Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (the EC Merger Regulation) (Text with EEA relevance)
Date: 2004-01-20
Institutions: Council of the European Union
Subjects: competition, merger, merger control, shareholding

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(Acts whose publication is obligatory)

COUNCIL REGULATION (EC) No 139/2004

of 20 January 2004

on the control of concentrations between undertakings

(the EC Merger Regulation)

(Text with EEA relevance)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Com-
munity, and in particular Articles 83 and 308 thereof,

Having regard to the proposal from the Commission (1),

Having regard to the opinion of the European Parliament (2),

Having regard to the opinion of the European Economic and
Social Committee (3),

Whereas:

(1)

(2)

(3)

Council Regulation (EEC) No 4064/89 of 21 December
1989 on the control of concentrations between under-
takings (4) has been substantially amended. Since further
amendments are to be made, it should be recast in the
interest of clarity.

is not distorted. Article 4(1) of

For the achievement of the aims of the Treaty, Article
3(1)(g) gives the Community the objective of instituting
a system ensuring that competition in the internal
market
the Treaty
provides that the activities of the Member States and the
Community are to be conducted in accordance with the
principle of an open market economy with free competi-
tion. These principles are essential for the further devel-
opment of the internal market.

The completion of the internal market and of economic
and monetary union, the enlargement of the European
Union and the lowering of international barriers to trade
and investment will continue to result in major corpo-
rate reorganisations, particularly in the form of concen-
trations.

(1) OJ C 20, 28.1.2003, p. 4.
(2) Opinion delivered on 9.10.2003 (not yet published in the Official

Journal).

(3) Opinion delivered on 24.10.2003 (not yet published in the Official

Journal).

(4) OJ L 395, 30.12.1989, p. 1. Corrected version in OJ L 257,
21.9.1990, p. 13. Regulation as last amended by Regulation (EC)
No 1310/97 (OJ L 180, 9.7.1997, p. 1). Corrigendum in OJ L 40,
13.2.1998, p. 17.

(4)

(5)

(6)

(7)

Such reorganisations are to be welcomed to the extent
that they are in line with the requirements of dynamic
competition and capable of increasing the competitive-
ness of European industry, improving the conditions of
growth and raising the standard of living in the Com-
munity.

However, it should be ensured that the process of reor-
ganisation does not result in lasting damage to competi-
tion; Community law must therefore include provisions
governing those concentrations which may significantly
impede effective competition in the common market or
in a substantial part of it.

instrument

A specific legal
is therefore necessary to
permit effective control of all concentrations in terms of
their effect on the structure of competition in the Com-
munity and to be the only instrument applicable to such
concentrations. Regulation (EEC) No 4064/89 has
allowed a Community policy to develop in this field. In
the light of experience, however, that Regulation should
now be recast into legislation designed to meet the chal-
lenges of a more integrated market and the future enlar-
gement of the European Union. In accordance with the
principles of subsidiarity and of proportionality as set
out in Article 5 of the Treaty, this Regulation does not
go beyond what is necessary in order to achieve the
objective of ensuring that competition in the common
market is not distorted, in accordance with the principle
of an open market economy with free competition.

Articles 81 and 82, while applicable, according to the
case-law of the Court of Justice, to certain concentra-
tions, are not sufficient to control all operations which
may prove to be incompatible with the system of undis-
torted competition envisaged in the Treaty. This Regu-
lation should therefore be based not only on Article 83
but, principally, on Article 308 of the Treaty, under
which the Community may give itself the additional
powers of action necessary for the attainment of
its
objectives, and also powers of action with regard to
concentrations on the markets for agricultural products
listed in Annex I to the Treaty.

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(14)

(15)

(8)

(9)

The provisions to be adopted in this Regulation should
apply to significant structural changes, the impact of
which on the market goes beyond the national borders
of any one Member State. Such concentrations should,
as a general rule, be reviewed exclusively at Community
level, in application of a ‘one-stop shop’ system and in
compliance with the principle of subsidiarity. Concentra-
tions not covered by this Regulation come, in principle,
within the jurisdiction of the Member States.

The scope of application of this Regulation should be
defined according to the geographical area of activity of
the undertakings concerned and be limited by quantita-
tive thresholds in order to cover those concentrations
which have a Community dimension. The Commission
should report to the Council on the implementation of
the applicable thresholds and criteria so that the Council,
acting in accordance with Article 202 of the Treaty, is in
a position to review them regularly, as well as the rules
regarding pre-notification referral,
in the light of the
experience gained;
this requires statistical data to be
provided by the Member States to the Commission to
enable it to prepare such reports and possible proposals
for amendments. The Commission's reports and propo-
sals should be based on relevant information regularly
provided by the Member States.

(10) A concentration with a Community dimension should
be deemed to exist where the aggregate turnover of the
undertakings concerned exceeds given thresholds; that is
the case irrespective of whether or not the undertakings
effecting the concentration have their seat or their prin-
cipal fields of activity in the Community, provided they
have substantial operations there.

(11)

(12)

The rules governing the referral of concentrations from
the Commission to Member States and from Member
States to the Commission should operate as an effective
corrective mechanism in the light of the principle of
subsidiarity; these rules protect the competition interests
of the Member States in an adequate manner and take
due account of legal certainty and the ‘one-stop shop’
principle.

(16)

Concentrations may qualify for examination under a
number of national merger control systems if they fall
below the turnover thresholds referred to in this Regu-
lation. Multiple notification of
the same transaction
increases legal uncertainty, effort and cost for undertak-
ings and may lead to conflicting assessments. The system
whereby concentrations may be referred to the Commis-
sion by the Member States concerned should therefore
be further developed.

(13)

The Commission should act in close and constant liaison
with the competent authorities of the Member States
from which it obtains comments and information.

The Commission and the competent authorities of the
Member States should together form a network of public
authorities, applying their respective competences in
close cooperation, using efficient arrangements for infor-
mation-sharing and consultation, with a view to
ensuring that a case is dealt with by the most appro-
priate authority, in the light of the principle of subsi-
diarity and with a view to ensuring that multiple notifi-
cations of a given concentration are avoided to the
greatest extent possible. Referrals of concentrations from
the Commission to Member States and from Member
States to the Commission should be made in an efficient
manner avoiding, to the greatest extent possible, situa-
tions where a concentration is subject to a referral both
before and after its notification.

The Commission should be able to refer to a Member
State notified concentrations with a Community dimen-
sion which threaten significantly to affect competition in
a market within that Member State presenting all the
characteristics of a distinct market. Where the concentra-
tion affects competition on such a market, which does
not constitute a substantial part of the common market,
the Commission should be obliged, upon request, to
refer the whole or part of the case to the Member State
concerned. A Member State should be able to refer to
the Commission a concentration which does not have a
Community dimension but which affects trade between
Member States and threatens
to significantly affect
competition within its territory. Other Member States
which are also competent to review the concentration
should be able to join the request. In such a situation, in
order to ensure the efficiency and predictability of the
system, national time limits should be suspended until a
decision has been reached as to the referral of the case.
The Commission should have the power to examine and
deal with a concentration on behalf of a requesting
Member State or requesting Member States.

The undertakings concerned should be granted the possi-
bility of requesting referrals to or from the Commission
before a concentration is notified so as to further
improve the efficiency of the system for the control of
In such situa-
concentrations within the Community.
tions, the Commission and national competition authori-
ties should decide within short, clearly defined time
limits whether a referral to or from the Commission
ought to be made, thereby ensuring the efficiency of the
system. Upon request by the undertakings concerned,
the Commission should be able to refer to a Member
State a concentration with a Community dimension
which may significantly affect competition in a market
within that Member State presenting all the characteris-
tics of a distinct market; the undertakings concerned
should not, however, be required to demonstrate that
the effects of the concentration would be detrimental to
competition. A concentration should not be referred
from the Commission to a Member State which has
expressed its disagreement to such a referral. Before noti-
fication to national
the undertakings
concerned should also be able to request that a concen-
tration without a Community dimension which is
capable of being reviewed under the national competi-
tion laws of at least three Member States be referred to

authorities,

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the Commission. Such requests for pre-notification refer-
rals to the Commission would be particularly pertinent
in situations where the concentration would affect
competition beyond the territory of one Member State.
Where a concentration capable of being reviewed under
the competition laws of three or more Member States is
referred to the Commission prior to any national notifi-
cation, and no Member State competent to review the
case expresses its disagreement, the Commission should
acquire exclusive competence to review the concentra-
tion and such a concentration should be deemed to have
a Community dimension. Such pre-notification referrals
from Member States to the Commission should not,
however, be made where at least one Member State
competent to review the case has expressed its disagree-
ment with such a referral.

(17)

The Commission should be given exclusive competence
to apply this Regulation, subject to review by the Court
of Justice.

(18)

(19)

(20)

The Member States should not be permitted to apply
their national legislation on competition to concentra-
tions with a Community dimension, unless this Regu-
lation makes provision therefor. The relevant powers of
national authorities should be limited to cases where,
failing intervention by the Commission, effective compe-
tition is likely to be significantly impeded within the
territory of a Member State and where the competition
interests of that Member State cannot be sufficiently
protected otherwise by this Regulation. The Member
States concerned must act promptly in such cases; this
Regulation cannot, because of the diversity of national
law, fix a single time limit for the adoption of final deci-
sions under national law.

Furthermore, the exclusive application of this Regulation
to concentrations with a Community dimension is
without prejudice to Article 296 of the Treaty, and does
not prevent the Member States from taking appropriate
measures to protect legitimate interests other than those
pursued by this Regulation, provided that such measures
are compatible with the general principles and other
provisions of Community law.

It is expedient to define the concept of concentration in
such a manner as to cover operations bringing about a
the undertakings
lasting change in the control of
concerned and therefore in the structure of the market.
It is therefore appropriate to include, within the scope of
joint ventures performing on a
this Regulation, all
lasting basis all
functions of an autonomous
economic entity. It is moreover appropriate to treat as a
closely
single

concentration transactions

that

the

are

(21)

(22)

(23)

(24)

connected in that they are linked by condition or take
the form of a series of transactions in securities taking
place within a reasonably short period of time.

