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Revisting EUMR Jurisdictional Thresholds - Potential Tools to Establish Jurisdiction over Killer Acquisitions and other Low - Turnover Concentrations
Žáček, Kryštof ; Šmejkal, Václav (advisor) ; Exner, Jan (referee)
of a diploma thesis - Kryštof Žáček Revisiting EUMR Jurisdictional Thresholds Potential Tools to Establish Jurisdiction over Killer Acquisitions and other Low-turnover Concentrations In 2021, the European Commission issued its Guidance on the application of referrals under Article 22 of the European Merger Regulation, aiming to allow merger control over killer acquisitions and other low-turnover concentrations. This thesis analyses this approach, in particular its ability to capture relevant concentrations, its impact on market participants and its implications for the European Union merger control regime. The analysis shows that this jurisdictional tool has merits but comes at a cost. The flexible conditions for a referral under Article 22, namely regarding the local nexus and the concept of "making known", allow the EU to assert jurisdiction over virtually every relevant low-turnover transaction, even opening the door to ex post merger review. However, the mechanism requires that competition authorities discover the concentration in the first place. The notifications introduced by the Digital Markets Act and the Foreign Subsidies Regulation mitigate this, but competition authorities should develop other ways of obtaining relevant information. The flexibility of Article 22 makes merger review...
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