观韬中茂 · 亚司特 ｜中国《反垄断法》的修改——四大关键主题（中英双语版）
中国《反垄断法》自2008年生效以来首次进行修改。
这些修改意义重大，将对企业产生影响，可按其特点归纳为以下四个主题：
(1) 对经营者集中更大的裁量权
(2) 澄清纵向垄断协议的认定方法
(3) 对数字经济领域的关注
(4) 加大处罚力度
修改后的《反垄断法》将于2022年8月1日起施行。
注：本文由亚司特律师事务所与观韬中茂律师事务所合著，双方在中国设有联营办公室。
你需要知道的
值得注意的变化包括以下几点：
国务院反垄断执法机构（国家市场监督管理局反垄断局，以下简称“反垄断局”）将有权在特定情况下 '停钟'或中止经营者集中审查程序的审核期限。针对没有达到申报标准，但却具有或可能具有消除、限制中国境内竞争的经营者集中，反垄断局将有权进行调查和执法。
转售价格维持的行为将继续被原则性禁止，除非经营者能够证明这种行为没有造成反竞争效果。
本次修改将引入（基于市场份额的）安全港条款，部分纵向协议将就此豁免。
《反垄断法》中新增涉及并针对大型技术公司（包括数字平台）行为的条款。
对违反《反垄断法》的处罚力度显著增加。新增对达成垄断协议负有个人责任的个人进行经济处罚的规定。
未来反垄断局将更新相关规定，以完善本次法律的修改。更新后的规定将为新修改的《反垄断法》条款的适用和实施提供进一步的指导。
你需要做什么
企业应审查自己的政策和战略，以确保符合修改后的《反垄断法》。
企业还应注意《反垄断法》配套规定的更新，因为这些规定对新修改的《反垄断法》条款的适用具有指导意义。
背景
2022年6月24日，中国全国人民代表大会常务委员会通过了关于修改中国《反垄断法》的决定。修改后的《反垄断法》将于2022年8月1日起实施。这是《反垄断法》自2008年首次实施以来的第一次修改。这些修改意义重大，将对企业产生影响。
本提示概述了《反垄断法》的突出变化和对企业的影响。这些变化可以归纳为以下四个关键主题：
(1) 对经营者集中更大的裁量权；
(2) 澄清纵向垄断协议的认定方法；
(3) 对数字经济领域的关注；
(4) 加大处罚力度。
1）对经营者集中更大的裁量权
有关修改赋予反垄断局在经营者集中全过程中更多的裁量权，并解决了当前集中制度中的“漏洞”。与经营者集中相关的《反垄断法》的主要修改包括：
·
第26条
反垄断局将对未达到集中申报标准、但具有或可能具有消除或限制竞争效果的交易进行调查。该修改旨在规制 '扼杀性并购'，即既存大企业（特别是数字行业中的大企业），仅出于排除未来竞争的目的，收购创新型初创公司。这项修改将通过对申报标准的拟议修改得到进一步的支持。相关规定的征求意见稿包含了以下修改和新的申报标准。
全球合并营业额标准将从100亿元人民币（约14.9亿美元）提高到120亿元人民币（约17.9亿美元）；中国合并营业额标准将从20亿元人民币（约2.99亿美元）提高到40亿元人民币（约5.98亿美元）；对一方的中国营业额要求将从4亿元人民币（约5,980万美元）提高到8亿元人民币（约1.196亿美元）（主要标准）。
如果营业额没有超过上述标准，交易双方在得出是否需要申报的结论之前，需要检查是否超过了以下补充标准。
一方在中国的营业额超过1,000亿人民币（约149亿美元）；另一方（合并方或目标方）：（a）市值或估值达到8亿人民币（约1.196亿美元）或以上；以及（b）全球营业额的三分之一以上来自中国。
建议提高主要标准的目的是为了规制在中国有更大影响的交易并减少中小企业的交易成本，而新建议的补充标准则是为了规制扼杀型并购。
第32条
本次修改将引入“停钟”制度。反垄断局将有权在以下情况下中止计算经营者集中审查期限：（1）企业未能提供必要的信息或文件；（2）需要审查新出现的影响集中审查的重要事实；和/或（3）需要进一步评估附加限制性条件，并且相关企业提出了中止的请求。
这一修改将为反垄断局提供更多的时间和灵活性来审查经营者集中，特别是复杂的交易。修改前，复杂交易的最长审查期为180个日历日。在实践中，反垄断局通过要求交易方“撤回并重新申报”来延长审查期。修改后，可能会减少前述方法的使用，但需注意，修改后的《反垄断法》并没有包含中止计算经营者集中审查期限的最长中止时间长度。
第37条
反垄断局将改进其对集中的“分类”和“分级”制度。关键的重点领域将包括涉及 “国计民生”的行业。预计反垄断局将重点关注并优先审查特定行业的交易。在新《反垄断法》的前一版本中，这一条款强调了以下行业：“民生、金融、科学、技术和媒体”。
第58条
对不会导致竞争问题的未申报集中的罚款将从50万元人民币（约7.5万美元）增加到500万元人民币（约747,000美元）。对会导致竞争问题的未申报集中的罚款可高达营业额的10%。然而，如果反垄断局认为未申报的集中属于“严重违法”，还将有权处以上述处罚的2至5倍的罚款。对未申报集中处罚力度的大幅增加，很可能是针对对中国市场有重大影响的未申报集中，以及知法犯法或者多次违法的主体。
2）澄清纵向垄断协议的认定方法
本次修改澄清了认定纵向协议的方法。但依然需要更多澄清，特别是关于如何实施新的安全港制度的问题。
第18条
维持转售价格将继续被原则性禁止，除非企业能够证明其并没有导致反竞争的效果。此外，该条款还引入了市场份额安全港，安全港内纵向协议将可能得到豁免，但目前尚不明确转售价格维持协议如何能适用市场份额安全港。相关征求意见稿建议，上述安全港市场份额的门槛是15%。
3）对数字经济领域的关注
针对数字经济企业（特别是数字平台）行为的条款已经被引入本次修法。鉴于中国政府对平台经济领域反垄断问题的高度关注和反垄断局近期对部分电子商务平台的执法行动，这些新增内容并不令人意外。与数字经济相关的《反垄断法》的主要修改包括：
