The CNMC is nicely aware that the formal steerage process enabling it to provide clarity on the reportability of a merger is impaired by the dearth of a binding deadline. This might maybe change by coping with the matter in the new legislation that may probably be introduced to revert to the previous model of separation between competitors enforcer and sector regulators. In this regard, the failing firm defence is acknowledged and may nicely apply to concentrations in the present circumstances, offered that it may be substantiated and evidenced appropriately. One issue here is the lack of a binding deadline for the CNMC to act on a request for formal steerage, an area that may change in the futur It is possible to use for formal steering from the CNMC concerning whether or not or not a change of management arises because of the projected merger and the merger thresholds are met.
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