This Regulation should also apply where the undertak-
ings concerned accept restrictions directly related to, and
necessary for, the implementation of the concentration.
Commission decisions declaring concentrations compa-
tible with the common market in application of this
Regulation should automatically cover such restrictions,
without the Commission having to assess such restric-
tions in individual cases. At the request of the undertak-
ings concerned, however,
in
cases presenting novel or unresolved questions giving
rise to genuine uncertainty, expressly assess whether or
not any restriction is directly related to, and necessary
for, the implementation of the concentration. A case
presents a novel or unresolved question giving rise to
genuine uncertainty if the question is not covered by the
relevant Commission notice in force or a published
Commission decision.

the Commission should,

The arrangements to be introduced for the control of
concentrations should, without prejudice to Article 86(2)
of the Treaty, respect the principle of non-discrimination
between the public and the private sectors. In the public
sector, calculation of the turnover of an undertaking
concerned in a concentration needs, therefore, to take
account of undertakings making up an economic unit
with an independent power of decision, irrespective of
the way in which their capital is held or of the rules of
administrative supervision applicable to them.

It is necessary to establish whether or not concentrations
with a Community dimension are compatible with the
common market in terms of the need to maintain and
develop effective competition in the common market. In
so doing,
the Commission must place its appraisal
within the general framework of the achievement of the
fundamental objectives referred to in Article 2 of the
Treaty establishing the European Community and Article
2 of the Treaty on European Union.

In order to ensure a system of undistorted competition
in the common market,
in furtherance of a policy
conducted in accordance with the principle of an open
market economy with free competition, this Regulation
must permit effective control of all concentrations from
the point of view of their effect on competition in the
Community. Accordingly, Regulation (EEC) No 4064/89
established the principle that a concentration with a
Community dimension which creates or strengthens a
dominant position as a result of which effective competi-
tion in the common market or in a substantial part of it
would be significantly impeded should be declared
incompatible with the common market.

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(25)

that

impediment

the consequences that concentrations in
In view of
oligopolistic market structures may have,
it is all the
more necessary to maintain effective competition in such
markets. Many oligopolistic markets exhibit a healthy
degree of competition. However, under certain circum-
involving the elimination of
stances, concentrations
important competitive constraints
the merging
parties had exerted upon each other, as well as a reduc-
tion of competitive pressure on the remaining competi-
tors, may, even in the absence of a likelihood of coordi-
nation between the members of the oligopoly, result in a
significant
to effective competition. The
Community courts have, however, not to date expressly
interpreted Regulation (EEC) No 4064/89 as requiring
concentrations giving rise to such non-coordinated
effects to be declared incompatible with the common
market. Therefore, in the interests of legal certainty, it
should be made clear that this Regulation permits effec-
tive control of all such concentrations by providing that
any concentration which would significantly impede
effective competition,
in the common market or in a
substantial part of it, should be declared incompatible
with the common market. The notion of
‘significant
impediment to effective competition’ in Article 2(2) and
(3) should be interpreted as extending, beyond the
concept of dominance, only to the anti-competitive
effects of a concentration resulting from the non-coordi-
nated behaviour of undertakings which would not have
a dominant position on the market concerned.

(26) A significant impediment to effective competition gener-
ally results from the creation or strengthening of a domi-
nant position. With a view to preserving the guidance
that may be drawn from past judgments of the European
courts and Commission decisions pursuant to Regulation
(EEC) No 4064/89, while at the same time maintaining
consistency with the standards of competitive harm
which have been applied by the Commission and the
Community courts regarding the compatibility of a
concentration with the common market, this Regulation
should accordingly establish the principle that a concen-
tration with a Community dimension which would
significantly
in the
effective
common market or in a substantial part thereof, in par-
ticular as a result of the creation or strengthening of a
dominant position, is to be declared incompatible with
the common market.

competition,

impede

(27)

(28)

In addition, the criteria of Article 81(1) and (3) of the
Treaty should be applied to joint ventures performing,
on a lasting basis, all
the functions of autonomous
economic entities, to the extent that their creation has as
its consequence an appreciable restriction of competition
between undertakings that remain independent.

to clarify and explain the Commission's
In order
appraisal of concentrations under this Regulation, it is
appropriate for the Commission to publish guidance
which should provide a sound economic framework for
the assessment of concentrations with a view to deter-
mining whether or not they may be declared compatible
with the common market.

(29)

In order to determine the impact of a concentration on
competition in the common market, it is appropriate to
take account of any substantiated and likely efficiencies
put forward by the undertakings concerned. It is possible
that the efficiencies brought about by the concentration
counteract the effects on competition, and in particular
the potential harm to consumers, that it might otherwise
have and that, as a consequence,
the concentration
would not significantly impede effective competition, in
the common market or in a substantial part of it, in par-
ticular as a result of the creation or strengthening of a
dominant position. The Commission should publish
guidance on the conditions under which it may take effi-
ciencies into account in the assessment of a concentra-
tion.

It

(30) Where the undertakings concerned modify a notified
concentration,
in particular by offering commitments
with a view to rendering the concentration compatible
with the common market, the Commission should be
able to declare the concentration, as modified, compa-
tible with the common market. Such commitments
should be proportionate to the competition problem and
entirely eliminate it.
is also appropriate to accept
commitments before the initiation of proceedings where
the competition problem is readily identifiable and can
easily be remedied. It should be expressly provided that
the Commission may attach to its decision conditions
and obligations in order to ensure that the undertakings
concerned comply with their commitments in a timely
and effective manner so as to render the concentration
compatible with the common market. Transparency and
effective consultation of Member States as well as of
interested third parties should be ensured throughout
the procedure.

(31)

The Commission should have at its disposal appropriate
instruments to ensure the enforcement of commitments
and to deal with situations where they are not fulfilled.
In cases of failure to fulfil a condition attached to the
decision declaring a concentration compatible with the
common market, the situation rendering the concentra-
tion compatible with the common market does not
materialise and the concentration, as implemented,
is
therefore not authorised by the Commission. As a conse-
quence, if the concentration is implemented, it should be
treated in the same way as a non-notified concentration
implemented without authorisation. Furthermore, where
the Commission has already found that, in the absence
of the condition, the concentration would be incompa-
tible with the common market, it should have the power
to directly order the dissolution of the concentration, so
as to restore the situation prevailing prior to the imple-
mentation of the concentration. Where an obligation
attached to a decision declaring the concentration
compatible with the common market is not fulfilled, the
Commission should be able to revoke its decision. More-
over, the Commission should be able to impose appro-
priate financial sanctions where conditions or obligations
are not fulfilled.

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(32)

(33)

(34)

Concentrations which, by reason of the limited market
share of the undertakings concerned, are not liable to
impede effective competition may be presumed to be
compatible with the common market. Without prejudice
to Articles 81 and 82 of the Treaty, an indication to this
effect exists, in particular, where the market share of the
undertakings concerned does not exceed 25 % either in
the common market or in a substantial part of it.

The Commission should have the task of taking all the
decisions necessary to establish whether or not concen-
trations with a Community dimension are compatible
with the common market, as well as decisions designed
to restore the situation prevailing prior to the implemen-
tation of a concentration which has been declared
incompatible with the common market.

their plan for
sufficiently concrete,

To ensure effective control, undertakings should be
obliged to give prior notification of concentrations with
a Community dimension following the conclusion of the
agreement, the announcement of the public bid or the
acquisition of a controlling interest. Notification should
also be possible where the undertakings concerned
satisfy the Commission of their intention to enter into
an agreement for a proposed concentration and demon-
that
strate to the Commission that
proposed concentration is
for
example on the basis of an agreement in principle, a
memorandum of understanding, or a letter of
intent
signed by all undertakings concerned, or, in the case of a
public bid, where they have publicly announced an
intention to make such a bid, provided that the intended
agreement or bid would result in a concentration with a
Community dimension. The implementation of concen-
trations should be suspended until a final decision of the
Commission has been taken. However,
it should be
possible to derogate from this suspension at the request
In
of the undertakings concerned, where appropriate.
deciding whether or not
the
Commission should take account of all pertinent factors,
such as the nature and gravity of damage to the under-
takings concerned or to third parties, and the threat to
competition posed by the concentration. In the interest
of legal certainty, the validity of transactions must never-
theless be protected as much as necessary.

to grant a derogation,

incompatibility with the

(35) A period within which the Commission must initiate
proceedings in respect of a notified concentration and a
period within which it must take a final decision on the
compatibility or
common
market of that concentration should be laid down. These
periods should be extended whenever the undertakings
concerned offer commitments with a view to rendering
the concentration compatible with the common market,
in order to allow for sufficient time for the analysis and
market testing of such commitment offers and for the
consultation of Member States as well as interested third
parties. A limited extension of the period within which
the Commission must take a final decision should also
be possible in order to allow sufficient time for the
investigation of the case and the verification of the facts
and arguments submitted to the Commission.

(36)

(37)

(38)

(39)

The Community respects the fundamental rights and
observes the principles recognised in particular by the
Charter of
the European
Union (1). Accordingly, this Regulation should be inter-
preted and applied with respect to those rights and prin-
ciples.

Fundamental Rights of

The undertakings concerned must be afforded the right
to be heard by the Commission when proceedings have
been initiated;
the members of the management and
supervisory bodies and the recognised representatives of
the employees of the undertakings concerned, and inter-
ested third parties, must also be given the opportunity to
be heard.

concentrations,

In order properly to appraise
the
Commission should have the right to request all neces-
sary information and to conduct all necessary inspec-
tions throughout the Community. To that end, and with
a view to protecting competition effectively,
the
Commission's powers of
investigation need to be
expanded. The Commission should, in particular, have
the right
to interview any persons who may be in
possession of useful information and to record the state-
ments made.

