This month has seen amendments to the merger control regime in Germany approved (including revisions to the thresholds), annual amendments to thresholds in Colombia, Belarus and Costa Rica, new thresholds enter into force in Greenland, the approval of a new mandatory pre-merger notification regime in Peru, and the announcement of annual revisions to thresholds in Mexico and Uzbekistan. Germany—amendments passed and new notification thresholds announced The German parliament has approved amendments to its competition law, including changes to the merger control regime. The amendments include increases to the notification thresholds. The revised thresholds will require transactions to be notified where one of the two threshold groups are met: • Threshold group one: • the combined aggregate worldwide turnover of all the undertakings concerned exceeds €500m (approximately US$608.3m) (no change), and • the domestic turnover of at least one undertaking concerned exceeds €50m (approximately US$60.8m) (increased from €25m), and • the domestic turnover of another undertaking concerned exceeds €17.5m (approximately US$21.3m) (increased from €5m) • Threshold group two: • the combined aggregate worldwide turnover of all the undertakings

This monthly round-up (January 2023) has seen annual amendments to the merger control thresholds in the Azerbaijan, Belarus, Columbia, Ecuador, Kazakhstan, Mexico, Peru and the USA. Azerbaijan—annual revision to notification thresholds The annual increase to the monthly calculation index (the index used for the monetary notification thresholds) has come into force. A transaction now requires notification in Azerbaijan where: • the parties’ combined market share exceeds 35%, or • the market share of one of the parties exceeds 35%, or • the parties’ combined assets in Azerbaijan is at least AZN 25.875m (approximately €14.4m/US$15.2m) (this equates to 75,000 times the currently monthly minimum wage, and has increased from AZN 25.5m in 2022). Where the thresholds are met, filing is mandatory. Closing should be suspended pending clearance.  Comment: The change to the notification thresholds is an annual occurrence based on the annual review of the minimum wage.  See further, Azerbaijan merger control. Belarus—annual revision to notification thresholds The value of the basic unit (the index used for the monetary notification thresholds) has been increased. A transaction

This month has seen annual revision to the merger control thresholds in Argentina, Azerbaijan, Belarus, Columbia, Costa Rica, Ecuador, Kazakhstan, Mexico, Peru, Tajikistan, Uzbekistan, and the USA, as well as the entry into force of new merger control thresholds in China, Ukraine, Uruguay. Finally, COMESA is consulting on its draft proposed Competition and Consumer Protection Regulations. Argentina—annual revision to notification thresholds Revised notification thresholds have entered into force in Argentina due to the annual increase in the value of adjustable units (the index used for the notification thresholds). Under the increased thresholds, a transaction now requires notification in Argentina where the combined Argentinian turnover exceeds ARS 50.6bn (approximately EUR 59.9m/US$ 172.9m) (increased from ARS 16.2bn), unless: • the total value of the assets being transferred in Argentina does not exceed ARS 10.1bn (approximately EUR 31.9m/US$ 34.5m) • the total price for the transaction in Argentina does not exceed ARS 10.1bn (approximately EUR 1.9m/US$ 34.5m), and • the acquiring group has not entered into any other transaction in the previous 12 or 36 months, in the same market,

This month has seen annual revision to the merger control thresholds in Belarus, Columbia, Costa Rica, Ecuador, Kazakhstan, Mexico, Peru, Uzbekistan, and the USA. Belarus—annual revision to notification thresholds The value of the basic unit (the index used for the monetary notification thresholds) has been increased. A transaction now requires notification in Belarus where: • the worldwide assets of one of the parties is BYN 16.8m (approximately €4.5m/US$4.8m) (this equates to 400,000 basic units), or • the worldwide turnover of one of the parties is BYN 33.6m (approximately €9.4m/US$10.2m) (this equates to 800,000 basic units), or • one of the parties is listed in the state register of the entities holding a dominant position in the market or state register of natural monopolies Where the thresholds are met, filing is mandatory. Closing should be suspended pending clearance.  Comment: The change to the notification thresholds is an annual occurrence based on the annual review based on the annual review of the basic units. See further: Belarus merger control.  Columbia—annual revision to notification thresholds The annual

This month has seen the annual revision of merger control thresholds in Argentina, Belarus, Costa Rica, Ecuador, Israel, Kazakhstan, Mexico, Peru, Uzbekistan and the United States, the entry into force of revised merger control thresholds in Taiwan, a consultation launched proposing higher merger thresholds and increased filing fees in South Africa, and the launch by the UK government of a consultation on proposed changes to the UK merger control regime. Argentina—annual revision to notification thresholds Revised notification thresholds have entered into force in Argentina due to the annual increase in the value of adjustable units (the index used for the notification thresholds). Under the increased thresholds, a transaction now requires notification in Argentina where the combined Argentinian turnover exceeds ARS 145bn (approximately €102.7m/US$118.4m) (increased from ARS 110.2bn), unless: • the total value of the assets being transferred in Argentina does not exceed ARS 29bn (approximately €20.5m/US$23.6m) • the total price for the transaction in Argentina does not exceed ARS 29bn (approximately €20.5m/US$23.6m), and • the acquiring group has not entered into any other transaction in the previous

This month has seen amendments to the merger control regime in Germany enter into force (including revisions to the thresholds), annual amendments to thresholds in Canada, Mexico and Uzbekistan, the announcement of the annual threshold revision in the US and clarification to the application of the COMESA thresholds. Germany—amendments, including new notification thresholds, in force The amendments to the competition law in Germany, including changes to the merger control regime, have entered into force. The amendments include increases to the notification thresholds. The revised thresholds require transactions to be notified where one of the two threshold groups are met: • Threshold group one: • the combined aggregate worldwide turnover of all the undertakings concerned exceeds €500m (approximately US$608.3m) (no change), and • the domestic turnover of at least one undertaking concerned exceeds €50m (approximately US$60.8m) (increased from €25m), and • the domestic turnover of another undertaking concerned exceeds €17.5m (approximately US$21.3m) (increased from €5m) • Threshold group two: • the combined aggregate worldwide turnover of all the undertakings concerned exceeds €500m (approximately US$608.3m) in the last business

