Revisions to CCS’s Merger Procedure Guidelines in Effect from 1 May 2026

Introduction

One of the key roles of the Competition and Consumer Commission of Singapore (“CCS“) is to review mergers to prevent a substantial lessening of competition (“SLC“) in Singapore markets. To assist businesses in navigating the review process, CCS has published various guidelines, including the CCS Guidelines on Merger Procedures (“Merger Procedure Guidelines“), which provide guidance on the notification and investigation procedures in cases involving mergers.

As part of its periodic reviews of its guidelines, CCS has completed its review of proposed changes to the Merger Procedure Guidelines to introduce a streamlined approach to the merger assessment process. This follows a public consultation on the proposed changes conducted from October to November 2025. For more information, please see our November 2025 Legal Update titled “CCS Consults on Proposed Changes to Guidelines on Merger Assessment and Settlement Procedures”.

The revised Merger Procedure Guidelines and consequential amendments to other CCS guidelines have just come into effect on 1 May 2026. 

This Update highlights the key changes in the Merger Procedure Guidelines and outlines the practical implications for businesses engaged in merger transactions in Singapore.

Amendments to Merger Procedure Guidelines

Singapore has a voluntary merger notification regime in which merger parties may notify CCS of their proposed mergers for a decision as to whether the merger situation infringes, or will infringe, the prohibition against SLC in section 54 of the Competition Act 2004. After conducting its assessment, CCS will make a decision as to whether the section 54 prohibition has been or will be infringed.

CCS adopts a two-phase approach in evaluating applications. Upon receipt of a complete application, CCS will carry out an initial assessment (“Phase 1 Review“). If CCS has identified potential competition concerns after the Phase 1 Review, it will proceed to commence a more detailed assessment (“Phase 2 Review“).

The amendments to the Merger Procedure Guidelines aim to provide greater clarity and guidance to businesses on CCS’s merger review procedures. The key amendments are summarised below:

1. Phase 1 streamlined track: Under the previous guidelines, CCS expected to complete all Phase 1 Reviews within a single indicative timeframe of 30 working days. Under the revised guidelines, CCS has introduced a new streamlined assessment track for merger situations that clearly do not raise any competition concerns, reducing the Phase 1 Review period for such mergers to 25 working days.

2. Phase 1 extension: Previously, CCS could extend the Phase 1 Review period only in exceptional circumstances, with no specified cap on the extension period. The revised guidelines now expressly provide that CCS may extend the Phase 1 Review period by up to an additional 20 working days (for a total of up to 50 working days) where merger situations require more scrutiny. Under exceptional circumstances which may impact CCS’s ability to make an informed assessment of the merger situation (such as a delay in the provision of essential information by third parties to CCS), CCS will discuss with the applicant(s) on the sufficiency of the 50-working day timeframe for the Phase 1 Review.

3. Phase 2 timeline: Under the previous guidelines, CCS endeavoured to complete Phase 2 Reviews within 120 working days. The revised guidelines shorten this to 100 working days, a reduction of approximately 17%. This is a significant improvement for merger parties.

4. Phase 1 issues letter: Previously, if CCS was unable to conclude that the merger did not raise competition concerns during the Phase 1 Review, it would provide the applicants with a summary of its key concerns and proceed to the Phase 2 Review. The revised guidelines now introduce a formal “Phase 1 Issues Letter” mechanism. CCS will issue this letter when it has reasonable grounds to suspect SLC, setting out its key competition concerns and expressly indicating that CCS is unlikely to clear the merger if those concerns remain unaddressed. This gives merger parties earlier and clearer notice of CCS’s position, as well as a more defined opportunity to submit commitments or additional information to address concerns before the Phase 2 Review commences.

5. Commitments evaluation extension: Under the previous guidelines, the 50-working day administrative timeline for CCS to evaluate Phase 1 commitments proposals could be extended by up to 40 working days. The revised guidelines reduce this extension period to a maximum of 20 working days. This change shortens the overall timeframe for resolving competition concerns through Phase 1 commitments.

6. Reduced regulatory burden: Previously, applicants were required to submit both a confidential and a non-confidential version of Form M1 as a matter of course. The revised guidelines remove this requirement. CCS now only requires a confidential version of Form M1, with confidential information clearly identified in square brackets. CCS will only request a non-confidential version if it considers it necessary. This reduces the administrative burden on merger parties at the application stage.

7. Handling of confidential information: Under the previous guidelines, if CCS decided that the conditions for giving confidential advice were not met, CCS would return the confidential information submitted by the requesting party. The revised guidelines now provide that CCS will instead securely destroy the confidential information and ensure that no sensitive data remains accessible. This offers stronger safeguards for the protection of sensitive commercial information.

8. Ancillary restrictions: Ancillary restrictions are restrictive agreements, arrangements or provisions that are directly related and necessary to the implementation of a merger. Ancillary restrictions are excluded from the section 34 prohibition and the section 47 prohibition of the Competition Act 2004. Under the previous guidelines, CCS may engage the applicants on the content of the notified restrictive agreement, arrangement or provision as part of the merger review process. The revised guidelines now provide that CCS will only assess the notified restrictive agreement, arrangement or provision based on the information provided, and may engage the applicants outside of the merger review process on a case-by-case basis if CCS considers that it does not qualify as an ancillary restriction.

In light of the above changes, a brief overview of the key steps under the revised merger review process is as follows.

1. In the Phase 1 Review, CCS will carry out an initial assessment within 30 working days (or 25 working days under the new streamlined track for straightforward mergers).

2. If CCS identifies potential competition concerns, it will issue a “Phase 1 Issues Letter” to the applicants.

3. If concerns remain unaddressed, CCS will proceed to the Phase 2 Review, which it will endeavour to complete within 100 working days.

4. At the end of either phase, CCS will issue a favourable or unfavourable decision.

5. Where CCS accepts commitments that adequately address competition concerns, it will issue a favourable decision.

6. Merger parties should also self-assess whether any restrictive agreements connected to the merger qualify as ancillary restrictions and may notify CCS of such restrictions as part of the application.

Concluding Words

On balance, the revised Merger Procedure Guidelines will make the merger notification and review process in Singapore more efficient and transparent and reduce the burden on applicants.

Among other things, the reduction of the Phase 2 Review period from 120 to 100 working days, together with the introduction of the 25-working day streamlined track for straightforward mergers in the Phase 1 Review, should translate into faster regulatory clearance for many transactions. The formalisation of the “Phase 1 Issues Letter“, with CCS now required to indicate its grounds for suspecting SLC and its likelihood of not clearing the merger, gives applicants a more structured and timely opportunity to address concerns or prepare for a Phase 2 Review. Merger parties should be prepared to respond promptly with commitments proposals or additional information upon receipt of a “Phase 1 Issues Letter“.

With the above changes to the Merger Procedure Guidelines having come into effect, merger parties with transactions that are currently under review or being planned should assess the impact of these changes on their deal timelines and engagement strategy with CCS.

Businesses are reminded that while Singapore’s merger notification is a voluntary regime, CCS actively monitors the market and investigates non-notified mergers that may substantially lessen competition. Merger parties are strongly recommended to consider merger notification where the merged entity is likely to cross the market share thresholds or where the transaction is likely to have significant vertical or conglomerate effects. This allows merger parties to reduce uncertainty and better plan deal timelines and transaction documents.

Please feel free to contact our team set out on this page, if you have any questions on the changes to the Merger Procedure Guidelines or more generally on the merger notification framework in Singapore and the notifiability of your proposed transaction.

For regional Competition matters, please see Rajah & Tann Asia’s Regional Competition & Antitrust Practice for more information.