1) Is a merger control regulation in force?

Yes. Merger control regulation is currently governed by the Montenegrin Competition Act from 2012 (last amended in 2021). 

2) Which authorities enforce the merger control regulation?

The Agency for Protection of Competition, as an autonomous and independent organization that exercises public powers, is entrusted with enforcement of the Montenegrin Competition Act in general. 

3) Relevant regulations and guidelines with links:

The merger regulation is contained in Part 4 of the Montenegrin Competition Act. More detailed rules may be found in bylaws, such as guidelines. Links to the relevant legislation, guidelines and forms are listed here:

Montenegro does not have a general screening of foreign direct investment, comparable with the EU FDI regime. However, there is a sector-specific FDI regime in the defense sector – under Law on Foreign Investment. A foreign investor whose activities fall under the scope of this act is obliged to notify the Ministry of Foreign Trade and obtain approval for such investment.

4) Does general competition regulation apply to mergers or ancillary restrictions?

There is no explicit regulation of the issue of ancillary restraints. In any case, the Montenegrin Competition Authority can also clear ancillary restraints in its decision (although, to the best of our knowledge, there is no available case law to this respect). In any case, such restraints, if qualified as restrictive agreement, can be notified for individual exemption from prohibition by the Montenegrin Competition Authority.

5) May an authority order a split-up of a business irrespective of a merger?

No.

6) Other authorities that also require merger filing or may prohibit transaction
(Note that this may not be an exhaustive list and that industry-specific legislation should always be considered. Furthermore, a merger will often require change of registrations with – but not approval from – the companies register, land register and authorities that have issued permits for the activities of the merging parties.)

Central Bank of Montenegro (CBCG)

The CBCG’ prior approval is required for the acquisitions of a qualified shareholding in a bank (i.e., any transaction whereby one of the following shareholding levels are obtained: 5%, 20%, 33%, 50% or any acquisition of shares resulting in significant influence on the management)

Regulatory Insurance body

The Regulatory Insurance body’s prior approval is required for the acquisitions of a qualified shareholding in an insurance company (i.e., any transaction whereby one of the following shareholding levels are obtained: 10%, 20%, 30% or 50%, or any acquisition of shares resulting in effective influence on the management).

Agency for Electric Communications and Postal Activities

The Agency for Electric Communications and Postal Activities monitors and concludes whether an operator has significant market power and is authorized to impose measures for mitigating or preventing negative effects.

Electronic Media Agency

The Electronic Media Act governs concentrations in the (electronic) media sector – the Electronic Media Agency is authorized grant or withdraw licenses in accordance with the conditions for the permissibility of media concentration.

Concessions

The Concessions Act provides that the change of control in concession companies is subject to approval by the concession grantor (i.e., the Government, the Parliament or the Municipality). The Concession Commission, established pursuant to the Concessions Act, keeps the register of all changes regarding the concession contracts.

Energy and Water Regulatory Agency of Montenegro

The Energy and Water Regulatory Agency of Montenegro is entrusted with monitoring any potential competition concerns on the energy market and it can notify any competition concerns to the Montenegrin Competition Authority.

Foreign investment control

The foreign investment control regime in Montenegro is specifically applicable to the defense sector.

According to the Law on Foreign Investment, a foreign investor is permitted to invest funds in a domestic company or establish a company for the production and trade of weapons and military equipment. However, this investment is contingent upon obtaining approval from the competent state authority responsible for foreign trade (Ministry).

Before granting this approval, the Ministry is required to obtain an opinion from the relevant authorities responsible for defense and internal affairs.

Moreover, a legal entity involved in the production and trade of military equipment must obtain prior approval from the Ministry for Foreign Trade before negotiating arrangements that may include the establishment of a company or a branch of a foreign company, acquiring shares in a company, purchasing a company, or entering into various contracts such as concession contracts, franchising contracts, financial leasing contracts, real estate sales contracts, and other related agreements.

7) Are any parts of the territory exempted or covered by particular regulation?

The Montenegrin Competition Act covers the whole territory of Montenegro.

8) Is merger filing mandatory or voluntary?

Merger filing is mandatory whenever the thresholds prescribed in the Montenegrin Competition Act are met.

9) Is there a general definition of transactions subject to merger control?

