Contributed By Ferrere Abogados
The antitrust authorities are among the primary regulators for M&A activity, with a key regulator being the Antitrust Commission, which is a body of the Ministry of Economy. In regulated sectors, antitrust matters are the charge of specialised regulators such as the Central Bank of Uruguay, the Regulator for Energy and Water Services and the Regulator for Telecommunication Services. Antitrust regulation imposes a legal duty of clearance of some covered transactions by the Antitrust Commission or a specific regulator, while other transactions with certain aspects require a prior notification.
In addition to antitrust regulations, in certain regulated sectors, companies that undergo an M&A process must obtain prior authorisation from the specific regulator – for example, the transfer of participations of a financial institution requires the authorisation of the Central Bank of Uruguay.
The Central Bank of Uruguay is a key regulator for publicly listed companies, as it regulates the securities market. However, publicly traded companies are scarce in Uruguay.