatArticleandprocedureopportunitytomakeknownitsviewsateverystagethefile.3ofthatupArticle;totheadoptiontothatendofitashalldecisiongivepursuantitaccesstoto

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/tedAntosions(6),takenArticlesbeforeAdvisoryinaccordance14anyCommitteeor15decisiononconcentrationsshallbewithistakenpursuanttoArticle8(1)withtheArticleexception18(2).ertheThecompetentAdvisoryCommitteeauthoritiesshallofconsistofrepresentativesunableStateshallappointonetheortwoMemberrepresentatives;competentleasttooneattend,tterstherepreseultationshalltakeplacedimportantofthecase,aysThefordocumentsmeetingeachcaseandapreliminarydraftofthedecisiontoshallconsidered,takeshallbesentwiththeinvita-exceptionalaftertheavoidcasession'sTheAdvisoryCommitteeshalldeliveranopinionontheAdvisorymembersCommitteedraftdecision,ranopinionTheevhebeeredmannerbryTheCommissionshallcommunicatetheopinionseeswithofCommittee,togetherwiththedecision,totheaddres-oftheundertakingsthethedecision,avingItshallmaketheopinionpublheCommissionshallpublishthethepursuanttoArticle8(1)to(6),Articlesdecisions14andwhichitArticleexceptionCommittee18(2)ofprovisionaldecisionstakeninaccordance15withwithinpublicationshallstatethenamesoflegitimatemaincontentofthedecision;stofundertakingsintheprotectiondThis2003(inRegulationArticle3,aloneandCouncilshallapplyRegulationstoconcentrations(EC)Noas1/1),(EEC)No1017/68(2),(EEC)No4056/86(3Noventures3975/87()and(EEC)4)shallnotapply,exceptinrelationtojointhavetivebehaviourastheirthatdoobjectnothaveaCommunitydimensionandubjecttoreviewbytheCourtofJustice,oncentrationthathasaCommunityonTheMemberfirsttheState'ssubparagraphpowertoshallcarrybewithoutprejudicetoanytotakeArticleapplication9(3),firstofArticlessubparagraph,4(4),out9(2)anyindentorenquiriesafternecessaryfor(b),orreferral,ArticlepursuantArticlethe9(8).measuresstrictlynecessaryfortheapplication9(5),anappropriateNotwithstandingparagraphs2and3,ogeneralconsiderationtoprotectlegitimateinterestsotherprinciplesbyandthisotherRegulationprovisionsandofPublicbesecurity,timateinterestswithinthemeaningofshalltheAnyCommissionotherpublicrecognisedcompatibilitybybyinterestmustbecommunicatedtothethetheCommissionMemberStateafterconcernedandshallbeofwiththegeneralprincipommissiondecisionwithinshallinform25workingtheMemberdaysofStatethat(1(2))OJOJL1,(3)lationL175,4.1.2003,OJ(EC)1/20037.p.1968,tionaslastamendedbyRegu-(4)lationL378,31.12.1986,(OJp.L4.1,Regulation4.1.2003,1).lastamendedbyRegu-OJlationL374.(EC)(EC)1/12.1/2003.1987,tionaslastamendedbyRegu-