Yes, according to the Montenegrin Competition Act a merger subject to merger control is defined as:

1. a merger of two or more independent undertakings or parts thereof;
2. an acquisition where one or more undertakings or natural persons controlling at least one undertaking acquire(s) (directly or indirectly) control over another undertaking or parts thereof;
3. the establishment of a full-function joint venture through establishment of a new undertaking on the market or through acquisition of joint control over an existing undertaking by at least two independent undertaking, where the new jointly controlled undertaking operates on a lasting basis and has all the functions of an independent undertaking.

Certain transactions of a temporary nature or concluded with other objectives (such as coordination of business activities in the market by establishment of a JV), or non-operating joint ventures are not considered to be mergers subject to merger control (see topics 19 and 20).

10) Is "change of control" of a business required?

Yes, generally a merger will only be considered to take place if the transaction results in a change of control over a business. However, transactions that result in the establishment of a new business (a joint venture) by two or more businesses or person already controlling one or more businesses will also constitute a merger.

11) How is “control” defined?

Control is defined as the possibility of exercising a decisive influence over an undertaking, based on the following:

1. acquiring 50%+ of the shares or quota, or
2. 50%+  voting rights, or
3. the right to elect the majority of members of the management body or persons authorized for representation, or
4. decisive influence on the management and management of the company's affairs.

Control may be established based on veto rights regarding decisions that are essential for the strategic operation of the business. Therefore, a careful assessment is needed even if a transaction does not result in acquiring at least 50% of the shareholding.

"Control" and "Change of control" should also interpreted according to EU competition law, including the EU Commission’s Consolidated Jurisdictional Notice.

12) Acquisition of a minority interest

Acquisition of a minority interest that does not result in anyone gaining control over a business is not subject to merger control.

However, if acquisition of a minority interest leads to de facto control of a business, the transaction will be subject to merger control. This is, for instance, the case when the buyer has veto rights in matters that are essential for the strategic behavior of the business (not limited exclusively to the protection of investors’ interests), or the possibility to render decisions in such matters independently (see topic 11) on definition of control.

13) Joint ventures/joint control – which transactions constitute mergers?

The following transactions regarding businesses subject to joint control may be subject to merger control if the joint venture is "full function":

1. Establishment of a (newly incorporated) joint venture that operates on an independent and long lasting basis;
2. Acquiring of a joint control over an existing undertaking that operates on long lasting basis by two or more undertakings;
3. Dissolution – provided (part of) the business of the joint venture is transferred to one or more of the businesses controlling the joint venture or a third party;
4. Change in or extension of the activities of a joint venture – provided that further assets, contracts, know-how, rights etc. are transferred to the joint venture to form the basis for the new activities.
5. Change in participants/owners – for instance if one of the controlling businesses sells its share in a joint venture to another business, or if one of the controlling businesses is acquired by another business.

A joint venture that is not “full function”, because it does not, on a lasting basis, perform all the functions of an autonomous economic entity, is not subject to merger control but may be scrutinized under the general prohibition on restrictive agreements (if the joint venture has coordination of the market behavior of the parent companies as object or effect). Whether a joint venture is considered “full function” or merely “cooperative” depends on the level of the joint venture’s dependence on its parents and to what extent the joint venture has an independent presence in the market.

The Montenegrin Competition Act explicitly states that establishment of a joint venture aimed to coordinate market activities between two or more undertakings who retain their independence shall not constitute a merger but is subject to assessment under rules on restrictive agreements.

14) Which thresholds decide whether a merger notification must be filed?
(Unless explicitly stated otherwise, the thresholds described under one threshold category are not cumulative with those described under another category. Thus for instance if there is a market share threshold and a turnover threshold, it is sufficient to meet one of these, unless stated otherwise.)

a) Turnover thresholds

A merger notification must be filed if:

1. the aggregate turnover in Montenegro of at least two participants exceeds EUR 5 million in the year preceding the merger; or;
2. the aggregate worldwide turnover of all participants in the year preceding the merger is at least EUR 20 million, provided that at least one of the participants achieved a turnover of EUR 1 million in Montenegro.

b) Market share thresholds

Although there is no alternative market share threshold to be applied instead of turnover threshold, when acquainted with an already implemented merger, the Montenegrin Competition Authority can order the participants to notify the merger if their joint market share in the relevant market in Montenegro is at least 60%.

The burden of proof that the 60% market share threshold is met lies with the Montenegrin Competition Authority.

c) Value of transaction thresholds

N/A

d) Assets requirements

N/A

e) Other

Regardless of turnover and market share, undertakings that make a public offer in accordance with the regulations on the takeover of joint stock companies, are obliged to notify the Montenegrin Competition Authority about the public offer in case it would result in acquisition of control.