This month has seen the annual amendments to the merger control thresholds the US, Canada, Argentina and Nicaragua, the publication of the Competition (Amendment) Bill in Ireland and revised merger regulations in Israel. United States—revised thresholds announced The Federal Trade Commission announced the revised thresholds for notification under the HSR Act merger control regime in the United States. The new thresholds will be (in summary): • The ‘size of transaction’ (ie the value of voting securities or assets to be held) exceeds US$101m (increased from US$94.0m) and the ‘size of person’ test is met (ie one party's worldwide turnover or assets is at least US$202m (increased from US$188m)) and another party's worldwide turnover or assets is at least US$20.2m (increased from US$18.8m)), or • The ‘size of transaction’ (ie the value of voting securities or assets to be held) exceeds US$403.9m (increased from US$376m) regardless of the ‘size of person’. The new thresholds will take effect on 23 February 2022. In addition, the thresholds for filing fees have been updated. For 2022, the filing-fee thresholds

This month has seen the German Parliament approve amendments to the German Competition Act (which includes changes to Germany’s merger control regime), in Spain a reduction in the deadline for mergers notified using the short form method and an extension of the phase 2 deadline and, in the US, the Federal Trade Commission and Department of Justice publishing and consulting on draft merger guidelines. Germany—parliament approves amendments to the Competition Act; increases the target company threshold allowing the FCO to investigate mergers after a sector inquiry has been completed On 6 July 2023, the German Parliament (Bundestag) passed the Competition Enforcement Act, amending the German Act Against Restraints of Competition (the Competition Act) for the 11th time. In relation to merger control, the Federal Cartel Office (FCO) will have the power to call-in mergers following a sector inquiry provided that: (i) the acquirer’s turnover exceeds EUR 50m; and (ii) the target’s turnover exceeds EUR 1m in Germany in the previous financial year. In relation to part (ii), the threshold has been increased from those of

This month has seen competition law changes (including in relation to merger control) come into force in Malawi, as well as amendments to the merger control guidelines come into force in Saudi Arabia. Malawi—Competition and Fair Trading Act 2024 comes into force On 1 July 2024, the Competition and Fair Trading Act 2024 (the Act), which repeals the Competition and Fair Trading Act 1998, came into force. In relation to merger control, the key highlights are set out below. Mandatory and suspensory merger notification The Act marks a significant shift from the previous regime by introducing a mandatory merger notification procedure. Currently, there are no financial thresholds for mergers that are subject to mandatory notification. The Act contemplates that financial thresholds may be issued in future. For the time being, parties may apply to the Competition and Fair Trade Commission (CFTC) for negative clearance if there is uncertainty as to whether a transaction is notifiable. The Act provides examples of mergers that are notifiable and includes transactions that are likely to result in ‘the acquisition of at

This month has seen the transitional period for the new merger regime formally begin in Australia, the Egyptian Competition Authority (ECA) publish a Frequently Asked Questions (FAQs) guide providing clarification on several issues, amendments (including in relation to merger control) to the Federal Economic Competition Law come into force in Mexico, and the annual revision of the merger control thresholds in Paraguay. Australia—transitional period for new merger regime begins; government confirms notification thresholds and notification fees On 1 July 2025, Australia’s new merger control regime commenced. It can now be used on a voluntary basis and becomes mandatory from 1 January 2026 for all acquisitions of share or assets that meet the monetary thresholds. On 30 June 2025, the government finalised a notification instrument setting out important details about the new merger regime (including the notification thresholds, targeted notification requirements, notification forms and fees). Notification thresholds The final instrument did not change the turnover thresholds for mandatory notification, which were set out in an earlier exposure draft of the instrument published for consultation on 28 March 2025.

This month has seen the Australian Government introduce a new bill to amend the new merger control regime, Ireland’s revised merger control thresholds take effect, Malaysia’s Parliament pass competition law reforms while the introduction of merger control remains deferred, and the changes to the merger control thresholds come into force in Vietnam. Australia—Government introduces bill to amend the new merger control regime On 2 July 2026, the Australian Government introduced the Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures) Bill 2026 (the Bill) to amend the new mandatory merger notification regime, addressing two of its most controversial features: the automatic voiding of unnotified acquisitions and the broad definition of ‘associates’ for determining joint control. The proposed reforms replace the automatic voiding of non-notified notifiable acquisitions with a court-supervised process, under which the Federal Court may, on the Australian Competition and Consumer Commission's (ACCC) application, declare a transaction void or make other appropriate orders. However, implementing a notified transaction before ACCC approval, before the appeal period expires, or after an approval has become stale,

This month has seen the entry into force of lower notification thresholds in the UK for additional markets impacting national security, legislation passed in Aruba to introduce a new merger control regime and the publication of revised guidelines in France, which include an extension of the scope of the simplified procedure. UK—revised notification thresholds for additional national security sectors enter into force The lower notification thresholds in the UK for certain additional sectors impacting national security have entered into force. The lower thresholds cover transactions in sectors involving the developing, producing development, production or research into: • artificial intelligence, • cryptographic authentication, and • advanced materials. For these sectors: • the 25% share of supply threshold has been amended so that it can be met solely by the activities of the target, and • the target’s turnover threshold has been reduced to £1m (from £70m). This change follows a similar change in 2018 for other sectors impacting national security, namely (i) military or dual-use goods which are subject to export control, or (ii) quantum technology,