In the course of an inspection, officials authorised by the
Commission should have the right to ask for any infor-
mation relevant to the subject matter and purpose of the
inspection; they should also have the right to affix seals
during inspections, particularly in circumstances where
there are reasonable grounds to suspect that a concentra-
tion has been implemented without being notified; that
incomplete or misleading information has
incorrect,
been supplied to the Commission; or that the undertak-
ings or persons concerned have failed to comply with a
condition or obligation imposed by decision of
the
Commission. In any event, seals should only be used in
exceptional circumstances, for the period of time strictly
necessary for the inspection, normally not for more than
48 hours.

(40) Without prejudice to the case-law of the Court of Justice,
it is also useful to set out the scope of the control that
the national
judicial authority may exercise when it
authorises, as provided by national law and as a precau-
tionary measure, assistance from law enforcement autho-
rities in order to overcome possible opposition on the
part of the undertaking against an inspection, including
the affixing of seals, ordered by Commission decision. It
results from the case-law that
judicial
the Commission
authority may in particular ask of
further information which it needs to carry out
its
control and in the absence of which it could refuse the
authorisation. The case-law also confirms the compe-
tence of the national courts to control the application of
national rules governing the implementation of coercive
measures. The competent authorities of
the Member
States should cooperate actively in the exercise of the
Commission's investigative powers.

the national

(1) OJ C 364, 18.12.2000, p. 1.

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(41) When complying with decisions of the Commission, the
undertakings and persons concerned cannot be forced to
admit that they have committed infringements, but they
are in any event obliged to answer factual questions and
to provide documents, even if this information may be
used to establish against themselves or against others the
existence of such infringements.

(42)

(43)

(44)

(45)

(46)

the sake of

transparency, all decisions of

For
the
Commission which are not of a merely procedural
nature should be widely publicised. While ensuring
preservation of the rights of defence of the undertakings
concerned, in particular the right of access to the file, it
is essential that business secrets be protected. The confi-
dentiality of information exchanged in the network and
with the competent authorities of third countries should
likewise be safeguarded.

Compliance with this Regulation should be enforceable,
as appropriate, by means of fines and periodic penalty
payments. The Court of Justice should be given unlim-
ited jurisdiction in that regard pursuant to Article 229 of
the Treaty.

conditions

in which concentrations,

The
involving
undertakings having their seat or their principal fields of
activity in the Community, are carried out in third coun-
tries should be observed, and provision should be made
for the possibility of the Council giving the Commission
an appropriate mandate for negotiation with a view to
obtaining non-discriminatory treatment for such under-
takings.

This Regulation in no way detracts from the collective
rights of employees, as recognised in the undertakings
concerned, notably with regard to any obligation to
inform or consult their recognised representatives under
Community and national law.

The Commission should be able to lay down detailed
rules concerning the implementation of this Regulation
in accordance with the procedures for the exercise of
implementing powers conferred on the Commission. For
the adoption of such implementing provisions,
the
an Advisory
Commission should be
Committee composed of
the
Member States as specified in Article 23,

assisted by
the representatives of

HAS ADOPTED THIS REGULATION:

Article 1

Scope

1. Without prejudice to Article 4(5) and Article 22, this
Regulation shall apply to all concentrations with a Community
dimension as defined in this Article.

2.

A concentration has a Community dimension where:

(a) the combined aggregate worldwide turnover of all

the
undertakings concerned is more than EUR 5 000 million;
and

(b) the aggregate Community-wide turnover of each of at least
two of the undertakings concerned is more than EUR 250
million,

unless each of the undertakings concerned achieves more than
two-thirds of its aggregate Community-wide turnover within
one and the same Member State.

A concentration that does not meet the thresholds laid

3.
down in paragraph 2 has a Community dimension where:

(a) the combined aggregate worldwide turnover of all

the

undertakings concerned is more than EUR 2 500 million;

(b) in each of at least three Member States, the combined
aggregate turnover of all the undertakings concerned is
more than EUR 100 million;

(c) in each of at least three Member States included for the
purpose of point (b), the aggregate turnover of each of at
least
the undertakings concerned is more than
two of
EUR 25 million; and

(d) the aggregate Community-wide turnover of each of at least
two of the undertakings concerned is more than EUR 100
million,

unless each of the undertakings concerned achieves more than
two-thirds of its aggregate Community-wide turnover within
one and the same Member State.

4.
On the basis of statistical data that may be regularly
provided by the Member States, the Commission shall report to
the Council on the operation of the thresholds and criteria set
out in paragraphs 2 and 3 by 1 July 2009 and may present
proposals pursuant to paragraph 5.

5.
Following the report referred to in paragraph 4 and on a
proposal from the Commission, the Council, acting by a quali-
fied majority, may revise the thresholds and criteria mentioned
in paragraph 3.

Article 2

Appraisal of concentrations

1.
Concentrations within the scope of this Regulation shall
be appraised in accordance with the objectives of this Regu-
lation and the following provisions with a view to establishing
whether or not they are compatible with the common market.

In making this appraisal,
account:

the Commission shall

take into

(a) the need to maintain and develop effective competition
within the common market in view of, among other things,
the structure of all the markets concerned and the actual or
potential competition from undertakings located either
within or outwith the Community;

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(b) the market position of the undertakings concerned and
their economic and financial power, the alternatives avail-
able to suppliers and users, their access to supplies or
markets, any legal or other barriers to entry, supply and
demand trends for the relevant goods and services, the
interests of the intermediate and ultimate consumers, and
the development of
technical and economic progress
provided that it is to consumers' advantage and does not
form an obstacle to competition.

2.
A concentration which would not significantly impede
effective competition in the common market or in a substantial
part of it, in particular as a result of the creation or strength-
ening of a dominant position, shall be declared compatible with
the common market.

A concentration which would significantly impede effec-
3.
tive competition,
in the common market or in a substantial
part of it, in particular as a result of the creation or strength-
ening of a dominant position, shall be declared incompatible
with the common market.

4.
To the extent that the creation of a joint venture consti-
tuting a concentration pursuant to Article 3 has as its object or
effect the coordination of the competitive behaviour of under-
takings that remain independent, such coordination shall be
appraised in accordance with the criteria of Article 81(1) and
(3) of the Treaty, with a view to establishing whether or not
the operation is compatible with the common market.

In making this appraisal, the Commission shall take into

5.
account in particular:

— whether two or more parent companies retain, to a signifi-
cant extent, activities in the same market as the joint
venture or in a market which is downstream or upstream
from that of the joint venture or in a neighbouring market
closely related to this market,

— whether the coordination which is the direct consequence
of the creation of the joint venture affords the undertakings
concerned the possibility of eliminating competition in
respect of a substantial part of the products or services in
question.

Article 3

Definition of concentration

A concentration shall be deemed to arise where a change

1.
of control on a lasting basis results from:

(a) the merger of two or more previously independent under-

takings or parts of undertakings, or

(b) the acquisition, by one or more persons already controlling
at least one undertaking, or by one or more undertakings,
whether by purchase of securities or assets, by contract or
by any other means, of direct or indirect control of the
whole or parts of one or more other undertakings.

2.
Control shall be constituted by rights, contracts or any
other means which, either separately or in combination and
having regard to the considerations of fact or law involved,
confer the possibility of exercising decisive influence on an
undertaking, in particular by:

(a) ownership or the right to use all or part of the assets of an

undertaking;

(b) rights or contracts which confer decisive influence on the
composition, voting or decisions of the organs of an under-
taking.

3.

Control is acquired by persons or undertakings which:

(a) are holders of the rights or entitled to rights under the

contracts concerned; or

(b) while not being holders of such rights or entitled to rights
under such contracts, have the power to exercise the rights
deriving therefrom.

4.
The creation of a joint venture performing on a lasting
basis all the functions of an autonomous economic entity shall
constitute a concentration within the meaning of paragraph
1(b).

5.

A concentration shall not be deemed to arise where:

(a) credit institutions or other financial institutions or insur-
ance companies, the normal activities of which include
transactions and dealing in securities for their own account
or for the account of others, hold on a temporary basis
securities which they have acquired in an undertaking with
a view to reselling them, provided that they do not exercise
voting rights in respect of those securities with a view to
determining the competitive behaviour of that undertaking
or provided that they exercise such voting rights only with
a view to preparing the disposal of all or part of that under-
taking or of its assets or the disposal of those securities and
that any such disposal takes place within one year of the
date of acquisition; that period may be extended by the
Commission on request where such institutions or compa-
nies can show that the disposal was not reasonably possible
within the period set;

(b) control is acquired by an office-holder according to the law
of a Member State relating to liquidation, winding up,
insolvency, cessation of payments, compositions or analo-
gous proceedings;

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certain types of

(c) the operations referred to in paragraph 1(b) are carried out
by the financial holding companies referred to in Article
5(3) of Fourth Council Directive 78/660/EEC of 25 July
1978 based on Article 54(3)(g) of the Treaty on the annual
companies (1) provided
accounts of
however that the voting rights in respect of the holding are
exercised,
in particular in relation to the appointment of
members of the management and supervisory bodies of the
undertakings in which they have holdings, only to maintain
the full value of those investments and not to determine
those
directly or indirectly the competitive conduct of
undertakings.

Article 4

Prior notification of concentrations and pre-notification
referral at the request of the notifying parties

1.
Concentrations with a Community dimension defined in
this Regulation shall be notified to the Commission prior to
their implementation and following the conclusion of
the
agreement, the announcement of the public bid, or the acquisi-
tion of a controlling interest.

Notification may also be made where
the undertakings
concerned demonstrate to the Commission a good faith inten-
tion to conclude an agreement or, in the case of a public bid,
where they have publicly announced an intention to make such
a bid, provided that the intended agreement or bid would result
in a concentration with a Community dimension.

shall also cover

For the purposes of this Regulation, the term ‘notified concen-
tration’
intended concentrations notified
pursuant to the second subparagraph. For the purposes of para-
graphs 4 and 5 of this Article, the term ‘concentration’ includes
intended concentrations within the meaning of the second sub-
paragraph.

