To date, antitrust merger regulation has not been of great concern to Japan’s banking industry. However, recent mergers of regional banks in Nagasaki Prefecture and Niigata Prefecture have highlighted antitrust regulatory risks. Indeed, in the case of Nagasaki Prefecture, strict measures were required to resolve the issues, such as the transfer of debt receivables and the monitoring of interest rates. There is increasing M&A activity among regional banks against the backdrop of negative interest rates, a downturn in local economies, and entry into the market by other sectors; M&A activity that is supported by the Financial Services Agency. However, antitrust regulation can prove to be a factor in preventing the timely closure of M&A deals and the realization of business synergies as expected, and there are significant risks in ignoring merger regulations when engaged in M&A projects. 

Antitrust regulatory risks exist in all M&A between regional banks, not only the two examples mentioned above, as shown in the discussions held by the Growth Strategy Council - Investing for the Future, which focused on the topic of relaxing the application of antitrust law in regional bank mergers. Consequently, any regional banks, etc., considering M&A need to have a good overall understanding of antitrust merger regulation and to seek out the optimal strategies for M&A deals. 

The seminar provided clear information on antitrust merger regulation in light of recent mergers among regional banks. The speakers are affiliated with NERA, which has used its experience in many deals and its expertise in economic analysis to help companies comply with merger reviews in a large number of deals involving antitrust merger regulation. The seminar was targeted at legal and corporate planning officers at financial institutions, lawyers, as well as personnel at investment banks involved in regional bank mergers, etc. It provided information on the procedures and guidelines for mergers, as well as the latest trends in reviews and decisions, related cases, and the discussions and goals of the Growth Strategy Council - Investing for the Future. In addition, the seminar also explained the significance and best use of the economic analysis and questionnaire surveys that play an important role in merger reviews. The speakers shared their latest experiences and expertise on merger regulation, which had been accumulated over 15 years. 

1. Summary of antitrust merger regulation
2. Latest trends in merger reviews
3. Key points in merger review compliance for financial institutions
4. Use of economic analysis and questionnaire surveys
5. Procedures for merger reviews: Pre-notification consultation and the review process
6. Prescribed areas of trade
7. Analysis of competition (substantive decision on competition)
8. Resolution measures (measures to eliminate substantial restrictions on competition)
9. Q&A session