第1条
现在《反垄断法》的目标包括 '鼓励创新'。这是对创新作为中国和全球经济中竞争的主要驱动力的认可。
第9条
经营者不得利用数据和算法、技术、资本优势以及平台规则等从事垄断行为。
第22条
具有市场支配地位的经营者不得利用数据和算法、技术以及平台规则等从事滥用市场支配地位的行为。
4）加大处罚力度
本次修法加重了对各种违反《反垄断法》行为的处罚力度（见下表）。重要的是，引入了对垄断协议负有个人责任的个人的罚款。
对违反新《反垄断法》行为的加重处罚。
违法行为 | 处罚 |
达成并实施垄断协议 | 针对企业 处上一年度销售额百分之一以上百分之十以下的罚款，并没收违法所得。 上一年度没有销售额的经营者，处人民币五百万元（约747,000美元）以下的罚款；信用记录将会受到影响。 (新增条款) 针对行业协会 处三百万元以下的罚款；可能撤销登记；信用记录将会受到影响。 （旧条文规定的处罚数额为人民币500,000元以下（约75,000美元）;可能撤销登记） 针对个人 [1] 处人民币一百万元（约149,000美元）以下的罚款。 （新增条款） |
尚未实施所达成的垄断协议 | 处人民币三百万元（约448,000美元）以下的罚款。
（旧条文规定的处罚数额为人民币500,000元以下（约75,000美元）） |
经营者组织其他经营者达成垄断协议或者为其他经营者达成垄断协议提供实质性帮助的 | 适用上述垄断协议的处罚规定 |
未依法进行经营者集中申报 | 有/可能有竞争损害的经营者集中 处上一年度销售额百分之十以下的罚款；其他救济措施包括：停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态。 没有 竞争损害的经营者集中 处人民币五百万元（约747,000美元）以下的罚款。
（原条文罚款数额上限为人民币500,000元（约75,000美元）-不区分有竞争损害和没有竞争损害的经营者集中） |
经营者不配合反垄断局的调查 | 针对企业 处上一年度销售额百分之一以下的罚款；上一年度没有销售额或者销售额难以计算的，处人民币五百万元（约747,000美元）以下的罚款；可能影响信用记录；
（旧条文的处罚上限为人民币一百万元（约149,000美元）） 针对个人 处人民币五十万元（约75,000美元）以下的罚款。
（原条文的处罚数额上限为人民币100,000元（约15,000美元）） 此外，违反新修改的《反垄断法》，构成犯罪的，将引发刑事责任。 |
严重违反《反垄断法》 | 罚款数额的二倍以上五倍以下确定具体罚款数额。
（新条文） |
结束语
六部反垄断配套规定[2]或许也将很快更新，这些更新后的规定将响应和进一步细化《反垄断法》的修改内容。在2022年7月6日，国家市场监督管理总局（中国反垄断执法机构）发布上述这六套配套性规定并公开征求意见。公开征求意见将截止至2022年7月27日。后续十分重要的是，企业需审查自己的政策与策略，以期符合新修改《反垄断法》的规定。企业还应关注配套性规则征求意见稿的最终修改，因为这些修改将对《反垄断法》新条款和修改条款的实施具有指导意义。
备注：
[1] 包括经营者的法定代表人、主要负责人和直接责任人员。
[2] 这些规定包括：（1）《国务院关于经营者集中申报标准的规定》；（2）《禁止垄断协议规定》；（3）《禁止滥用市场支配地位行为规定》；（4）《禁止滥用知识产权排除、限制竞争行为规定》；（5）《制止滥用行政权力排除、限制竞争行为规定》；（6）《经营者集中审查规定》。
Amendments to China's Anti-Monopoly Law – 4 key themes
China's Anti-Monopoly Law (AML) has been amended for the first time since it came into force in 2008.
The amendments are significant and will impact businesses. They can be grouped into, and characterised by, the following four themes:
(1) Greater discretion on mergers
(2) Clarifications on approaches to vertical arrangements
(3) Focus on the digital economy
(4) Increased penalties
The amended AML will come into force on 1 August 2022.
What you need to know
Notable changes to the Anti-Monopoly Law (AML) include the following:
The State Administration for Market Regulation (SAMR) will have the ability to 'stop the clock' or suspend the merger review process in specified circumstances. It will also have the express ability to investigate and enforce against mergers which do not exceed the notification thresholds but nevertheless have the effect or likely effect of eliminating and restricting competition in China.