L24/rmoreMemberStatesmayrequestnotexamineanyconcentrationasdefinedinArticletheCommission3thatdoesArticlehaveto1butaaffectsCommunitytradebetweendimensionwithinthemeaningofMembersitheStatesterritoryandthreatensoftheSuchofnotificationtheadaterequestonshallwhichbethemadeconcentrationatmostwithinwas15notified,ired,esttheTheMemberCommissionreceivedStatespursuantandshalltotheinformparnyrequestotherbytheCommissionwithinMemberaperiodStatebeinginformedAllsuspendednationalthisuntil,timeinlimitsaccordancerelatingwithtothetheconcentrationprocedureshallbebeArticle,ithasdAsthesuest,Commissionmay,atthelatest10workingdaystheexpiryoftheperiodsetinparagraph2,decidetoexamine,afterbetweenconcentrationcompetitionMemberStateswhereanditconsitheterritoryoftheMembersignificantlyStateorStatesaffectperiod,inetheconcentrationdeemedintoaccordancehaveadoptedwithadeci-theThetakingsCommissionofanotificationconcetatetheirornationalrticlepursuantapplywhere2,Articlethe4(2)Commissionto(3),Articlesexamines5,6,e7shallapplytotheconcentrationextenttsbeenimplementedtheundertakingsontheconcerneddateonWhereperiodainitiatedsetnotificationinArticlepursuant10(1)withintoArticlewhich4proceedingsisnotrequired,maythebewhichthattheshallCommnsidersaconcentrationfulfilsthecriteriainpursuanttoStateparagraphorsuchthosecases,anceTheCommissionwiththeprocedureshallhavereferredthepowertoinparagraphtolaydown2:in(a)implementingotherArticledetailsprovisionsconcerningtheform,contentand4;ofnotificationsandsubmissionspursuantto(b)implementingtoArticle4(4),provisions(5)Articlesconcerning7,9,10andtime22;limitspursuant(c)theimplementationprocedureandtimelimitsfortheandArticle8(2);ofcommitmentspursuantsubmissiontoArticle6(2)and(d)tee,TheCommissioncomposedofshallrepresentativesbeassistedofthebyMemberanAdvisoryStates.(a)Beforeadoions,theCommissionshallconsultandbeforethe(b)Consultationinvitationshalltakeplacionstobetakenshallbesentwiththeworkan10(c)nTheimplementingdeliveredCommissionprovisions,thenecessaryanopinionutmostlTheMemberStatesshallinformtheCommissionofanyconcentrationsdifficultiesaiallynotmorethanoneshallthisundertakingsdrawRegulationupareportand,thereafteryearaftertheentryintoforceexaminingperiodically,thetreatmenttheCommissionactivitygraphsinthehavingCommunity,theirseatintheortermstheirreferredprincipalaccordedtofieldstoinpara-ofThe3and4,ubmitthosereportstotheCouncil,

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/eritappearstotheCommission,eitheronthebasisofthereportsreferredtoinparagraph2oronthebasisofotherinformation,thatathirdcountrydoesnotgrantunder-takingshavingtheirseatortheirprincipalfieldsofactivityintheCommunity,treatmentcomparabletothatgrantedbytheCommunitytoundertakingsfromthatcountry,theCommis-sionmaysubmitproposalstotheCouncilforanappropriatemandatefornegotiationwithaviewtoobtainingcomparabletreatmentforundertakinestakenunderthisArticleshallcomplywiththeobligationsoftheCommunityoroftheMemberStates,withoutprejudicetoArticle307oftheTreaty,underinternationalagreements,tprejudicetoArticle26(2),Regulations(EEC)No4064/89and(EC)No1310/ncestotherepealedRegulationsshallbeconstruedasreferencestothisRegulagulationshallenterintoforceonthe20thdayfolltion(EEC)No4064/89shallcontinuetoapplytoanyconcentrationwhichwasthesubjectofanagreementorannouncementorwherecontrolwasacquiredwithinthemeaningofArticle4(1)ofthatRegulationbeforethedateofapplicationofthisRegulation,subject,inparticular,totheprovisionsgoverningapplicabilitysetoutinArticle25(2)and(3)ofRegulation(EEC)No4064/89andArticle2ofRegulation(EEC)No1310/rdsconcentrationstowhichthisRegulationappliesbyvirtueofaccession,thedateofaccgulationshBrussels,VY

L24/20ENOfficialJournaloftheEuropeanUnion29.1.2004ANNEXCorrelationtableRegulation(EEC)No4064/89Article1(1),(2)and(3)Article1(4)Article1(5)Article2(1)—Article2(2)Article2(3)Article2(4)Article3(1)Article3(2)Article3(3)Article3(4)—Article3(5)Article4(1)firstsentenceArticle4(1)secondsentence—Article4(2)and(3)—Article5(1)to(3)Article5(4),introductorywordsArticle5(4)point(a)Article5(4)point(b),introductorywordsArticle5(4)point(b),firstindentArticle5(4)point(b),secondindentArticle5(4)point(b),thirdindentArticle5(4)point(b),fourthindentArticle5(4)points(c),(d)and(e)Article5(5)Article6(1),introductorywordsArticle6(1)points(a)and(b)Article6(1)point(c)Article6(2)to(5)Article7(1)Article7(3)Article7(4)Article7(5)Article8(1)Article8(2)Article8(3)ThisRegulationArticle1(1),(2)and(3)Article1(4)Article1(5)Article2(1)Article2(2)Article2(3)Article2(4)Article2(5)Article3(1)Article3(4)Article3(2)Article3(3)Article3(4)Article3(5)Article4(1)firstsubparagraph—Article4(1)secondandthirdsubparagraphsArticle4(2)and(3)Article4(4)to(6)Article5(1)to(3)Article5(4),introductorywordsArticle5(4)point(a)Article5(4)point(b),introductorywordsArticle5(4)point(b)(i)Article5(4)point(b)(ii)Article5(4)point(b)(iii)Article5(4)point(b)(iv)Article5(4)points(c),(d)and(e)Article5(5)Article6(1),introductorywordsArticle6(1)points(a)and(b)Article6(1)point(c),firstsentenceArticle6(2)to(5)Article7(1)Article7(2)Article7(3)Article7(4)Article6(1)point(c),secondsentenceArticle8(1)and(2)Article8(3)