A concentration which consists of a merger within the
2.
meaning of Article 3(1)(a) or in the acquisition of joint control
within the meaning of Article 3(1)(b) shall be notified jointly
by the parties to the merger or by those acquiring joint control
as the case may be. In all other cases, the notification shall be
effected by the person or undertaking acquiring control of the
whole or parts of one or more undertakings.

3. Where the Commission finds that a notified concentra-
tion falls within the scope of this Regulation, it shall publish
the fact of the notification, at the same time indicating the
names of the undertakings concerned, their country of origin,
the nature of
the concentration and the economic sectors
involved. The Commission shall take account of the legitimate
interest of undertakings in the protection of their business
secrets.

4.
Prior to the notification of a concentration within the
meaning of paragraph 1, the persons or undertakings referred
to in paragraph 2 may inform the Commission, by means of a
reasoned submission, that the concentration may significantly

(1) OJ L 222, 14. 8. 1978, p. 11. Directive as last amended by Directive
2003/51/EC of the European Parliament and of the Council (OJ L
178, 17.7.2003, p. 16).

affect competition in a market within a Member State which
presents all the characteristics of a distinct market and should
therefore be examined, in whole or in part, by that Member
State.

The Commission shall transmit this submission to all Member
States without delay. The Member State referred to in the
reasoned submission shall, within 15 working days of receiving
the submission, express its agreement or disagreement as
regards the request to refer the case. Where that Member State
takes no such decision within this period, it shall be deemed to
have agreed.

Unless that Member State disagrees, the Commission, where it
considers that such a distinct market exists, and that competi-
tion in that market may be significantly affected by the concen-
tration, may decide to refer the whole or part of the case to the
competent authorities of that Member State with a view to the
application of that State's national competition law.

The decision whether or not to refer the case in accordance
with the third subparagraph shall be taken within 25 working
days starting from the receipt of the reasoned submission by
the Commission. The Commission shall
inform the other
Member States and the persons or undertakings concerned of
its decision. If the Commission does not take a decision within
this period, it shall be deemed to have adopted a decision to
refer the case in accordance with the submission made by the
persons or undertakings concerned.

If the Commission decides, or is deemed to have decided,
pursuant to the third and fourth subparagraphs, to refer the
whole of the case, no notification shall be made pursuant to
paragraph 1 and national competition law shall apply. Article
9(6) to (9) shall apply mutatis mutandis.

5. With regard to a concentration as defined in Article 3
which does not have a Community dimension within the
meaning of Article 1 and which is capable of being reviewed
under the national competition laws of at least three Member
States, the persons or undertakings referred to in paragraph 2
may, before any notification to the competent authorities,
inform the Commission by means of a reasoned submission
that the concentration should be examined by the Commission.

The Commission shall transmit this submission to all Member
States without delay.

Any Member State competent to examine the concentration
under its national competition law may, within 15 working
days of receiving the reasoned submission, express its disagree-
ment as regards the request to refer the case.

Where at
least one such Member State has expressed its
disagreement in accordance with the third subparagraph within
the period of 15 working days, the case shall not be referred.
The Commission shall, without delay, inform all Member States
and the persons or undertakings concerned of any such expres-
sion of disagreement.

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in
Where no Member State has expressed its disagreement
accordance with the third subparagraph within the period of
15 working days, the concentration shall be deemed to have a
Community dimension and shall be notified to the Commission
in accordance with paragraphs 1 and 2. In such situations, no
Member State shall apply its national competition law to the
concentration.

(ii) income from securities:

— income from shares and other variable yield

securities,

— income from participating interests,

— income from shares in affiliated undertakings;

The Commission shall report to the Council on the opera-
6.
tion of paragraphs 4 and 5 by 1 July 2009. Following this
report and on a proposal from the Commission, the Council,
acting by a qualified majority, may revise paragraphs 4 and 5.

(iii) commissions receivable;

(iv) net profit on financial operations;

(v) other operating income.

Article 5

Calculation of turnover

Aggregate turnover within the meaning of this Regulation
1.
shall comprise the amounts derived by the undertakings
concerned in the preceding financial year from the sale of
products and the provision of services falling within the under-
takings' ordinary activities after deduction of sales rebates and
of value added tax and other taxes directly related to turnover.
The aggregate turnover of an undertaking concerned shall not
include the sale of products or the provision of services
between any of the undertakings referred to in paragraph 4.

Turnover,
in the Community or in a Member State, shall
comprise products sold and services provided to undertakings
or consumers, in the Community or in that Member State as
the case may be.

2.
By way of derogation from paragraph 1, where the
concentration consists of the acquisition of parts, whether or
not constituted as legal entities, of one or more undertakings,
only the turnover relating to the parts which are the subject of
the concentration shall be taken into account with regard to
the seller or sellers.

However, two or more transactions within the meaning of the
first subparagraph which take place within a two-year period
between the same persons or undertakings shall be treated as
one and the same concentration arising on the date of the last
transaction.

3.

In place of turnover the following shall be used:

(a) for credit institutions and other financial institutions, the
sum of the following income items as defined in Council
Directive 86/635/EEC (1), after deduction of value added tax
and other taxes directly related to those items, where
appropriate:

(i) interest income and similar income;

(1) OJ L 372, 31. 12. 1986, p. 1. Directive as last amended by Directive

2003/51/EC of the European Parliament and of the Council.

The turnover of a credit or financial institution in the Com-
munity or in a Member State shall comprise the income
items, as defined above, which are received by the branch
or division of that institution established in the Community
or in the Member State in question, as the case may be;

the

(b) for insurance undertakings, the value of gross premiums
written which shall comprise all amounts received and
receivable in respect of insurance contracts issued by or on
including also
insurance undertakings,
behalf of
outgoing reinsurance premiums, and after deduction of
taxes and parafiscal contributions or levies charged by
reference to the amounts of individual premiums or the
total volume of premiums; as regards Article 1(2)(b) and
(3)(b), (c) and (d) and the final part of Article 1(2) and (3),
gross premiums received from Community residents and
from residents of one Member State respectively shall be
taken into account.

4. Without prejudice to paragraph 2, the aggregate turnover
of an undertaking concerned within the meaning of this Regu-
lation shall be calculated by adding together the respective
turnovers of the following:

(a) the undertaking concerned;

(b) those undertakings in which the undertaking concerned,

directly or indirectly:

(i) owns more than half the capital or business assets, or

(ii) has the power to exercise more than half the voting

rights, or

(iii) has the power to appoint more than half the members
of the supervisory board, the administrative board or
bodies legally representing the undertakings, or

(iv) has the right to manage the undertakings' affairs;

(c) those undertakings which have

in the undertaking

concerned the rights or powers listed in (b);

(d) those undertakings in which an undertaking as referred to

in (c) has the rights or powers listed in (b);

(e) those undertakings in which two or more undertakings as
referred to in (a) to (d) jointly have the rights or powers
listed in (b).

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5. Where undertakings concerned by the concentration
jointly have the rights or powers listed in paragraph 4(b), in
calculating
the undertakings
aggregate
concerned for the purposes of this Regulation:

turnover of

the

(a) no account shall be taken of the turnover resulting from
the sale of products or the provision of services between
the
the undertakings
concerned or any other undertaking connected with any
one of them, as set out in paragraph 4(b) to (e);

joint undertaking and each of

(b) account shall be taken of the turnover resulting from the
sale of products and the provision of services between the
joint undertaking and any third undertakings. This turnover
the undertakings
shall be apportioned equally amongst
concerned.

Article 6

The Commission may revoke the decision it

3.
pursuant to paragraph 1(a) or (b) where:

took

(a) the decision is based on incorrect information for which
one of the undertakings is responsible or where it has been
obtained by deceit,

or

(b) the undertakings concerned commit a breach of an obliga-

tion attached to the decision.

4.
In the cases referred to in paragraph 3, the Commission
may take a decision under paragraph 1, without being bound
by the time limits referred to in Article 10(1).

5.
The Commission shall notify its decision to the undertak-
ings concerned and the competent authorities of the Member
States without delay.

Examination of

the notification and initiation of

Article 7

proceedings

The Commission shall examine the notification as soon as

1.
it is received.

(a) Where it concludes that the concentration notified does not
fall within the scope of this Regulation, it shall record that
finding by means of a decision.

(b) Where it finds that the concentration notified, although
falling within the scope of this Regulation, does not raise
serious doubts as to its compatibility with the common
market, it shall decide not to oppose it and shall declare
that it is compatible with the common market.

A decision declaring a concentration compatible shall be
deemed to cover restrictions directly related and necessary
to the implementation of the concentration.

(c) Without prejudice to paragraph 2, where the Commission
finds that the concentration notified falls within the scope
of
this Regulation and raises serious doubts as to its
compatibility with the common market, it shall decide to
initiate proceedings. Without prejudice to Article 9, such
proceedings shall be closed by means of a decision as
provided for in Article 8(1) to (4), unless the undertakings
concerned have demonstrated to the satisfaction of the
Commission that they have abandoned the concentration.

2. Where the Commission finds that, following modification
by the undertakings concerned, a notified concentration no
longer raises serious doubts within the meaning of paragraph
1(c),
it shall declare the concentration compatible with the
common market pursuant to paragraph 1(b).

The Commission may attach to its decision under paragraph
1(b) conditions and obligations intended to ensure that the
undertakings concerned comply with the commitments they
have entered into vis-à-vis the Commission with a view to
rendering the concentration compatible with the common
market.

Suspension of concentrations

1.
A concentration with a Community dimension as defined
in Article 1, or which is to be examined by the Commission
pursuant to Article 4(5), shall not be implemented either before
its notification or until it has been declared compatible with
the common market pursuant to a decision under Articles
6(1)(b), 8(1) or 8(2), or on the basis of a presumption
according to Article 10(6).

2.
Paragraph 1 shall not prevent the implementation of a
public bid or of a series of transactions in securities including
those convertible into other securities admitted to trading on a
market such as a stock exchange, by which control within the
meaning of Article 3 is acquired from various sellers, provided
that:

(a) the concentration is notified to the Commission pursuant

to Article 4 without delay; and

(b) the acquirer does not exercise the voting rights attached to
the securities in question or does so only to maintain the
full value of its investments based on a derogation granted
by the Commission under paragraph 3.

