The president of the Republic of Kazakhstan recently signed the law, On Introduction of Amendments and Additions to Certain Legal Acts of the Republic of Kazakhstan on Matters Related to Improvement of Investment Climate, which came into effect on 11 July 2020. The law changed provisions of the Entrepreneurial Code of the Republic of Kazakhstan related to the information required to receive a consent for economic concentration.
The law reduced the volume of information that was previously required to be addressed in an application for economic concentration for the acquisition of more than 50% of voting shares (participatory interest) in a market participant or in a notification on economic concentration on acquisition by a market participant of the right (including based on trust management, joint venture, or commission agreements) to give mandatory business-related instructions to another market participant or to perform functions of an executive body of such market participant.
In particular, the below information is no longer required:
There is no longer the need to provide information regarding a forecast for production and sale of similar or interchangeable goods as a result of the contemplated transaction when obtaining consent for economic concentration through the acquisition or lease of fixed assets and/or intangible assets of another market participant, subject to the applicable statutory thresholds.
The mentioned changes simplify the process of collecting information for the purposes of obtaining prior consent (making post-closing notification) for economic concentration.
If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers:
Almaty
Aset Shyngyssov