29.1.2004ENOfficialJournaloftheEuropeanUnionL24/21Regulation(EEC)No4064/89Article8(4)—Article8(5)Article8(6)—Article9(1)to(9)Article9(10)Article10(1)and(2)Article10(3)——Article10(4)—Article10(5)—Article10(6)Article11(1)Article11(2)Article11(3)Article11(4)—Article11(5)firstsentenceArticle11(5)secondsentenceArticle11(6)—Article12Article13(1)firstsubparagraphArticle13(1)secondsubparagraph,introductorywordsArticle13(1)secondsubparagraph,point(a)Article13(1)secondsubparagraph,point(b)Article13(1)secondsubparagraph,point(c)Article13(1)secondsubparagraph,point(d)—Article13(2)Article13(3)Article13(4)Article13(5)—Article13(6)firstsentenceArticle13(6)secondsentence—Article14(1)introductorywordsArticle14(1)point(a)Article14(1)point(b)Article14(1)point(c)ThisRegulationArticle8(4)Article8(5)Article8(6)Article8(7)Article8(8)Article9(1)to(9)—Article10(1)and(2)Article10(3)firstsubparagraph,firstsentenceArticle10(3)firstsubparagraph,secondsentenceArticle10(3)secondsubparagraphArticle10(4)firstsubparagraphArticle10(4),secondsubparagraphArticle10(5),firstandfourthsubparagraphsArticle10(5),second,thirdandfifthsubparagraphsArticle10(6)Article11(1)—Article11(2)Article11(4)firstsentenceArticle11(4)secondandthirdsentences—Article11(3)Article11(5)Article11(6)and(7)Article12Article13(1)Article13(2)introductorywordsArticle13(2)point(b)Article13(2)point(c)Article13(2)point(e)Article13(2)point(a)Article13(2)point(d)Article13(3)Article13(4)firstandsecondsentencesArticle13(4)thirdsentenceArticle13(5),firstsentenceArticle13(5),secondsentenceArticle13(6)—Article13(7)and(8)Article14(1)introductorywordsArticle14(2)point(a)Article14(1)point(a)Article14(1)points(b)and(c)

L24/22ENOfficialJournaloftheEuropeanUnionRegulation(EEC)No4064/89ThisRegulation29.1.2004Article14(1)point(d)—Article14(2)introductorywordsArticle14(2)point(a)Article14(2)points(b)and(c)Article14(3)Article14(4)Article15(1)introductorywordsArticle15(1)points(a)and(b)Article15(2)introductorywordsArticle15(2)point(a)Article15(2)point(b)Article15(3)Articles16to20Article21(1)Article21(2)Article21(3)Article22(1)Article22(3)—Article22(4)Article22(5)—Article23—Article24—Article25(1)—Article25(2)Article25(3)—Article14(1)point(d)Article14(1)points(e)and(f)Article14(2)introductorywordsArticle14(2)point(d)Article14(2)points(b)and(c)Article14(3)Article14(4)Article15(1)introductorywordsArticle15(1)points(a)and(b)Article15(1)introductorywordsArticle15(1)point(c)Article15(1)point(d)Article15(2)Articles16to20Article21(2)Article21(3)Article21(4)Article21(1)—Article22(1)to(3)Article22(4)—Article22(5)Article23(1)Article23(2)Article24Article25Article26(1),firstsubparagraphArticle26(1),secondsubparagraphArticle26(2)Article26(3)Annex