Consummation of a notifiable transaction without or prior to clearance constitutes an administrative offense and may be subject to fines of up to 10% of the total worldwide consolidated group turnover in the previous fiscal year. A violation of the standstill obligation occurs if the companies involved implement the proposed concentration in whole or in part after notifying the proposed transaction, but prior to clearance by the FCO (so-called “gun-jumping”), or when companies completely fail to notify the FCO of a concentration that requires approval.

In rare circumstances, e.g., if there is an impending risk of serious damage to a participating company or third parties, the FCO may grant an exemption from the standstill obligation.