Singapore merger control (2019)
Produced in partnership with Allen & Gledhill LLP
Singapore merger control (2019)

The following Competition guidance note Produced in partnership with Allen & Gledhill LLP provides comprehensive and up to date legal information covering:

  • Singapore merger control (2019)
  • 1. Have there been any recent developments regarding the Singapore merger control regime and are there any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Singapore?
  • 2. Under Singapore merger control law, is the control test the same as the EU concept of ‘decisive influence’? If not, how does it differ and what is the position in relation to 'minority shareholdings'?
  • 3. Are joint ventures caught by the national merger control provisions (including non-structural, cooperative joint ventures)?
  • 4. What are the merger control thresholds and would a purely foreign-to-foreign transaction be caught (commenting on any ‘effects’ doctrine/policy if relevant)?
  • 5. Are there any specific issues parties should be aware of when compiling and calculating the relevant turnover for applying the jurisdictional thresholds?
  • 6. Where the jurisdictional thresholds are met, is notification mandatory and must closing be suspended pending clearance?
  • 7. Is there any discretion to review transactions that fall below the notification thresholds?
  • 8. Is it possible to close the deal globally prior to local clearance?
  • 9. Is there a deadline for filing a notifiable transaction and what is the timetable thereafter for review by the Competition and Consumer Commission of Singapore?
  • more

A conversation with Daren Shiau, partner, and Elsa Chen Weifen, partner and chief economist at Singapore law firm Allen & Gledhill LLP, on key issues on merger control in Singapore.

NOTE–to see whether notification thresholds in Singapore and throughout the world are met, see Where to Notify.

1. Have there been any recent developments regarding the Singapore merger control regime and are there any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Singapore?

The merger regime under the Competition Act, Chapter 50B of Singapore (the Competition Act) came into force in 2007. Since the start of the regime, the Competition and Consumer Commission of Singapore (the CCCS) has received over 70 merger control notifications, of which, 16 progressed to a Phase 2 review for complex mergers, three were granted conditional clearance subject to commitments, six were withdrawn by the merging parties.

While the CCCS’ merger notification regime is voluntary, the CCCS has also been actively investigating transactions which have not been notified. Such investigations may be triggered by the CCCS through its horizon-scanning mechanism or by third party complaints. Most recently, the CCCS issued an infringement decision for an unnotified transaction in 2018. In the decision, the CCCS cited the failure to notify as an intentional or negligent infringement of Singapore competition laws, which cumulated