Competion Law is nowadays considered a major area of legal practice especially within the European Union. An increasing number of trade agreements and practices typical in the past, are nowadays deemed as anti-competitive and subject to huge fines by the relevant Competition Authorities.
In Cyprus, Competition Policy is governed by two main laws:
- The newly enacted Competition Act 13(I)2008 concerning anti-competitive agreements and restrictive practices. Anti-competitive agreements are covered by the provisions of article 3 of the Competition Act. Article 3 covers both horizontal and vertical agreements by prohibiting all agreements formal or informal that have as an end result the prevention, restriction or distortion of competition within the Republic. Article 6 of the Competition Act covers restrictive practices, prohibiting abuse by one or more undertakings that hold a dominant position within a specified geographical market. Article 6 can be viewed as the Anti-Monopoly policy of the Cypriot Competition Policy.
- The Law 22(I)/1999 for the control of Concentrations covering both mergers and acquisitions. A merger or an acquisition that falls under the provisions of the Law 22 (I)/1999 can be considered valid only if it is declared compatible with the demands of the competitive market by the Cyprus Commission for the Protection of Competition (CPC).
At Frangos & Associates LLC we have realised the importance of Competition rules and their huge impact on businesses and consumers. Our highly specialised team of experienced legal and economic consultants can provide our client with:
- Specialised legal and economic advice on anti-competitive practices covered by the Competition Act 13 (I) 2008 (anti-trust and restrictive trade practices). This includes
- the preparation and submission of individual and/or company complaints to the CPC,
- he representation and defence of clients during proceedings before the CPC in cases of investigations against them (either ex-officio or third party).
- the preparation and submission of notifications regarding mergers and acquisitions to the CPC.
- Specialised legal and economic advice on competition issues possessing a European dimension thereby falling under Articles 81 and 82 of the EC Treaty (equivalent to articles 3 and 6 of the Cypriot Competition Act) or under EC Merger Control Regulation.