Document Type : Original Article
Authors
1 L.L.M Student, International Economic and Trade Law Dept, Caspian International Campus, University of Tehran, Tehran, Iran
2 Assistant Professor, Private Law Dept, Farabi College, University of Tehran, Tehran, Iran
Abstract
The institution of the Reassuring Message, established in Article 49 of the Implementation Law of the General Policies of Article 44 of the Constitution, is a significant innovation in Iran’s competition law, specifically designed to address mergers and acquisitions by enhancing predictability, increasing legal certainty, and preventing anti-competitive practices in these processes. This multifaceted institution combines advisory, preventive, provisional, and credible features to guide market participants' conduct and promote transparency in economic transactions. However, in its current form, the Reassuring Message lacks binding legal effect on third parties, and the scope and conditions of their right to object remain unclear.
In the comparative section, the Reassuring Message is analyzed alongside the Business Review Letter and the prior approval policy in U.S. competition law, as well as the comfort letter mechanism under European Union competition law. Their strengths are examined in terms of relative binding force, preventive role, and public disclosure.
Finally, the study emphasizes the necessity of clearly defining the Reassuring Message, drafting comprehensive and systematic regulations, specifying clear legal consequences, designing an effective accountability mechanism, and mandating the publication of messages with due regard to confidentiality. These recommendations aim to enhance the efficiency and consolidate the position of this institution within Iran’s competition law framework.
Keywords
)