The Commission may, on request, grant a derogation
3.
from the obligations imposed in paragraphs 1 or 2. The request
to grant a derogation must be reasoned. In deciding on the
request, the Commission shall take into account inter alia the
effects of
the suspension on one or more undertakings
concerned by the concentration or on a third party and the
threat to competition posed by the concentration. Such a dero-
gation may be made subject to conditions and obligations in
order to ensure conditions of effective competition. A deroga-
tion may be applied for and granted at any time, be it before
notification or after the transaction.

4.
The validity of any transaction carried out in contraven-
tion of paragraph 1 shall be dependent on a decision pursuant
to Article 6(1)(b) or Article 8(1), (2) or (3) or on a presumption
pursuant to Article 10(6).

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This Article shall, however, have no effect on the validity of
transactions in securities including those convertible into other
securities admitted to trading on a market such as a stock
exchange, unless the buyer and seller knew or ought to have
known that the transaction was carried out in contravention of
paragraph 1.

Article 8

Powers of decision of the Commission

1. Where the Commission finds that a notified concentra-
tion fulfils the criterion laid down in Article 2(2) and, in the
cases referred to in Article 2(4), the criteria laid down in Article
81(3) of the Treaty,
issue a decision declaring the
it shall
concentration compatible with the common market.

the Commission may:

— require the undertakings concerned to dissolve the concen-
tration, in particular through the dissolution of the merger
or the disposal of all the shares or assets acquired, so as to
restore the situation prevailing prior to the implementation
of the concentration; in circumstances where restoration of
the situation prevailing before the implementation of the
concentration is not possible through dissolution of the
concentration,
any other
measure appropriate to achieve such restoration as far as
possible,

the Commission may take

— order any other appropriate measure to ensure that the
undertakings concerned dissolve the concentration or take
other restorative measures as required in its decision.

In cases falling within point (a) of the first subparagraph, the
measures referred to in that subparagraph may be imposed
either in a decision pursuant to paragraph 3 or by separate
decision.

A decision declaring a concentration compatible shall be
deemed to cover restrictions directly related and necessary to
the implementation of the concentration.

The Commission may take interim measures appropriate
5.
to restore or maintain conditions of effective competition
where a concentration:

2. Where the Commission finds that, following modification
by the undertakings concerned, a notified concentration fulfils
the criterion laid down in Article 2(2) and, in the cases referred
to in Article 2(4), the criteria laid down in Article 81(3) of the
issue a decision declaring the concentration
Treaty,
compatible with the common market.

it shall

The Commission may attach to its decision conditions and obli-
gations intended to ensure that the undertakings concerned
comply with the commitments they have entered into vis-à-vis
the Commission with a view to rendering the concentration
compatible with the common market.

(a) has been implemented in contravention of Article 7, and a
decision as to the compatibility of the concentration with
the common market has not yet been taken;

(b) has been implemented in contravention of a condition
attached to a decision under Article 6(1)(b) or paragraph 2
of this Article;

(c) has already been implemented and is declared incompatible

with the common market.

The Commission may revoke the decision it has taken

6.
pursuant to paragraphs 1 or 2 where:

A decision declaring a concentration compatible shall be
deemed to cover restrictions directly related and necessary to
the implementation of the concentration.

(a) the declaration of compatibility is based on incorrect infor-
mation for which one of the undertakings is responsible or
where it has been obtained by deceit; or

3. Where the Commission finds that a concentration fulfils
the criterion defined in Article 2(3) or, in the cases referred to
in Article 2(4), does not fulfil the criteria laid down in Article
81(3) of the Treaty, it shall issue a decision declaring that the
concentration is incompatible with the common market.

(b) the undertakings concerned commit a breach of an obliga-

tion attached to the decision.

The Commission may take a decision pursuant to para-
7.
graphs 1 to 3 without being bound by the time limits referred
to in Article 10(3), in cases where:

4. Where the Commission finds that a concentration:

(a) it finds that a concentration has been implemented

(a) has already been implemented and that concentration has
been declared incompatible with the common market, or

(b) has been implemented in contravention of a condition
attached to a decision taken under paragraph 2, which has
found that, in the absence of the condition, the concentra-
tion would fulfil the criterion laid down in Article 2(3) or,
in the cases referred to in Article 2(4), would not fulfil the
criteria laid down in Article 81(3) of the Treaty,

(i) in contravention of a condition attached to a decision

under Article 6(1)(b), or

(ii) in contravention of a condition attached to a decision
taken under paragraph 2 and in accordance with Article
10(2), which has found that,
in the absence of the
condition, the concentration would raise serious doubts
as to its compatibility with the common market; or

(b) a decision has been revoked pursuant to paragraph 6.

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The Commission shall notify its decision to the undertak-
8.
ings concerned and the competent authorities of the Member
States without delay.

Article 9

Referral to the competent authorities of the Member
States

1.
The Commission may, by means of a decision notified
without delay to the undertakings concerned and the compe-
tent authorities of the other Member States, refer a notified
concentration to the competent authorities of the Member State
concerned in the following circumstances.

2. Within 15 working days of the date of receipt of the copy
of the notification, a Member State, on its own initiative or
upon the invitation of
the Commission, may inform the
Commission, which shall inform the undertakings concerned,
that:

(a) a concentration threatens to affect significantly competition
in a market within that Member State, which presents all
the characteristics of a distinct market, or

(b) a concentration affects competition in a market within that
Member State, which presents all the characteristics of a
distinct market and which does not constitute a substantial
part of the common market.

3.
If the Commission considers that, having regard to the
market for the products or services in question and the geogra-
phical reference market within the meaning of paragraph 7,
there is such a distinct market and that such a threat exists,
either:

(a) it shall

itself deal with the case in accordance with this

Regulation; or

(b) it shall refer the whole or part of the case to the competent
authorities of the Member State concerned with a view to
the application of that State's national competition law.

If, however, the Commission considers that such a distinct
market or threat does not exist, it shall adopt a decision to that
effect which it shall address to the Member State concerned,
and shall itself deal with the case in accordance with this Regu-
lation.

In cases where a Member State informs the Commission
pursuant to paragraph 2(b) that a concentration affects compe-
tition in a distinct market within its territory that does not
form a substantial part of the common market, the Commis-
sion shall refer the whole or part of the case relating to the
distinct market concerned, if it considers that such a distinct
market is affected.

A decision to refer or not to refer pursuant to paragraph

4.
3 shall be taken:

(a) as a general rule within the period provided for in Article
the Commission,
10(1),
pursuant to Article 6(1)(b), has not initiated proceedings; or

second subparagraph, where

(b) within 65 working days at most of the notification of the
concentration concerned where
the Commission has
initiated proceedings under Article 6(1)(c), without taking
the preparatory steps in order to adopt
the necessary
measures under Article 8(2),
to maintain or
restore effective competition on the market concerned.

(3) or (4)

5.
If within the 65 working days referred to in paragraph
4(b) the Commission, despite a reminder from the Member
State concerned, has not taken a decision on referral in accord-
ance with paragraph 3 nor has taken the preparatory steps
referred to in paragraph 4(b), it shall be deemed to have taken
a decision to refer the case to the Member State concerned in
accordance with paragraph 3(b).

The competent authority of the Member State concerned

6.
shall decide upon the case without undue delay.

Within 45 working days after the Commission's referral, the
competent authority of
the Member State concerned shall
inform the undertakings concerned of the result of the preli-
minary competition assessment and what further action, if any,
it proposes to take. The Member State concerned may excep-
tionally suspend this time limit where necessary information
has not been provided to it by the undertakings concerned as
provided for by its national competition law.

Where a notification is requested under national law, the period
of 45 working days shall begin on the working day following
that of the receipt of a complete notification by the competent
authority of that Member State.

7.
The geographical reference market shall consist of the
area in which the undertakings concerned are involved in the
supply and demand of products or services, in which the condi-
tions of competition are sufficiently homogeneous and which
can be distinguished from neighbouring areas because, in par-
ticular, conditions of competition are appreciably different in
those areas. This assessment should take account in particular
of the nature and characteristics of the products or services
concerned, of the existence of entry barriers or of consumer
preferences, of appreciable differences of
the undertakings'
market shares between the area concerned and neighbouring
areas or of substantial price differences.

In applying the provisions of this Article, the Member
8.
State concerned may take only the measures strictly necessary
to safeguard or restore effective competition on the market
concerned.

9.
In accordance with the relevant provisions of the Treaty,
any Member State may appeal to the Court of Justice, and in
particular request the application of Article 243 of the Treaty,
for the purpose of applying its national competition law.

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Article 10

Time limits for initiating proceedings and for decisions

1. Without prejudice to Article 6(4), the decisions referred
to in Article 6(1) shall be taken within 25 working days at
most. That period shall begin on the working day following
that of the receipt of a notification or, if the information to be
supplied with the notification is incomplete, on the working
day following that of the receipt of the complete information.

That period shall be increased to 35 working days where the
Commission receives a request from a Member State in accord-
ance with Article 9(2)or where, the undertakings concerned
offer commitments pursuant to Article 6(2) with a view to
rendering the concentration compatible with the common
market.

Decisions pursuant to Article 8(1) or (2) concerning noti-
2.
fied concentrations shall be taken as soon as it appears that the
serious doubts referred to in Article 6(1)(c) have been removed,
particularly as a result of modifications made by the undertak-
ings concerned, and at the latest by the time limit laid down in
paragraph 3.

3. Without prejudice to Article 8(7), decisions pursuant to
Article 8(1) to (3) concerning notified concentrations shall be
taken within not more than 90 working days of the date on
which the proceedings are initiated. That period shall be
increased to 105 working days where the undertakings
concerned offer commitments pursuant to Article 8(2), second
subparagraph, with a view to rendering the concentration
compatible with the common market, unless these commit-
ments have been offered less than 55 working days after the
initiation of proceedings.