15) Special thresholds for particular businesses

The thresholds stated in topic 14 apply to all transactions.

16) Rules on calculation and geographical allocation of turnover

Rules on calculation of turnover are provided in the Montenegrin Competition Act.

Turnover is calculated based on the accounts of the participating undertakings as well as any undertakings associated with each participating undertaking, including any direct or indirect parent companies, subsidiaries, joint ventures and subsidiaries of parent companies, for the most recent audited financial year preceding the merger. 

"Turnover" is the total annual turnover, excluding any turnover between associated undertakings (intra-group sales). The turnover of a participant to the merger includes the total turnover of the group it belongs to, save for intra-group sales.

Turnovers are calculated by taking into account all revenues derived from the sale of products or provision of services in the financial year preceding the year in which the merger is notified. In addition, the value of exports should be deducted for the calculation of local (domestic) turnover. If the acquisition of control concerns a part of an undertaking, only the turnover that can be attributed to that part should is considered relevant.

The total group turnovers of both joint venture undertakings are considered in the establishment of a joint venture.

Is the seller/seller's group turnover relevant in a standard acquisition of sole control?

No.

17) Special rules on calculation of turnover for particular businesses

Credit institutions and other financial undertakings
Turnover is calculated as the sum of the following income, after deduction of direct taxes:

1. Interest and similar income
2. income from securities which includes:
   • income from shares and other securities with a variable yield,
   • income from shares in business entities, and
   • income from shares in related business entities;
3. commission;
4. net profit from financial operations;
5. other income from regular business.

Insurance undertakings

For insurance companies and reinsurance undertakings, the turnover is calculated based on the total value of the gross premium, after the deduction of taxes and parafiscal contributions charged on the amounts of individual premiums or in connection with the total volume of premiums.

18) Series of transactions that must be treated as one transaction

Two or more transactions between the same undertakings performed within a period of two years shall be deemed a single concentration, whereas the obligation to notify is triggered at the moment of the acquisition of the share that enables the acquirer to exercise decisive influence over the target.

19) Temporary change of control

The local regulations are silent on this matter, and only provide specific exceptions for certain types of undertakings/markets (see topic 20). The Montenegrin Competition Act does not recognize “a change of control on a lasting basis” as part of a definition of merger. However, the Montenegrin Competition Authority may apply the European Commission’s Consolidated Jurisdictional Notice to a certain extent, where a change of control may be considered temporary – and therefore not require merger filing – if a transaction is divided into steps (see also topic 18). 

20) Special industries, owners or types of transactions

The Montenegrin Competition Act specifies that there is no obligation to file a merger notification in the following situations:

1. when banking or other financial institutions temporarily acquire shares or other securities of an undertaking, provided that it resells them within a period of 12 months (with a possible additional six-month extension), and provided that during this period, the shareholders’ rights are not used to influence the business decisions of the respective undertaking, or that they are used exclusively to prepare the sale of those shares or securities);
2. when control over an undertaking is acquired by a person in the capacity of a bankruptcy or liquidation administrator/trustee; and
3. when a joint venture is established/acquired with the aim to coordinate the market activities between two or more undertakings that retain their independence (as it shall be assessed under rules regulating restrictive agreements).

21) Transactions involving only foreign businesses (foreign-to-foreign)

There is no exemption for foreign-to-foreign transactions. All transactions that meet the thresholds are subject to merger control regardless of where the undertakings concerned are registered, operate or own assets.

The Montenegrin Competition Authority has not yet adopted a domestic effects doctrine, even though Article 2 of the Competition Act states that the Act applies to acts and actions undertaken in the territory of Montenegro, i.e. to acts and actions that occurred as a consequence of acts outside its territory, which have the aim or consequence of distorting competition in the territory of Montenegro. However, based on current case law, there is no indication that a transaction must have an actual effect on competition in Montenegro, in addition to meeting jurisdictional thresholds, to require a filing. As a result, foreign-to-foreign transactions that meet the thresholds of the Competition Act are subject to mandatory filing in Montenegro and are routinely reviewed by the Montenegrin Competition Authority.

22) No overlap of activities of the parties

There is no exemption for transactions with no overlap of activities, but there is a simplified procedure – short-form merger notification, available if there is no overlap (see topic 33).

23) Other exemptions from notification duty even if thresholds ARE met?

