FSR, Article 24, SE

1. A notifiable concentration shall not be implemented before its notification.

In addition:

(a)

where the Commission receives a complete notification, the concentration shall not be implemented for a period of 25 working days after that receipt;

(b)

where the Commission initiates an in-depth investigation no later than 25 working days after receipt of the complete notification, the concentration shall not be implemented for a period of 90 working days after the opening of the in-depth investigation. That period shall be extended by 15 working days where the undertakings concerned offer commitments pursuant to Article 7 with a view to remedying the distortion in the internal market;

(c)

where the Commission has adopted a decision under Article 25(3), point (a) or (b), the concentration may be implemented thereafter.

The period of time referred to in points (a) and (b) shall begin on the working day following that of the receipt of the complete notification or of the adoption of the relevant Commission decision.

2. Paragraph 1 shall not prevent the implementation of a public bid or of a series of transactions in securities including those convertible into other securities admitted to trading on a market such as a stock exchange, by which control is acquired from various sellers, provided that:

(a)

the concentration is notified to the Commission pursuant to Article 21 without delay; and

(b)

the acquirer does not exercise the voting rights attached to the securities in question or does so only to maintain the full value of its investments based on a derogation granted by the Commission under paragraph 3 of this Article.

Official source

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