In March 2021, the Commission adopted a Communication (the “Guidance”)[1] on the application of the referral mechanism pursuant to Article 22 of the EU Merger Regulation (“EUMR”). The Guidance encourages national competition authorities (“NCAs”) to refer to the Commission certain transactions[2] that do not meet national merger control thresholds and would otherwise escape merger control review in the EU. The Commission had long discouraged the referral of such cases, considering that they were generally unlikely to have a significant impact on the internal market.
