coordination of transactions with FAS
The law protects the right of free competition for market participants. Therefore, measures are envisaged to protect against monopoly in various directions. The organization authorized to protect citizens from monopoly is the Federal Antitrust Service ( FAS). In 2019, the following types of control are provided:
- Before the transaction. In this case, the parties to the transaction must submit a request for the prior consent of the antitrust service to conclude the contract.
- After the conclusion of the contract. The parties shall send to FAS a notice describing the transaction.
Situations when it is necessary to agree on a transaction in advance, and when to notify of its completion, are established by law. The penalty for late submission of information in 2019 is from 150,000 to 500,000 rubles.
To avoid significant costs, it is advisable to attract a competent lawyer in a timely manner. DTK Partners specialists will protect your business from antitrust violations.
Types of transactions that are subject to approval by the FAS
Information is not transmitted to the FAS on all transactions. Therefore, it is so easy to make a mistake and skip the deadline.
Information is filed with the antitrust service regarding the following transactions:
- reorganization (mergers, acquisitions, takeovers);
- purchase of equipment for the enterprise, if its value is from 20% of the total value of the assets of the organization;
- purchase of more than 1/3 of the share capital of a person who is not part of the founders;
- purchase of of shares, representing more than 25% of the total.
As you can see, such transactions entail significant changes in the company. Therefore, their legal support in the interests of the founders.
The procedure needs the following legal services:
- conducting a legal examination of documents to determine the need for approval;
- preparation of an application and a package of documents for the FAS;
- sending documents to the authorized body;
- interaction with specialists of the authorized body during the approval period;
- receipt of documents from the FAS;
- conducting a legal examination of the transaction for reasons for notifying the antitrust service;
- preparation of documents for the FAS;
- receiving a response from an authorized body.
Services can be provided comprehensively or depending on the needs of the founders. Any of the services can be provided separately.
List of documents for approval
Documentation required to apply or notify:
- volume of shares or shares in respect of which the transaction is being executed;
- the volume of shares or shares which at the time of conclusion of the contract were owned by the buyer;
- reports and balance sheets on profits and losses (certified by the Ministry of Taxes and Levies);
- information about the general director;
- balance of organizations in which the buyer is the manager;
- balance sheets of other organizations owned by the general director;
- balance sheets of organizations whose shares or shares are owned by the relatives of the general director.
Similar documents are required if the tenant acts as a buyer.
The procedure for approving transactions with the FAS or timely notification of the antitrust service is a long and laborious process. It requires a competent legal approach. The specialist will not only prepare the documents, but will also take on the interaction with the authorized body.
Therefore, when choosing a law company, it is advisable to give preference to the agency DTK Partners. It operates in Moscow and beyond. The company’s specialists have many years of experience working with the FAS. Therefore, you will get the result as soon as possible and at a reasonable price.