Resale price maintenance will continue to be per se illegal prohibited in principle, unless undertakings are able to prove that this conduct did not result in anticompetitive effects.
A safe harbour provision (based on market shares) will be introduced to exempt certain vertical arrangements.
There are new provisions within the AML which address and target conduct undertaken by large technology companies (including digital platforms).
Penalties for breaches of the AML have significantly increased. Financial penalties may now be levied against individuals who participate in monopoly agreements.
Going forward, the SAMR will be updating the relevant rules and regulations to take into account the amendments to the law. These amended rules and regulations will set out further guidance as to the implementation of the new and amended AML clauses.
What you need to do
Businesses should review their policies and strategies to ensure compliance with the amended AML.
Businesses should also watch out for the amended rules and regulations which accompany the AML - as these are expected to be instructive as to the application of the new and amended AML clauses.
Background
On 24 June 2022, the Standing Committee of the National People's Congress of China adopted amendments to China's Anti-Monopoly Law (AML). The amended AML will come into force on 1 August 2022. This is the first set of amendments to the AML since it first came into force in 2008. The amendments are significant and will impact on businesses.
This alert outlines the salient changes to the AML and implications for businesses. The changes can be grouped into the following 4 key themes:
(1) Greater discretion on mergers
(2) Clarifications on approaches to vertical arrangements
(3) Focus on the digital economy
(4) Increased penalties
1）Greater discretion on mergers
The amendments concerning merger control afford more discretion to the SAMR throughout the merger review process, and address perceived 'loopholes' in the current merger regime.
The key amendments to the AML relevant to merger control include:
Article 26
The SAMR will initiate investigations into transactions which do not exceed merger notification thresholds but nevertheless have or could have the effect of eliminating or restricting competition.
