{"id":547621,"date":"2022-06-29T04:00:28","date_gmt":"2022-06-29T04:00:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/business-community-holds-its-breath-as-competition-authority-jockeys-for-more-power-to-regulate-ma\/"},"modified":"2022-06-29T04:00:28","modified_gmt":"2022-06-29T04:00:28","slug":"business-community-holds-its-breath-as-competition-authority-jockeys-for-more-power-to-regulate-ma","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/business-community-holds-its-breath-as-competition-authority-jockeys-for-more-power-to-regulate-ma\/","title":{"rendered":"Business community holds its breath as competition authority jockeys for more power to regulate M&A"},"content":{"rendered":"

<\/a> WHAT\u2019S GOING ON with amendments to the Competition Act? <\/strong>Debate of legislation that would give the Egyptian Competition Authority (ECA) more power to regulate M&A is ratcheting up<\/a> in the House of Representatives. The Madbouly cabinet provided a little clarity earlier this week on what it hopes to achieve with the bill, and we got a glimpse of the articles of the existing law<\/a> that could be changed.<\/p>\n

The amendments, which have been up in the air since <\/strong>last year<\/a><\/strong>, would give the ECA the power to approve or block mergers and acquisitions before they are concluded if the regulator feels the transaction would be anti-competitive. As it stands today, the ECA can only raise red flags, typically after a sale is concluded. That hasn\u2019t stopped the authority in recent years from loudly warning that it doesn\u2019t want to see specific acquisitions go through.<\/p>\n

The guiding philosophy behind the changes:<\/strong> If the amendments pass, the ECA would be allowed to intervene in M&A transactions if it believes competition could be \u201charmed or restricted.\u201d<\/p>\n

A \u201cpro-consumer\u201d set of changes?<\/strong> The amendments also suggest that the ECA would be inclined to greenlight transactions that it thinks could benefit consumers. That suggests the authority is more concerned about the impact of potential monopolies on individual consumers than on smaller businesses who could be squeezed out by a larger player.<\/p>\n

Here\u2019s what we know about the changes that MPs are now debating \u2014 and how the <\/strong>business community views them:<\/strong><\/p>\n

#1- How much time would the ECA have to review a transaction?<\/strong> Under a proposed amendment to the third clause of Article 19, a specialized committee at the ECA would have 30 business days to decide whether to a) approve the transaction as it stands, b) approve the transaction with conditions, or c) decide that the transaction falls outside the organization\u2019s scope or jurisdiction. There would be an option to extend this initial review by a further 15 business days. The clock begins ticking once the parties submit the required documents.<\/p>\n

If the ECA is prepared to claim that a transaction would harm or restrict competition, it <\/strong>gets another period of time in which to complete its investigation. <\/strong>That stage needs to wrap up within 60 business days of the parties to the transaction filing their initial paperwork. This extended review period is designed to give the authority some breathing room to complete its investigation rather than resorting to a \u201cpremature\u201d rejection,\u00a0Al Kamel Law Firm Partner Shahira Khaled tells Enterprise.<\/p>\n

A transaction would automatically be considered approved if the 60 business days <\/strong>elapse<\/strong> before the ECA makes a decision.<\/p>\n

This timeline isn\u2019t sitting particularly well with several stakeholders:<\/strong> \u201cThe 30-day period should be 15 days only because the longer the investigation period, the more negative impact it causes,\u201d EGX boss Mohamed Farid told MPs at the House Economic Committee.<\/p>\n

Regulatory delays are already a persistent challenge to businesses<\/strong> that need to make decisions on whether or not to go ahead with an investment \u2014 including, most recently, the suggestion in some quarters that bureaucratic delays prompted the UAE\u2019s FAB to drop its bid for EFG Hermes<\/a>.<\/p>\n

#2- When does the ECA want to be notified of a potential M&A?<\/strong> The bill originally proposed requiring parties to notify the ECA of a potential consolidation or takeover before they even sign an agreement or start due diligence. This would require the parties to pay fees to the ECA regardless of whether or not they decide to move forward with the agreement, Khaled explains.<\/p>\n

What the business community wants to see instead:<\/strong> A counter-proposal that came up in discussion at the House Economic Committee would instead require the ECA be notified before an M&A is executed, according to Khaled. This would give businesses a chance to conduct due diligence and decide that they want to go ahead with the process before getting the green light from the authority, eliminating the need to pay fees prematurely, she said. The ECA has so far been relatively receptive to making this change, but nothing has been decided yet, according to Khaled.<\/p>\n

#3- The ECA wants to be paid more:<\/strong> Today, the ECA can claim a fee of EGP 10k to look into requests from companies that want to exempt anticompetitive agreements from being subject to the law. In other words, if an agreement is proven to be anticompetitive, a company can argue that its benefits outweigh the potential harm to competition and that it should be allowed. The ECA now wants to collect fees for reviewing potential transactions, which it wants to set at 0.025% of the total transaction value (or of the total value of assets merged under the transaction, whichever is higher), with an EGP 1 mn cap. This amount would also cover publishing fees. The authority\u2019s argument is that EGP 10k doesn\u2019t fairly value the work it does.<\/p>\n

After pushback from the business community, a new proposal now with MPs would cap <\/strong>the ECA\u2019s fees at EGP 100k per transaction<\/strong>, Khaled told Enterprise. The proposal is not yet final, Khaled stressed. The bill also still needs to specify the exact \u201cservices\u201d the ECA will provide in exchange for the fees, since it is unconstitutional to collect fees for an undefined service, she told us.<\/p>\n