The periods set by the first subparagraph shall
likewise be
extended if the notifying parties make a request to that effect
not later than 15 working days after the initiation of proceed-
ings pursuant to Article 6(1)(c). The notifying parties may make
only one such request. Likewise, at any time following the
initiation of proceedings,
the periods set by the first sub-
paragraph may be extended by the Commission with the agree-
ment of the notifying parties. The total duration of any exten-
sion or extensions effected pursuant to this subparagraph shall
not exceed 20 working days.

4.
The periods set by paragraphs 1 and 3 shall exceptionally
be suspended where, owing to circumstances for which one of
the undertakings involved in the concentration is responsible,
the Commission has had to request information by decision
pursuant to Article 11 or to order an inspection by decision
pursuant to Article 13.

The first subparagraph shall also apply to the period referred to
in Article 9(4)(b).

5. Where the Court of Justice gives a judgment which annuls
the whole or part of a Commission decision which is subject to
a time limit set by this Article, the concentration shall be re-
examined by the Commission with a view to adopting a deci-
sion pursuant to Article 6(1).

The concentration shall be re-examined in the light of current
market conditions.

The notifying parties shall submit a new notification or supple-
ment the original notification, without delay, where the original
notification becomes incomplete by reason of
intervening
changes in market conditions or in the information provided.
Where there are no such changes, the parties shall certify this
fact without delay.

The periods laid down in paragraph 1 shall start on the
working day following that of the receipt of complete informa-
tion in a new notification, a supplemented notification, or a
certification within the meaning of the third subparagraph.

The second and third subparagraphs shall also apply in the
cases referred to in Article 6(4) and Article 8(7).

6. Where the Commission has not
taken a decision in
accordance with Article 6(1)(b), (c), 8(1), (2) or (3) within the
time limits set in paragraphs 1 and 3 respectively, the concen-
tration shall be deemed to have been declared compatible with
the common market, without prejudice to Article 9.

Article 11

Requests for information

1.
In order to carry out the duties assigned to it by this
Regulation, the Commission may, by simple request or by deci-
sion, require the persons referred to in Article 3(1)(b), as well
as undertakings and associations of undertakings, to provide all
necessary information.

2. When sending a simple request
for information to a
person, an undertaking or an association of undertakings, the
Commission shall state the legal basis and the purpose of the
request, specify what information is required and fix the time
limit within which the information is to be provided, as well as
the penalties provided for in Article 14 for supplying incorrect
or misleading information.

3. Where the Commission requires a person, an undertaking
or an association of undertakings to supply information by
decision, it shall state the legal basis and the purpose of the
request, specify what information is required and fix the time
limit within which it is to be provided. It shall also indicate the
penalties provided for in Article 14 and indicate or impose the
penalties provided for in Article 15. It shall further indicate the
right to have the decision reviewed by the Court of Justice.

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The owners of the undertakings or their representatives
4.
and, in the case of legal persons, companies or firms, or asso-
ciations having no legal personality, the persons authorised to
represent them by law or by their constitution, shall supply the
information requested on behalf of the undertaking concerned.
Persons duly authorised to act may supply the information on
behalf of their clients. The latter shall remain fully responsible
if
incorrect or
the
misleading.

information supplied is

incomplete,

5.
The Commission shall without delay forward a copy of
any decision taken pursuant to paragraph 3 to the competent
authorities of the Member State in whose territory the residence
of the person or the seat of the undertaking or association of
undertakings is situated, and to the competent authority of the
Member State whose territory is affected. At the specific request
of the competent authority of a Member State, the Commission
shall also forward to that authority copies of simple requests
for information relating to a notified concentration.

6.
At the request of the Commission, the governments and
competent authorities of the Member States shall provide the
Commission with all necessary information to carry out the
duties assigned to it by this Regulation.

7.
In order to carry out the duties assigned to it by this
Regulation, the Commission may interview any natural or legal
person who consents to be interviewed for the purpose of
collecting information relating to the subject matter of an
investigation. At the beginning of the interview, which may be
conducted by telephone or other
the
Commission shall state the legal basis and the purpose of the
interview.

electronic means,

Where an interview is not conducted on the premises of the
Commission or by telephone or other electronic means, the
Commission shall inform in advance the competent authority
of the Member State in whose territory the interview takes
place.
If the competent authority of that Member State so
requests, officials of that authority may assist the officials and
other persons authorised by the Commission to conduct the
interview.

Article 12

Inspections by the authorities of the Member States

1.
At the request of the Commission, the competent authori-
ties of the Member States shall undertake the inspections which
the Commission considers to be necessary under Article 13(1),
or which it has ordered by decision pursuant to Article 13(4).
The officials of the competent authorities of the Member States
who are responsible for conducting these inspections as well as
those authorised or appointed by them shall exercise their
powers in accordance with their national law.

If so requested by the Commission or by the competent
2.
authority of
the Member State within whose territory the
inspection is to be conducted, officials and other accompanying
persons authorised by the Commission may assist the officials
of the authority concerned.

Article 13

The Commission's powers of inspection

1.
In order to carry out the duties assigned to it by this
Regulation, the Commission may conduct all necessary inspec-
tions of undertakings and associations of undertakings.

2.
The officials and other accompanying persons authorised
by the Commission to conduct an inspection shall have the
power:

(a) to enter any premises,

land and means of transport of

undertakings and associations of undertakings;

(b) to examine the books and other records related to the busi-
ness, irrespective of the medium on which they are stored;

(c) to take or obtain in any form copies of or extracts from

such books or records;

(d) to seal any business premises and books or records for the

period and to the extent necessary for the inspection;

(e) to ask any representative or member of staff of the under-
taking or association of undertakings for explanations on
facts or documents relating to the subject matter and
purpose of the inspection and to record the answers.

3.
Officials and other accompanying persons authorised by
the Commission to conduct an inspection shall exercise their
powers upon production of a written authorisation specifying
the subject matter and purpose of the inspection and the penal-
ties provided for in Article 14,
the
required books or other records related to the business which
is incomplete or where answers to questions asked under para-
graph 2 of this Article are incorrect or misleading. In good
time before the inspection, the Commission shall give notice of
the inspection to the competent authority of the Member State
in whose territory the inspection is to be conducted.

in the production of

Undertakings

and associations of undertakings

4.
are
required to submit to inspections ordered by decision of the
Commission. The decision shall specify the subject matter and
purpose of the inspection, appoint the date on which it is to
begin and indicate the penalties provided for in Articles 14 and
15 and the right to have the decision reviewed by the Court of
Justice. The Commission shall
take such decisions after
consulting the competent authority of the Member State in
whose territory the inspection is to be conducted.

Officials of, and those authorised or appointed by, the
5.
competent authority of the Member State in whose territory
the inspection is to be conducted shall, at the request of that
authority or of the Commission, actively assist the officials and
other accompanying persons authorised by the Commission.
To this end, they shall enjoy the powers specified in paragraph
2.

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6. Where the officials and other accompanying persons
authorised by the Commission find that an undertaking
opposes an inspection,
including the sealing of business
premises, books or records, ordered pursuant to this Article,
the Member State concerned shall afford them the necessary
assistance, requesting where appropriate the assistance of the
police or of an equivalent enforcement authority, so as to
enable them to conduct their inspection.

7.
If the assistance provided for in paragraph 6 requires
authorisation from a judicial authority according to national
rules, such authorisation shall be applied for. Such authorisa-
tion may also be applied for as a precautionary measure.

8. Where authorisation as referred to in paragraph 7 is
applied for, the national judicial authority shall ensure that the
the coercive
Commission decision is authentic and that
measures envisaged are neither arbitrary nor excessive having
regard to the subject matter of the inspection. In its control of
proportionality of the coercive measures, the national judicial
authority may ask the Commission, directly or through the
competent authority of that Member State, for detailed explana-
tions relating to the subject matter of the inspection. However,
the national judicial authority may not call into question the
necessity for the inspection nor demand that it be provided
with the information in the Commission's file. The lawfulness
of the Commission's decision shall be subject to review only by
the Court of Justice.

Article 14

Fines

1.
The Commission may by decision impose on the persons
referred to in Article 3(1)b, undertakings or associations of
undertakings, fines not exceeding 1 % of the aggregate turnover
of the undertaking or association of undertakings concerned
within the meaning of Article 5 where, intentionally or negli-
gently:

(a) they supply incorrect or misleading information in a
supplement
to Article 4, Article 10(5) or Article

certification,

notification

or

submission,
thereto, pursuant
22(3);

(b) they

supply incorrect or misleading information in

response to a request made pursuant to Article 11(2);

(c) in response to a request made by decision adopted pursuant
incomplete or
supply information

to Article 11(3),
misleading information or do not
within the required time limit;

they supply incorrect,

(d) they produce the required books or other records related to
the business in incomplete form during inspections under
Article 13, or refuse to submit to an inspection ordered by
decision taken pursuant to Article 13(4);

(e) in response to a question asked in accordance with Article

13(2)(e),

— they give an incorrect or misleading answer,

— they fail

to rectify within a time limit set by the
incomplete or misleading

Commission an incorrect,
answer given by a member of staff, or

— they fail or refuse to provide a complete answer on
facts relating to the subject matter and purpose of an
inspection ordered by a decision adopted pursuant to
Article 13(4);

(f) seals affixed by officials or other accompanying persons
authorised by the Commission in accordance with Article
13(2)(d) have been broken.

2.
The Commission may by decision impose fines not
exceeding 10 % of the aggregate turnover of the undertaking
concerned within the meaning of Article 5 on the persons
referred to in Article 3(1)b or the undertakings concerned
where, either intentionally or negligently, they:

(a) fail to notify a concentration in accordance with Articles 4
or 22(3) prior
to its implementation, unless they are
expressly authorised to do so by Article 7(2) or by a deci-
sion taken pursuant to Article 7(3);

(b) implement a concentration in breach of Article 7;

(c) implement a concentration declared incompatible with the
common market by decision pursuant to Article 8(3) or do
not comply with any measure ordered by decision pursuant
to Article 8(4) or (5);

(d) fail to comply with a condition or an obligation imposed
by decision pursuant to Articles 6(1)(b), Article 7(3) or
Article 8(2), second subparagraph.

