The Antitrust Tribunal regulates the entry into force of the suspensory merger control regime
On September 18, 2026, the Antitrust Tribunal (the “AT”) issued Disposition No. 29/2026 (the “Disposition”) establishing, as a general rule, that the merger control regime applicable to a given transaction will be determined by the date on which the transaction is notified with the National Competition Authority (“NCA”).
The Antitrust Law No. 27,442 (the “Antitrust Law”) establishes, in Section 9, a suspensory (ex ante) merger control regime, pursuant to which transactions subject to notification must be authorized by the NCA prior to their closing. However, Article 84 of the Antitrust Law establishes a transitional regime under which the suspensory (ex ante) regime will enter into force one year after the ANC becomes operational, which occurred on November 17, 2025. Accordingly, the suspensory (ex ante) regime provided for in Article 9 of the Antitrust Law will enter into force on November 17, 2026.
In this context, the Disposition establishes that transactions notified before November 17, 2026, will be subject to the non-suspensory transitional regime—that is, the current ex post regime—provided for in Article 84 of the Antitrust Law, even if they close after that date. The same criterion applies in reverse: transactions for which an agreement was entered into before November 17, 2026, but which are notified after that date, will be subject to the suspensory regime—that is, the ex ante regime—provided for in Article 9 of the Antitrust Law.
To fall within the transitional regime, the Disposition requires that any notification made before November 17, 2026, be supported by a legally binding agreement between the notifying parties, executed by representatives with sufficient authority, from which the parties’ obligation to implement the transaction on the notified terms arises.
Non-binding preliminary instruments—such as letters of intent, memoranda of understanding, or term sheets— as well as any other non-binding offers that do not legally bind the parties to implement the transaction, regardless of their designation, do not satisfy this requirement. It is, however, permissible for closing to be subject to conditions precedent, including regulatory approvals in Argentina or abroad, or the occurrence of events beyond the parties’ discretionary control.
Finally, the Disposition clarified that the application of the non-suspensory (ex post) regime does not constitute a determination regarding the transaction’s effects on competition, nor does it restrict the investigative powers conferred by Section 14 of the Antitrust Law on the Secretary of Economic Concentrations and the AT itself.
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For further information, please refer to Julian Razumny or Ignacio Mora.
Update on the Mobile Unit Value
On January 16th, 2026 the Official Gazette published Resolution No. 6/2026 issued by the Antitrust Tribunal, which updated the value of the mobile unit for year 2026 to AR$ 1,450.05. This value will remain in effect until the value corresponding to year 2027 is published.
As a result, economic concentration transactions in which the combine turnover in Argentina of both the acquiring group and the target companies exceeds the amount of AR$ 145,005,000,000.00 (approximately US$ 97,976,351.35, considering the exchange rate as of December 30, 2025) must be notified within seven (7) calendar days following the closing of the transaction. As from November 17, 2026, such transactions will be subject to mandatory pre-closing notification.
Certain transactions will remain exempt from the notification requirement. In particular, no filing will be required where both the purchase price and the value of the local assets being acquired or transferred each do not exceed the amount of AR$ 29,001,000,000.00 (approximately US$ 19,728,571.43 at today’s exchange rate), provided that the acquiring group has not engaged in other economic concentrations in the same relevant market during the preceding year, where the aggregate amount of such transactions exceeded the aforementioned threshold, or in the last 3 years, where the aggregate amount exceeded AR$ 87,003,000,000.00 (approximately US$ 59,185,714.29 at today’s exchange rate).
Failure to comply with the notification deadlines may result in fines of up to AR$ 1,087,537,500.00 (approximately US$ 739,821.43 at today’s exchange rate) per day of delay, if other calculation methods are not applicable.
In addition, fines for anticompetitive conduct may reach up to AR$ 290,010,000,000.00 (approximately US$ 197,285,714.29 at today’s exchange rate), if other calculation methods are not applicable.
For further information, please do not hesitate to contact competencia@tavarone.com.
Initial Appointment of the ANC
Today, the Decree 810/2025 (the “Decree”) was published in the Official Gazette, through which the initial appointment of the members of the National Competition Authority (the “ANC”) was carried out.
In what marks a milestone for competition law in the Argentine Republic, the Decree appoints on a provisional basis the first five members who will serve in the ANC: (i) Eduardo Montamat as President, (ii) Lucas Trevisani Vespa as Legal Member, (iii) Marcelo D’Amore as Economic Member, (iv) Ana Julia Parente as Secretary for Anticompetitive Conduct Investigations, and (v) Germán Augusto Zamorano as Secretary for Economic Concentrations. Additionally, Montamat, Trevisani Vespa, and D’Amore will form the ANC’s Competition Defense Tribunal.
It should be highlighted that, although these appointments were made on a provisional basis and are -therefore- subject to ratification by the Argentine Senate, they represent a fundamental change in the control of economic concentrations in the Argentine Republic: one year after the Decree, economic concentrations with effects in Argentina must be notified to and approved by the ANC before its consummation.
Beyond granting the agency with greater independence, and transforming it into a decentralized and self-governing entity, the implementation of the ANC will contribute to raising the standards of practice and the competition law enforcement in Argentina.
For further information, please contact competencia@tavarone.com.