No.

24) May a merging party file voluntarily even if the thresholds are not exceeded?

The Montenegrin Competition Authority for Protection of Competition will not issue a merger clearance in such cases – but a decision on rejection of the merger notification as the thresholds provided by the Montenegrin Competition Act were not met. However, if the merger notification was filed based on exceeding a combined market share threshold of 60% (see topic 14b), the Authority may assess such transaction in regular proceedings, although there is no established case-law to this respect.

25) May the competition authority request a merger notification or oppose a transaction even if thresholds are not met?

The Montenegrin Competition Authority may investigate mergers not meeting the turnover thresholds if the transaction has closed and the combined market share of the parties to the merger exceeds 60% on the market of the Republic of Montenegro – see topic 14b), by ordering the parties to submit a merger notification. The burden of proving the market shares is with the Montenegrin Competition Authority in this case.

26) Referral within the jurisdiction

The Montenegrin Competition Authority exclusively handles all mergers meeting the thresholds provided by the Montenegrin Competition Act. However, mergers in certain industry sectors (telecommunications, electronic media,) may be subject to additional approvals of other competent authorities (see topic 6).

27) Referral from another jurisdiction

N/A

28) Referral to another jurisdiction

N/A

29) May the merging parties request or oppose a referral decision?

N/A

30) Stage of transaction when notification must be filed

A merger notification must be filed within 15 days as of the conclusion of a binding agreement (conditions precedent to closing will typically not affect the binding type of purchase agreement, but it is not always clear whether a put/call option, for example, constitutes a binding agreement – it would depend on exact wording), publishing of a takeover bid (publication of a bid or closing) or acquisition of a control – whichever occurs first. 

The merger notification may also be submitted if parties demonstrate their serious intent (good faith) to enter into an agreement, e.g., by signing a letter of intent, publicizing their intent to make an offer, or by any other way that precedes any of the triggering events mentioned. However, the Competition Act states that the Montenegrin Competition Authority assesses the existence of control on the basis of appropriate legal acts and other evidence, but not based on the intentions of the parties in question. Thus, while the parties may choose to file a notification based on for instance a letter of intent, they are not necessarily required to do so.

Under the Competition Act, if control over the whole or part of one or more undertakings is acquired by another undertaking, the notification must be submitted by the undertaking acquiring control. In the case of joint ventures, the notification must be submitted by the joint venture partners.

31) Pre-notification consultations

While the Montenegrin Competition Authority may enter into pre-notification consultations, such consultations are not formally recognized in the Competition Act. 

32) Special rules on timing of notification in case of public takeover bids and acquisitions on stock exchanges

Mergers that are a consequence of the acquisition resulting from a public bid/offer must be notified 15 days as of the publication of the public bid or the closing of the bid, as opted by the applicant. 

The acquisition/takeover bid may be implemented before approval from the Montenegrin Competition Authority for Protection of Competition has been obtained, provided that the acquirer does not exercise the voting rights attached to the securities in question or only does so to keep the value of the target undertaking. Furthermore, the Montenegrin Competition Authority for Protection of Competition may, upon a reasonable request of the notifying party, render a decision with urgency if it is necessary for the protection of that party’s rights or the assets of the acquired undertaking.

33) Forms available for completing a notification

There are two forms available: one for short form notification and one for long (standard) form notification. 

Simplified notification is possible in each of the following cases:

1. if the undertakings concerned are not present on the same relevant product market or vertically integrated markets, or markets that are closely connected in or outside Montenegro.
2. when the combined market share of the undertakings concerned on the relevant market is less than 10%, and/or individual market share of less than 15% on a vertically integrated market.
3. when an undertaking acquires individual control, whereas it previously held joint control over a certain target undertaking, which was approved by the Authority.

The Montenegrin Competition Authority is free to require a long form merger notification in any case.

34) Languages that may be applied in notifications and communication

Montenegrin language only. 