In fixing the amount of the fine, regard shall be had to

3.
the nature, gravity and duration of the infringement.

Decisions taken pursuant to paragraphs 1, 2 and 3 shall

4.
not be of a criminal law nature.

Article 15

Periodic penalty payments

1.
The Commission may by decision impose on the persons
referred to in Article 3(1)b, undertakings or associations of
undertakings, periodic penalty payments not exceeding 5 % of
the average daily aggregate turnover of the undertaking or asso-
ciation of undertakings concerned within the meaning of
Article 5 for each working day of delay, calculated from the
date set in the decision, in order to compel them:

(a) to supply complete and correct information which it has
requested by decision taken pursuant to Article 11(3);

(b) to submit to an inspection which it has ordered by decision

taken pursuant to Article 13(4);

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(c) to comply with an obligation imposed by decision pursuant
to Article 6(1)(b), Article 7(3) or Article 8(2), second sub-
paragraph; or;

the procedure up to the consultation of

the Advisory
of
Committee, of making known their views on the objections
against them.

(d) to comply with any measures ordered by decision pursuant

to Article 8(4) or (5).

2. Where the persons referred to in Article 3(1)(b), undertak-
ings or associations of undertakings have satisfied the obliga-
tion which the periodic penalty payment was intended to
enforce, the Commission may fix the definitive amount of the
periodic penalty payments at a figure lower than that which
would arise under the original decision.

Article 16

Review by the Court of Justice

The Court of Justice shall have unlimited jurisdiction within the
the Treaty to review decisions
meaning of Article 229 of
whereby the Commission has fixed a fine or periodic penalty
payments; it may cancel, reduce or increase the fine or periodic
penalty payment imposed.

Article 17

Professional secrecy

2.
By way of derogation from paragraph 1, a decision
pursuant to Articles 7(3) and 8(5) may be taken provisionally,
without the persons, undertakings or associations of undertak-
ings concerned being given the opportunity to make known
their views beforehand, provided that the Commission gives
them that opportunity as soon as possible after having taken its
decision.

3.
The Commission shall base its decision only on objections
on which the parties have been able to submit their observa-
tions. The rights of the defence shall be fully respected in the
proceedings. Access to the file shall be open at least to the
parties directly involved, subject to the legitimate interest of
undertakings in the protection of their business secrets.

4.
In so far as the Commission or the competent authorities
of the Member States deem it necessary, they may also hear
other natural or legal persons. Natural or legal persons showing
a sufficient interest and especially members of the administra-
tive or management bodies of the undertakings concerned or
the recognised representatives of
their employees shall be
entitled, upon application, to be heard.

1.
Information acquired as a result of the application of this
Regulation shall be used only for the purposes of the relevant
request, investigation or hearing.

2. Without prejudice to Article 4(3), Articles 18 and 20, the
Commission and the competent authorities of the Member
States,
their officials and other servants and other persons
working under the supervision of these authorities as well as
officials and civil servants of other authorities of the Member
States
shall not disclose information they have acquired
through the application of this Regulation of the kind covered
by the obligation of professional secrecy.

3.
Paragraphs 1 and 2 shall not prevent publication of
general information or of surveys which do not contain infor-
mation relating to particular undertakings or associations of
undertakings.

Article 19

Liaison with the authorities of the Member States

1.
The Commission shall transmit to the competent authori-
ties of the Member States copies of notifications within three
working days and, as soon as possible, copies of the most
important documents lodged with or issued by the Commission
pursuant
include
to this Regulation. Such documents shall
commitments offered by the undertakings concerned vis-à-vis
the Commission with a view to rendering the concentration
compatible with the common market pursuant to Article 6(2)
or Article 8(2), second subparagraph.

Article 18

Hearing of the parties and of third persons

1.
Before taking any decision provided for in Article 6(3),
Article 7(3), Article 8(2) to (6), and Articles 14 and 15, the
Commission shall give the persons, undertakings and associa-
tions of undertakings concerned the opportunity, at every stage

2.
The Commission shall carry out the procedures set out in
this Regulation in close and constant liaison with the compe-
tent authorities of the Member States, which may express their
views upon those procedures. For the purposes of Article 9 it
shall obtain information from the competent authority of the
Member State as referred to in paragraph 2 of that Article and
give it the opportunity to make known its views at every stage
of the procedure up to the adoption of a decision pursuant to
paragraph 3 of that Article; to that end it shall give it access to
the file.

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An Advisory Committee on concentrations

shall be
3.
consulted before any decision is taken pursuant to Article 8(1)
to (6), Articles 14 or 15 with the exception of provisional deci-
sions taken in accordance with Article 18(2).

Article 21

Application of the Regulation and jurisdiction

the competent authorities of

The Advisory Committee shall consist of representatives
4.
the Member States. Each
of
Member State shall appoint one or two representatives;
if
unable to attend, they may be replaced by other representatives.
At least one of the representatives of a Member State shall be
competent
in matters of restrictive practices and dominant
positions.

Consultation shall take place at a joint meeting convened
5.
at
the invitation of and chaired by the Commission. A
summary of the case, together with an indication of the most
important documents and a preliminary draft of the decision to
be taken for each case considered, shall be sent with the invita-
tion. The meeting shall take place not less than 10 working
days after the invitation has been sent. The Commission may in
exceptional cases shorten that period as appropriate in order to
the undertakings
avoid serious harm to one or more of
concerned by a concentration.

The Advisory Committee shall deliver an opinion on the
6.
Commission's draft decision, if necessary by taking a vote. The
Advisory Committee may deliver an opinion even if some
members are absent and unrepresented. The opinion shall be
delivered in writing and appended to the draft decision. The
Commission shall take the utmost account of the opinion deliv-
ered by the Committee. It shall inform the Committee of the
manner in which its opinion has been taken into account.

1.
This Regulation alone shall apply to concentrations as
defined in Article 3, and Council Regulations (EC) No 1/
2003 (1), (EEC) No 1017/68 (2), (EEC) No 4056/86 (3) and (EEC)
No 3975/87 (4) shall not apply, except
in relation to joint
ventures that do not have a Community dimension and which
have as their object or effect the coordination of the competi-
tive behaviour of undertakings that remain independent.

2.
Subject to review by the Court of Justice, the Commission
shall have sole jurisdiction to take the decisions provided for in
this Regulation.

No Member State shall apply its national legislation on
3.
competition to any concentration that has a Community
dimension.

The first subparagraph shall be without prejudice to any
Member State's power to carry out any enquiries necessary for
the application of Articles 4(4), 9(2) or after referral, pursuant
to Article 9(3), first subparagraph, indent (b), or Article 9(5), to
take the measures strictly necessary for the application of
Article 9(8).

7.
The Commission shall communicate the opinion of the
Advisory Committee, together with the decision, to the addres-
sees of the decision. It shall make the opinion public together
with the decision, having regard to the legitimate interest of
undertakings in the protection of their business secrets.

4.
Notwithstanding paragraphs 2 and 3, Member States may
take appropriate measures to protect legitimate interests other
than those taken into consideration by this Regulation and
compatible with the general principles and other provisions of
Community law.

Article 20

Publication of decisions

The Commission shall publish the decisions which it
1.
takes pursuant to Article 8(1) to (6), Articles 14 and 15 with
the exception of provisional decisions taken in accordance with
Article 18(2)
the Advisory
together with the opinion of
Committee in the Official Journal of the European Union.

2.
The publication shall state the names of the parties and
the main content of the decision; it shall have regard to the
legitimate interest of undertakings in the protection of their
business secrets.

Public security, plurality of the media and prudential rules shall
be regarded as legitimate interests within the meaning of the
first subparagraph.

Any other public interest must be communicated to the
Commission by the Member State concerned and shall be
recognised by the Commission after an assessment of
its
compatibility with the general principles and other provisions
of Community law before the measures referred to above may
inform the Member State
be taken. The Commission shall
concerned of
that
communication.

its decision within 25 working days of

(1) OJ L 1, 4.1.2003, p. 1.
(2) OJ L 175, 23. 7. 1968, p. 1. Regulation as last amended by Regu-

lation (EC) No 1/2003 (OJ L 1, 4.1.2003, p. 1).

(3) OJ L 378, 31. 12. 1986, p. 4. Regulation as last amended by Regu-

lation (EC) No 1/2003.

(4) OJ L 374. 31. 12. 1987, p. 1. Regulation as last amended by Regu-

lation (EC) No 1/2003.

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Article 22

Referral to the Commission

The Commission may inform one or several Member
5.
States that it considers a concentration fulfils the criteria in
paragraph 1. In such cases, the Commission may invite that
Member State or those Member States to make a request
pursuant to paragraph 1.

One or more Member States may request the Commission
1.
to examine any concentration as defined in Article 3 that does
not have a Community dimension within the meaning of
Article 1 but affects trade between Member States and threatens
to significantly affect competition within the territory of the
Member State or States making the request.

Such a request shall be made at most within 15 working days
of the date on which the concentration was notified, or if no
notification is required, otherwise made known to the Member
State concerned.

2.
The Commission shall inform the competent authorities
of the Member States and the undertakings concerned of any
request received pursuant to paragraph 1 without delay.

Any other Member State shall have the right to join the initial
request within a period of 15 working days of being informed
by the Commission of the initial request.

All national time limits relating to the concentration shall be
suspended until, in accordance with the procedure set out in
this Article, it has been decided where the concentration shall
be examined. As soon as a Member State has informed the
Commission and the undertakings concerned that it does not
wish to join the request, the suspension of its national time
limits shall end.

3.
The Commission may, at the latest 10 working days after
the expiry of the period set in paragraph 2, decide to examine,
the concentration where it considers that
it affects trade
between Member States and threatens to significantly affect
competition within the territory of the Member State or States
making the request. If the Commission does not take a decision
within this period, it shall be deemed to have adopted a deci-
sion to examine the concentration in accordance with the
request.

