This practice note describes the legal issues that may arise when there is a lag between the exchange/signing (at the time the share purchase agreement (SPA) or the asset purchase contract (APA) is signed) and the subsequent completion of the acquisition. After closing, the documents necessary for the transfer of ownership are executed and handed over to the buyer, which means that the buyer acquires the legal property of the company (in case of purchase of shares) or the asset/asset (in case of acquisition) that he acquires (objective). This time lag may be a few days or months, depending on the nature of the reasons why completion should be delayed. Splitting and completion are very common, but should only take place if there is an obvious reason to do so; one or more conditions that must be met after the signing of the SPA/APP and before the transaction can take effect after closing (see brief summary under “Why Conditions May Be Necessary” below). In many transactions, the exchange and closing take place simultaneously. Simultaneous exchange and simultaneous completion are preferable for the buyer, because this means that the buyer takes direct control of the target transaction and therefore does not bear certain legal and financial risks that may arise if, after the exchange, the legal title and operational control of the objective exist in the context of a uniform set of rules, historically the European Commission (Commission) favours the application of directives (rather than regulations) to establish its legislation in the financial services sector. However, guidelines allow Member States to be more flexible in their implementation.