The Sub-decree No. 60 on Requirements and Procedures for Business Combinations was promulgated on 6th March 2023 and effective immediately.

– Purpose of the Sub-decree.
The purpose of the Sub-decree is to review, monitor and evaluate the impact on competition, and the Sub-decrees establishes requirements and procedures for business combinations (Article 2).

– Pre-Notification and Review
If the criteria set forth in the Sub-decree are satisfied, a notification must be made to the CCC (Consumer Protection, Competition and Fraud Repression Directorate General) prior to the completion of the business combination, and the business combination cannot be completed unless the CCC gives its permission (Article 4).
A proposed business combination that has been notified to the CCC is subject to a primary review by the CCC and, if necessary, a secondary review (Article 5).

– Thresholds for Pre-Notification
The Ministry of Commerce issued the Decision No. 095 on the Threshold for Business Combinations as of 14th March 2012, which sets forth the criteria for whether or not a pre-notification is required for a business combination.