35) Documents that must be supplied with notification

The following documents are necessary for both short and long form notification:

1. Registry extracts of parties to the merger, including extracts of all entities that directly or indirectly hold more than 25% of the capital or have a decisive influence over management and operation, regardless of ownership stake.
2. Certified copy of the merger document, regardless of whether the merger is brought about by agreement between the parties to the merger, acquisition of a controlling interest or a public takeover bid;
3. Audited annual financial statements and annual reports for each of the parties to the merger for the past 3 years;
4. Employee data (number of employees) for the merging parties for the past three years, including the current year of the merger (specify data separately for each subsidiary involved in Montenegrin turnover)
5. Data on the financial value, production volume, and sales achieved by the merging parties in Montenegro's relevant market over the past 3 years, including the current year of the merger.
6. Data on 5 largest buyers for each undertaking concerned, for the past 3 years and information about the market:on the level of development of the relevant market consumer habits, detailed description of consumer to opt for a substitute product, the degree of concentration in the relevant market;
7. Where control is acquired by natural persons, a certified statement from an individual acquiring control, confirming that the merger is being carried out in their own name and on their own account, and that they do not control any other market participants.
8. Group chart/overview for each of the parties to the merger;
9. Analysis of economic benefits for consumers, covering aspects like price reduction, increased competition, greater choice, improved service quality, and investment in R&D

Additional Requirements for Long Form Notification:

1. Information on the five largest suppliers,
2. Information on relevant geographic and product markets, and market shares for the last 3 years, with the list of competitors and other extensive information about the conditions of doing business in the relevant market.
3. List of all participants involved in the merger, including authorized representatives and board members.
4. analyses, studies and other business reports and assessments on financial and other goals of the merger, competition conditions on the relevant market, economic potential of the market, participation and business of existing and potential competitors
5. analysis of the business reasons for the implementation of the concentration and the expected effects for the parties and the relevant market,
6. Statements of intended research and business development investments in Montenegro
7. Decisions in other jurisdictions relating to the merger.
8. a detailed description of the network of sales or distribution of goods and services of the participants in the merger on the relevant market, production procedure, defining of prices and conditions of sale;

Short Form Notification Requirements:

1. assessment of market shares of the participants in the merger for the 3 years prior to the submission of the application, including the year in which the merger is implemented;
2. a detailed description of the network of sales or distribution of goods and services of the participants in the concentration on the relevant market, the procedure of production, determination of prices and conditions of sale;
3. analysis of the business reasons for implementing the concentration and the expected effects for the participants in the concentration and the relevant market.

For joint ventures, participants must also provide:

1. A statement on whether any participant will continue operating in the relevant market.
2. Data on the parent company's revenue and market share for each closely related market.

36) Filing fees

The filing fee for Phase I procedure is calculated in the amount of 0.03% of the combined total global turnover generated by the parties to the merger in the year preceding the merger notification; however, the filing fee is capped to a maximum of EUR 15,000.

The filing fee for Phase II procedure is 0.07% of the combined total global turnover of all undertakings concerned in the year preceding the merger notification; however, the filing fee is capped to a maximum of EUR 20,000.

37) Is implementation of the merger before approval prohibited?

Yes, the merging businesses must be run separately and independently until the merger has been approved.

However, normal preparatory reversible steps are not prohibited. Regarding exceptions in public takeover bids and acquisitions on stock exchanges see topic 32.

38) May the parties get permission to implement before approval?

Implementation before approval is not allowed. The only exception to this rule is the one related to takeover bids and acquisition on stock exchanges (see topic 32).

39) Due diligence and other preparatory steps

Although there are no formal or informal guidelines provided by the Montenegrin Competition Authority, it is advisable to conduct due diligence in a way that prevents sensitive market information from being used for purposes other than assessing the viability of the merger. An explicit exemption is not required for standard due diligence and other preparation measures without effect on the market.

40) Veto rights before closing and "Ordinary course of business" clauses

An "ordinary cause of business" clause that prevents the target company from taking decisions outside the cause of its ordinary business until the closing date is generally considered acceptable.

However, it must be assessed on a case-by-case basis to what extent the parties may discuss – or provide each other with veto rights concerning – any decisions in their respective businesses.

41) Implementation outside the jurisdiction before approval – "Carve out"

Participants in a merger are under the obligation to suspend the implementation of a transaction until cleared by the Montenegrin Competition Authority. To the best of our knowledge, carve-out arrangements have not yet been tested with the Montenegrin Competition Authority.

42) Consequences of implementing without approval/permission

The acquirer may be subject to fines in the range of EUR 4,000 - 40,000 in case of late filing.  The responsible persons within the undertaking in violation may be fined in the range of EUR 1,000 - 4,000. 

If an undertaking implements a merger without prior clearance of the Montenegrin Competition Authority, it may be fined 1-10% of its total annual turnover in the financial year preceding the violation.  The responsible persons within the undertaking in violation may be fined in the range of EUR 1,000 - 4,000. The Montenegrin Competition Authority may also impose various structural or behavioral measures and, in particular, the divestment of shares or the limitation/prohibition of use of voting rights.

