First Stage – 15 calendar days
15 calendar days for the AMC to conduct a formal review of the notification and accept or reject it (after 15 calendar days, notification is deemed to have been accepted);
Second Stage - 30 calendar days
30 calendar days (starting after expiry of the initial 15-day period of review) for the AMC to consider the substance of the transaction (permission is granted or an in-depth investigation is opened);
Third Stage – three months
three months for an in-depth investigation of the transaction (so-called ‘concentration case’) that starts running after the AMC has received all additional information it needs from the notifying parties to reach a decision(in practice, it may take more than three months). In practice in-depth investigation of the transaction may be initiated by the AMC in complicated cases where the joint market share of the parties to the concentration (after execution of the contemplated transaction) exceeds 20%.
within 30 days after the AMC decision prohibiting the transaction, the notifying parties may apply for clearance to the CMU if they can prove that the positive social effect of the transaction will outweigh its anti-competitive impact.
This stage in practice is rarely resorted to.