OTHER POINTS OF CONTENTION on the law so far include proposed penalties. <\/strong>The original bill stipulates that any breaches \u2014 including failing to notify the ECA of an M&A \u2014 would give the authority the right to block a sale entirely. Penalties and other consequences for violating the bill were the focus of discussions that continued at the House Economic Committee on Monday and Tuesday. Expect more of the same in the days ahead.<\/p>\n

We\u2019re also looking for clarity<\/strong> on (a) who is legally required to notify the ECA of a potential transaction; (b) who is on the hook for the ECA\u2019s fees; and (c) what powers the ECA is looking for when it comes to mandatory tender offers (MTOs), which are presently regulated by the folks at the Financial Regulatory Authority.<\/p>\n

Farid wants the process to be more streamlined:<\/strong> \u201cCompetition laws in many countries allow investors to get approval from the concerned regulatory authorities without being required to submit so many documents, statements, and information, and pay such huge sums in fees,\u201d he said during debate in the House.<\/p>\n

The ECA\u2019s defense:<\/strong> \u201cThese procedures would not negatively impact the flow of investment and the ECA will not use its new powers arbitrarily or to create more bureaucracy,\u201d ECA Chairman Mahmoud Momtaz told MPs.<\/p>\n

WHAT\u2019S NEXT- <\/strong>The committee is expected to resume its work on the bill next week before referring it, along with the committee report, to the House general assembly for further discussion and a final vote.<\/p>\n

EDITOR'S NOTE- Corrected on 29 June, 2022<\/em><\/p>\n

An earlier version of this story incorrectly stated that the ECA currently collects EGP 10k in fees to review M&A transactions post-closing.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

WHAT\u2019S GOING ON with amendments to the Competition Act? Debate of legislation that would give the Egyptian Competition Authority (ECA) more power to regulate M&A is ratcheting up in the House of Representatives. The Madbouly cabinet provided a little clarity earlier this week on what it hopes to achieve with the bill, and we got […]<\/p>\n","protected":false},"author":1,"featured_media":547622,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[7400,68,549,72,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-competition-act","tag-egx","tag-egyptian-competition-authority","tag-enterpriseam","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"5e0b0c98-0fbd-4f3f-9806-5107df6c4796","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/333.jpg","photo_position":"above","related_issue":[547617],"teaser":"","voice_url":""},"yoast_head":"\nBusiness community holds its breath as competition authority jockeys for more power to regulate M&A - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/business-community-holds-its-breath-as-competition-authority-jockeys-for-more-power-to-regulate-ma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business community holds its breath as competition authority jockeys for more power to regulate M&A\" \/>\n<meta property=\"og:description\" content=\"WHAT\u2019S GOING ON with amendments to the Competition Act? 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The amendments, which have been up in the air since last year, will regulate mergers and acquisitions and place\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/HouseofReps-1600px-fx-e1606665898323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/","url_meta":{"origin":547621,"position":1},"title":"MPs give initial approval to Competition Act amendments","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"MPs give initial approval to new and improved Competition Act: The House of Representatives yesterday gave its initial approval on amendments to the 2005 Competition Act, which would grant the Egyptian Competition Authority (ECA) more power over M&As.What\u2019s at stake: Introduced early last year by the government, the amendments would\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/67.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547674,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/talks-over-amendments-to-competition-act-are-deadlocked\/","url_meta":{"origin":547621,"position":2},"title":"Talks over amendments to Competition Act are deadlocked","author":"enterpriseam admin","date":"3 July 2022","format":false,"excerpt":"Will the Competition Act prove too controversial to pass the House this session? Differences over proposed amendments to the Competition Act between our financial regulators have reached a stalemate, Ahmed Samir, head of the House Economic Affairs Committee, told reporters last week. The impasse means that the House has not\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577849,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/competition-act-amendments-pass-the-house\/","url_meta":{"origin":547621,"position":3},"title":"Competition Act amendments pass the House","author":"enterpriseam admin","date":"7 December 2022","format":false,"excerpt":"MPs give their final approval to Competition Act amendments: The House of Representatives yesterday voted to pass amendments to the 2005 Competition Act following two days of debate. The amendments \u2014 which got initial signoff from the chamber on Monday \u2014 grant the Egyptian Competition Authority (ECA) the power to\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547708,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/theres-still-hope-that-changes-to-competition-rules-could-pass-the-house-this-month\/","url_meta":{"origin":547621,"position":4},"title":"There\u2019s still hope that changes to competition rules could pass the House this month","author":"enterpriseam admin","date":"4 July 2022","format":false,"excerpt":"Talks over amendments to the Competition Act aren\u2019t dead yet: The House Economic Affairs Committee continued to debate the contentious amendments to the Competition Act yesterday in hopes that an agreement could be found before MPs break for summer recess, committee head Ahmed Samir told reporters yesterday. \"The committee is\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/108.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577812,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/06\/a-new-look-competition-act-is-one-step-closer\/","url_meta":{"origin":547621,"position":5},"title":"A new-look Competition Act is one step closer","author":"enterpriseam admin","date":"6 December 2022","format":false,"excerpt":"One step closer to a new-look Competition Act: The House of Representatives approved amendments to the Competition Act yesterday, with a final vote on the bill delayed to an upcoming session. The amendments, which got a preliminary approval by the House earlier this week, would give the Egyptian Competition Authority\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547621"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547621\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547622"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547621"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547621"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}