On 5th February, 2019, the Federal Competition and Consumer Protection Act, 2019 (the “Act”), was enacted. The Act, among other things, repealed sections 118-128 (excluding section 121(1)(d)) of the Investments and Securities Act, 2007), thereby vesting the power to approve mergers with the Federal Competition and Consumer Protection Commission (“Commission”) instead of the Securities and Exchange Commission (“SEC”).

As the Commission is yet to be constituted, the Commission and the SEC have issued the ‘Joint Advisory and Guidance on Mergers, Acquisitions and Other Business Combinations’ (“Guidance”). The Guidance states that, during the transition period, commencing from 3rd May, 2019, all notifications or filings should be filed at the Commission or the Interim Joint Merger Review Desk of the Commission/SEC. Both the Commission and SEC will jointly review the notifications and the Commission will convey the decision. This process will also apply to notifications previously received by the SEC that are yet to be decided.

The Guidance will remain in force until otherwise discontinued by further advisory or guidance.