These fines are decided by the Montenegrin Misdemeanor Court, as these actions are defined as misdemeanors, and therefore the fines have the nature of misdemeanor, instead of administrative fines. The Authority itself may, however, fine the undertaking directly if they opt to impose the minimum fine. In all other cases, the court must decide on these.

43) Phases and deadlines

44) Tests or criteria applied when a merger is assessed

Mergers that create or strengthen a dominant position of one or more participants, individually or jointly, which can have a significant effect on effective competition on the relevant market, are prohibited, unless the participants of the merger prove that the merger will benefit consumers and that the positive effects of the merger will be more significant than the negative effects of creating or strengthening a dominant position.

It is presumed that a market participant has a dominant position if its share in the relevant market is greater than 50%. It is presumed that two or more market participants have a dominant position if there is no significant competition between them and if their total market share is higher than 60% (collective dominance).

In other cases, the Authority will assess whether the merger prevents, limits or distorts competition or the free development of an open market economy, based on the degree and dynamics of changes in the structure of the relevant market, restrictions and the possibility of equal access to the market of new competitors and changes that limit the possibility of supplying the market. The following will be taken into consideration:

1. 1. structure and concentration of the relevant market;
   2. real and potential competitors;
   3. the market position of the participants in the merger and their economic and financial power;
   4. options for choosing suppliers and users;
   5. legal and other obstacles to entering the relevant market;
   6. degree of internal and international competitiveness of participants in the merger;
   7. trends in supply and demand of relevant goods and services;
   8. trends in technical and economic development;
   9. consumer interests.

A range of factors may be taken into consideration, including efficiencies that may be gained from the merger (efficiency defense) and whether one of the parties is likely to fail as an independent business (failing firm defense).

45) May any non-competition issues be considered?

No.

46) Special tests or criteria applicable for joint ventures

The assessment for joint ventures is the same as for other mergers, but if the joint venture also has coordination between the owners as object or effect, it will also be assessed whether such coordination is acceptable under the general rules on restrictive agreements.

47) Decisions and remedies/commitments available

A merger may be approved, approved with conditions/commitments or prohibited. If the Montenegrin Competition Authority expresses serious concerns about the merger, it is important that the parties enter into negotiations of possible commitments. Commitments may take any form and they can be either structural or behavioral and with or without time limitations.

The authority may revoke an approval if at any time it becomes aware that incorrect or misleading information has been provided by the parties or if the parties do not comply with the conditions/commitments contained in the approval.

If a merger has been implemented without approval, the Montenegrin Competition Authority shall revoke its decision, and it may prohibit the merger and order a split-up of the businesses or any other measure capable of restoring competition, including a monetary fine for the infringement.

The relevant EU legislation and practice may serve as a guidance when considering the appropriate remedies in merger cases.

48) How and when will details about the merger be published?

Pursuant to the Competition Act, the Montenegrin Competition Authority is obliged to publish certain information from the merger notification in the Official Gazette of Montenegro.  Such information includes: (i) the names of the undertakings concerned; (ii) a brief description of the transaction; and (iii) the economic sector in which the transaction occurs. 

Once the Authority reaches a decision, only its enactment clause will be published in in the Official Gazette of Montenegro and on the Montenegrin Competition Authority’s website.

49) Access to the file for the merging parties and third parties

The merging parties:

The merging parties have a right of access to the file, including market survey questionnaires as well as an overview of all documents/correspondence in the file. However, the authority will only provide redacted documents/correspondence. There is no right of access to the authority’s internal documents and correspondence.

Third parties:

Third parties do not have access to the case file.

50) Who can appeal and what may be appealed?

The decisions of the Montenegrin Competition Authority are final and may be challenged via submission of the administrative claim before the Administrative Court of Montenegro.

The Competition Act does not set out the circle of persons that can challenge a merger control decision. According to the Law on Administrative Disputes, the following persons are entitled to bring an appeal: (i) the parties to the merger whose rights or legally protected interests are violated by a decision; (ii) third parties whose rights or legally protected interests are violated by a decision; or (iii) the attorney general or other competent state body if the law has been violated in favor of or to the detriment of certain third parties.

The time limit for appeals to the Administrative Court of Montenegro is 30 days from the date of receipt of a decision.