This amendment is aimed at capturing 'killer acquisitions' where an incumbent (ie, particularly in the digital industry) acquires an innovative target solely to pre-empt future competition.
This amendment will be further bolstered by proposed changes to notification thresholds. The Draft Rules contain the following amended and new thresholds:
The combined worldwide turnover threshold will be increased from RMB 10 billion (c. USD 1.49 billion) to RMB 12 billion (c. USD 1.79 billion); the combined China turnover threshold will be increased from RMB 2 billion (c. USD 299 million) to RMB 4 billion (c. USD 598 million); and the China turnover test applicable to one party alone will be increased from RMB 400 million (c. USD 59.8 million) to RMB 800 million (c. USD 119.6 million) (primary thresholds).
If the thresholds above have not been exceeded, transacting parties would need to check if the following supplementary thresholds have been exceeded before coming to a conclusion as to whether a notification is required:
one party with China turnover exceeding RMB 100 billion (c. USD 14.9 billion); and another party (either the merging party or target) with either: (a) market value or valuation of RMB 800 million (c. USD 119.6 million) or above; and (b) more than 1/3 of worldwide turnover generated from China.
The proposed increase in primary thresholds is aimed at capturing transactions with greater impact in China and decreasing transaction costs for small to medium undertakings. The new supplementary thresholds are aimed at capturing killer acquisitions.
Article 32
A 'stop the clock' regime will be introduced. The SAMR will have the power to suspend the merger review in the following circumstances: (i) where undertakings fail to provide necessary information or documentation; (ii) where new material facts which affect the review of the concentration need to be examined; and/or (iii) where conditions to be placed on the proposed concentration need to be further evaluated and a relevant undertaking makes a request for suspension.
This amendment will afford the SAMR more time and flexibility to review mergers, particularly complex ones. Prior to the amendment, the maximum period for review of complex mergers is 180 calendar days. In practice, the SAMR extends review periods by requesting that transacting parties 'pull and refile'. With this amendment, we might see less “pull and refile” requests. Of note is the fact that the amended AML does not contain a maximum length of time in which the merger review can be suspended.
Article 37
The SAMR will improve its 'classification' and 'grading systems' for mergers. Critical areas of focus would include industries concerning 'national development and livelihood'.It is expected that the SAMR will focus on and prioritise reviews of transactions in specific sectors. In a previous iteration of the amended AML, this provision highlighted the following industries: 'livelihood, finance, science, technology and media'.
Article 58
Previously, fines were capped at RMB 500,000 (c. USD 75,000) for unreported mergers. This has been increased to: (a) up to RMB 5 million (c. USD 747,000) for unreported mergers which do not result in competition concerns; and (b) up to 10% of turnover for unreported mergers which would result in competition concerns. If, however, the SAMR considers the unreported merger to be a 'serious violation', it would have the power to impose fines of between 2 to 5 times of the above penalties. This large increase in failure to file penalties is likely aimed at unreported mergers with significant impact on Chinese markets as well as on recalcitrant and repeat offenders.
2）Clarifications on approaches to vertical arrangements
Approaches to vertical arrangements have been clarified by the amendments. More clarifications are required, especially with regards to how the new safe harbour regime will be implemented.
Article 18
Resale price maintenance will continue to be prohibited in principle, unless undertakings are able to prove that this conduct did not result in anticompetitive effects. In addition, this article introduces a market share safe harbour in which vertical arrangements may be exempt. It is not clear, however, how the market share safe harbour will be applied to resale price maintenance. The Draft Rules state that the market share threshold is 15%.
3）Focus on the digital economy
Provisions which target conduct undertaken by digital economy businesses (in particular digital platforms) have been introduced. These additions are unsurprising given the focus of the Chinese Government on conduct in digital economy markets and the SAMR's recent enforcement actions against Chinese e-commerce platforms. The key amendments to the AML relevant to the digital economy include:
Article 1
The objectives of the AML now include 'encouraging innovation'. This is a recognition of innovation as a key driver of competition in the Chinese and global economy.
Article 9
Undertakings shall not use data, algorithms, technology and capital advantages and platform rules to engage in monopolistic acts.
