After Cyprus joined the European Economic Community, the Government was required to adopt or create a legislation for the protection of competition. Cyprus has set in place two legal frameworks in order to enhance protection against unfair competition:
The Competition Law was amended in 2000 and provides for restrictions in agreements and abuse of dominant position, while the Control of Concentration Law refers to mergers and acquisitions in Cyprus.
The legislation on competition in Cyprus covers the establishment of the Commission for Protection of Competition (CPC) and provides for the institution’s responsibilities and powers. The CPC will mostly conduct investigation procedures related to infringements of the regulations on restrictive agreements and misuse of dominant position. The CPC will have access to Cypriot companies’ corporate documents and accounts.
The contracts concluded by Cypriot companies must exclude the effect of elimination, restriction or misinterpretation of competition with respect to:
For complete information related to the Competition Law you can refer to our lawyers in Cyprus who can also help you prepare different types of agreements.
The second legal framework regulating competition between companies in Cyprus is the Control of Concentration between Enterprises Law, shortly known as the Concentration Law. This legislation focuses on merger and acquisition transactions. The following actions could contravene the Cypriot law on concentration:
There are also certain thresholds companies undergoing a merger or an acquisition are required to notify the CPC about. These thresholds are:
For complete information related to the Competition Law in Cyprus, do not hesitate to contact our law firm.
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