The Commission shall inform all Member States and the under-
takings concerned of its decision. It may request the submission
of a notification pursuant to Article 4.

The Member State or States having made the request shall no
longer apply their national legislation on competition to the
concentration.

4.
Article 2, Article 4(2) to (3), Articles 5, 6, and 8 to 21
shall apply where the Commission examines a concentration
pursuant to paragraph 3. Article 7 shall apply to the extent that
the concentration has not been implemented on the date on
which the Commission informs the undertakings concerned
that a request has been made.

Where a notification pursuant to Article 4 is not required, the
period set in Article 10(1) within which proceedings may be
initiated shall begin on the working day following that on
which the Commission informs the undertakings concerned
that it has decided to examine the concentration pursuant to
paragraph 3.

Article 23

Implementing provisions

The Commission shall have the power to lay down in

1.
accordance with the procedure referred to in paragraph 2:

(a) implementing provisions concerning the form, content and
other details of notifications and submissions pursuant to
Article 4;

(b) implementing provisions concerning time limits pursuant

to Article 4(4), (5) Articles 7, 9, 10 and 22;

(c) the procedure and time limits for the submission and
implementation of commitments pursuant to Article 6(2)
and Article 8(2);

(d) implementing provisions concerning hearings pursuant to

Article 18.

2.
The Commission shall be assisted by an Advisory
Committee, composed of representatives of the Member States.

(a) Before publishing draft implementing provisions and before
adopting such provisions, the Commission shall consult the
Advisory Committee.

(b) Consultation shall take place at a meeting convened at the
invitation of and chaired by the Commission. A draft of the
implementing provisions to be taken shall be sent with the
invitation. The meeting shall take place not less than 10
working days after the invitation has been sent.

(c) The Advisory Committee shall deliver an opinion on the
draft implementing provisions,
if necessary by taking a
vote. The Commission shall take the utmost account of the
opinion delivered by the Committee.

Article 24

Relations with third countries

1.
The Member States shall inform the Commission of any
general difficulties encountered by their undertakings with
concentrations as defined in Article 3 in a third country.

2.
Initially not more than one year after the entry into force
of this Regulation and, thereafter periodically, the Commission
shall draw up a report examining the treatment accorded to
undertakings having their seat or their principal
fields of
activity in the Community, in the terms referred to in para-
graphs 3 and 4, as regards concentrations in third countries.
The Commission shall submit those reports to the Council,
together with any recommendations.

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3. Whenever it appears to the Commission, either on the
basis of the reports referred to in paragraph 2 or on the basis
of other information, that a third country does not grant under-
takings having their seat or their principal fields of activity in
the Community, treatment comparable to that granted by the
Community to undertakings from that country, the Commis-
sion may submit proposals to the Council for an appropriate
mandate for negotiation with a view to obtaining comparable
treatment for undertakings having their seat or their principal
fields of activity in the Community.

4. Measures taken under this Article shall comply with the
obligations of the Community or of the Member States, without
prejudice to Article 307 of the Treaty, under international
agreements, whether bilateral or multilateral.

Article 25

Repeal

1. Without prejudice to Article 26(2), Regulations (EEC) No
4064/89 and (EC) No 1310/97 shall be repealed with effect
from 1 May 2004.

References to the repealed Regulations shall be construed
2.
as references to this Regulation and shall be read in accordance
with the correlation table in the Annex.

Article 26

Entry into force and transitional provisions

1.
This Regulation shall enter into force on the 20th day
following that of its publication in the Official Journal of the
European Union.

It shall apply from 1 May 2004.

2.
Regulation (EEC) No 4064/89 shall continue to apply to
any concentration which was the subject of an agreement or
announcement or where control was acquired within the
meaning of Article 4(1) of that Regulation before the date of
application of this Regulation, subject,
to the
provisions governing applicability set out in Article 25(2) and
(3) of Regulation (EEC) No 4064/89 and Article 2 of Regulation
(EEC) No 1310/97.

in particular,

As

regards concentrations

3.
to which this Regulation
applies by virtue of accession, the date of accession shall be
substituted for the date of application of this Regulation.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 20 January 2004.

For the Council

The President

C. McCREEVY

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ANNEX

Correlation table

Regulation (EEC) No 4064/89

This Regulation

Article 1(1), (2) and (3)

Article 1(1), (2) and (3)

Article 1(4)

Article 1(5)

Article 2(1)

—

Article 2(2)

Article 2(3)

Article 2(4)

Article 3(1)

Article 3(2)

Article 3(3)

Article 3(4)

—

Article 3(5)

Article 1(4)

Article 1(5)

Article 2(1)

Article 2(2)

Article 2(3)

Article 2(4)

Article 2(5)

Article 3(1)

Article 3(4)

Article 3(2)

Article 3(3)

Article 3(4)

Article 3(5)

Article 4(1) first sentence

Article 4(1) second sentence

—

Article 4(2) and (3)

—

Article 5(1) to (3)

Article 4(1) first subparagraph

—

Article 4(1) second and third subparagraphs

Article 4(2) and (3)

Article 4(4) to (6)

Article 5(1) to (3)

Article 5(4), introductory words

Article 5(4), introductory words

Article 5(4) point (a)

Article 5(4) point (a)

Article 5(4) point (b), introductory words

Article 5(4) point (b), introductory words

Article 5(4) point (b), first indent

Article 5(4) point (b), second indent

Article 5(4) point (b), third indent

Article 5(4) point (b), fourth indent

Article 5(4) point (b)(i)

Article 5(4) point (b)(ii)

Article 5(4) point (b)(iii)

Article 5(4) point (b)(iv)

Article 5(4) points (c), (d) and (e)

Article 5(4) points (c), (d) and (e)

Article 5(5)

Article 5(5)

Article 6(1), introductory words

Article 6(1), introductory words

Article 6(1) points (a) and (b)

Article 6(1) points (a) and (b)

Article 6(1) point (c)

Article 6(2) to (5)

Article 6(1) point (c), first sentence

Article 6(2) to (5)

Article 7(1)

Article 7(3)

Article 7(4)

Article 7(5)

Article 8(1)

Article 8(2)

Article 8(3)

Article 7(1)

Article 7(2)

Article 7(3)

Article 7(4)

Article 6(1) point (c), second sentence

Article 8(1) and (2)

Article 8(3)

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Regulation (EEC) No 4064/89

This Regulation

Article 8(4)

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Article 8(5)

Article 8(6)

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Article 9(1) to (9)

Article 9(10)

Article 10(1) and (2)

Article 10(3)

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Article 10(4)

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Article 10(5)

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Article 10(6)

Article 11(1)

Article 11(2)

Article 11(3)

Article 11(4)

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Article 8(4)

Article 8(5)

Article 8(6)

Article 8(7)

Article 8(8)

Article 9(1) to (9)

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Article 10(1) and (2)

Article 10(3) first subparagraph, first sentence

Article 10(3) first subparagraph, second sentence

Article 10(3) second subparagraph

Article 10(4) first subparagraph

Article 10(4), second subparagraph

Article 10(5), first and fourth subparagraphs

Article 10(5), second, third and fifth subparagraphs

Article 10(6)

Article 11(1)

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Article 11(2)

Article 11(4) first sentence

Article 11(4) second and third sentences

Article 11(5) first sentence

Article 11(5) second sentence

Article 11(6)

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Article 12

Article 13(1) first subparagraph

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Article 11(3)

Article 11(5)

Article 11(6) and (7)

Article 12

Article 13(1)

Article 13(1) second subparagraph, introductory words

Article 13(2) introductory words

Article 13(1) second subparagraph, point (a)

Article 13(2) point (b)

Article 13(1) second subparagraph, point (b)

Article 13(2) point (c)

Article 13(1) second subparagraph, point (c)

Article 13(2) point (e)

Article 13(1) second subparagraph, point (d)

Article 13(2) point (a)

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Article 13(2)

Article 13(3)

Article 13(4)

Article 13(5)

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Article 13(6) first sentence

Article 13(6) second sentence

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Article 13(2) point (d)

Article 13(3)

Article 13(4) first and second sentences

Article 13(4) third sentence

Article 13(5), first sentence

Article 13(5), second sentence

Article 13(6)

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Article 13(7) and (8)

Article 14(1) introductory words

Article 14(1) introductory words

Article 14(1) point (a)

Article 14(1) point (b)

Article 14(1) point (c)

Article 14(2) point (a)

Article 14(1) point (a)

Article 14(1) points (b) and (c)

L 24/22

EN

Official Journal of the European Union

29.1.2004

Regulation (EEC) No 4064/89

This Regulation

Article 14(1) point (d)

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Article 14(2) introductory words

Article 14(2) point (a)

Article 14(2) points (b) and (c)

Article 14(3)

Article 14(4)

Article 15(1) introductory words

Article 15(1) points (a) and (b)

Article 15(2) introductory words

Article 15(2) point (a)

Article 15(2) point (b)

Article 15(3)

Articles 16 to 20

Article 21(1)

Article 21(2)

Article 21(3)

Article 22(1)

Article 22(3)

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Article 22(4)

Article 22(5)

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Article 23

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Article 24

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Article 25(1)

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Article 25(2)

Article 25(3)

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Article 14(1) point (d)

Article 14(1) points (e) and (f)

Article 14(2) introductory words

Article 14(2) point (d)

Article 14(2) points (b) and (c)

Article 14(3)

Article 14(4)

Article 15(1) introductory words

Article 15(1) points (a) and (b)

Article 15(1) introductory words

Article 15(1) point (c)

Article 15(1) point (d)

Article 15(2)

Articles 16 to 20

Article 21(2)

Article 21(3)

Article 21(4)

Article 21(1)

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Article 22(1) to (3)

Article 22(4)

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Article 22(5)

Article 23(1)

Article 23(2)

Article 24

Article 25

Article 26(1), first subparagraph

Article 26(1), second subparagraph

Article 26(2)

Article 26(3)

Annex