Article 22
Undertakings with a dominant market position shall not use data, algorithms and platform rules to engage in an abuse of dominance.
4）Increased penalties
The amendments increase penalties for various contraventions of the AML (see table below attached). Significantly, fines for individuals who are responsible for the conclusion of monopoly agreements have been introduced.
Increased penalties for contravening conduct under the amended AML.
CONTRAVENING CONDUCT | PENALTIES |
Monopoly agreements which have been concluded | For businesses Fines of between 1% to 10% of turnover and confiscation of illegal gains Fines of up to RMB 5 million (c. USD 747,000) in circumstances where an infringing undertaking has no turnover in the last year; credit records impacted
(new provision) For trade associations Fines of up to RMB 3 million (c. USD 448,000); revocation of license; credit records impacted
(amended from a fine of up to RMB 500,000 (c. USD 75,000) and revocation of license) For individuals [1] Fines of up to RMB 1 million (c. USD 149,000)
(new provision) |
Monopoly agreements which have not been concluded | Fines of up to RMB 3 million (c. USD 448,000)
(amended from a fine of up to RMB 500,000 (c. USD 75,000)) |
Organisers and facilitators of monopoly agreements | The penalties pertaining to monopoly agreements apply (as above) |
Failure to file mergers | Mergers with competition concerns Fines of up to 10% of sales revenue; other remedies including ceasing completion of the concentration, disposal of shares or assets, divesting part of the business or any other necessary measures to reinstate the position prior to the concentration Mergers with no competition concerns Fines of up to RMB 5 million (c. USD 747,000)
(amended from a fine of up to RMB 500,000 (c. USD 75,000) - no distinction previously made between concentrations that had competition concerns and concentrations that did not have competition concerns) |
Undertakings which fail to cooperate with an investigation by the SAMR | For businesses Fines of up to 1% of turnover in the last year; fines of up to RMB 5 million (c. USD 747,000) if the company had no turnover in the last year or if it is difficult to calculate the turnover in the last year; credit records impacted
(amended from fines of up to RMB 1 million (c. USD 149,000)) For individuals Fines of up to RMB 500,000 (c. USD 75,000)
(amended from fines of up to RMB 100,000 (c. USD 15,000)) In addition, criminal liability applies where violations to the amended AML constitutes a crime. |
Serious violations of the AML | Between two to five times the amounts specified
(new provision) |
Concluding remarks
Six implementing rules and regulations relevant to the AML [2] will be updated to reflect and further clarify the amendments. On 27 June 2022, the State Administration for Market Regulation (SAMR) (China's antitrust enforcement agency) released draft amendments to these rules and regulations for consultation. The consultation period concludes on 27 July 2022.
Going forward, it is important for businesses to review their policies and strategies to ensure compliance with the amended AML. Businesses should also watch out for the final amendments to the Draft Rules as these are expected to be instructive as to the operation of the new and amended clauses of the AML.
[1] This includes the undertaking's legal representative, person in charge or directly responsible person.[2] These are: (i) Regulations on the Merger Control Filing Thresholds; (ii) Provisions on Prohibition of Monopoly Agreements; (iii) Provisions on Prohibition of Abuse of Dominance; (iv) Provisions on the elimination and restriction of competition through the abuse of Intellectual Property Rights; (v) Provisions on the elimination and restriction of competition through abuse of administrative power; and (vi) Provisions on Merger Control Review.
本文由观韬中茂律师事务所合伙人关悦、亚司特竞争业务合伙人黄秀金以及亚司特高级律师Adelle Elhosni共同撰写，并感谢亚司特律师Veronica Murdoch为撰写本文提供的协助，感谢观韬中茂律师潘璐瑶、祝叶笛，对中文版本的翻译与校对。
观韬中茂与亚司特自2008年起达成合作联盟，在十余年中建立了紧密的合作关系。观韬中茂与亚司特在上海设有观韬中茂亚司特（上海自贸区）联营办公室（“JOO”）。JOO结合双方的国际化网络及经验和常年深耕中国市场的本地知识与全面的中国法律业务能力，为客户提供全面的一站式法律服务。