Peruvian Government delays Merger Control Regime.
On May 11, 2020, the Peruvian Government enacted Legislative Decree No. 1510 (“Legislative Decree”) which delays the entry into force of the new merger control regime approved by Urgent Decree Nº 013-2019 (“Urgent Decree”) until March 1, 2021 and the approval of the Urgent Decree’s regulations, originally expected by May, 2020, until November, 2020.
The Legislative Decree clarifies that any business transaction that has concluded with the necessary closing acts to achieve the transfer or change in control in a company before the Urgent Decree’s entry into force, will not be subject to the new merger control regime.
Additionally, the Legislative Decree states that INDECOPI must consider, among other factors, any severe crisis situation that involves the parties to the transaction and the need to execute the operation in order to grant its prior authorization.
Furthermore, the Legislative Decree establishes that INDECOPI shall consider all the acts and/or transactions executed by the same parties in a two (2) year term, as a single transaction. In such event, the parties must request INDECOPI’s prior approval before the execution of the last act and/or transaction necessary to meet the thresholds set forth in the Urgent Decree.
For more information please contact Verónica Sattler (vsattler@estudiorodrigo.com) and/or Ítalo Carrano (icarrano@estudiorodrigo.com)
