Antitrust and Competition
Antitrust and competition laws are designed to regulate the way economic power is distributed in the market, ensuring that businesses compete fairly, with the ultimate objective of financial growth. The key goal is to provide an equal playing field for businesses within a specific industry so that they can flourish without gaining excessive control or unfair advantages within the market.
Antitrust laws are applied to a vast range of business activities, such as mergers and acquisitions (M&A) of large corporations, predatory business activities of firms like bid-rigging, pricing fixing, and abusing monopolies, and practices that may restrict businesses from freely trading and competing in the market.
The national legal system of Cyprus regulates competition law through the Protection of Competition Laws of 2008 and 2014, and the Control of Concentrations between Undertakings Law, 83(I)/2014. As an EU Member State, Cyprus is in line with the EU regime in the competition law area. The Cyprus Commission for the Protection of Competition (CPC) is the competent and responsible authority for the application and enforcement of both the EU and domestic competition law. All matters related to monopolies and abuse of market power, merger controls, and restrictive agreements and practices, are regulated by the Commission, who apply Articles 101 TFEU and 102 TFEU in cases of infringement, or of any investigation related to the matter.
Competition law cases call for a multidisciplinary approach, engaging elements of economics, commercial and corporate law, and significant policy understanding. Such an approach ensures full regulatory compliance accounting for the complexity of the regulatory framework. Our firm has extensive practice and deep knowledge in the area, which means that we can apply such a multidisciplinary approach and handle all regulatory and compliance demands emerging in the context of competition law. We consult on any M&A, or agreement (with vertical or horizontal effect), or business practice or arrangement, which might trigger the application of competition law, ensuring that all these business transactions are legally compliant. To that end, we draft all necessary commercial agreements or business policies that we align with competition legal provisions, and we also advise on and apply leniency regimes.
Our proactive regulatory outlook means that we structure and plan arrangements within the regulatory confines, to prevent any possible anticompetitive conduct, such as cartels, abuse of dominant position, or anti-competitive agreements. Our consultation, advice, and planning services are tailored to the standards and practices of the Commission for the Protection of Competition Law in Cyprus and the European Commission. We make sure to provide our clients with pragmatic and strategic solutions, properly assessing the market players and dynamics, ensuring legal compliance while helping them protect their business interests and achieve their business objectives. Through our extensive practice and specialized knowledge in M&A, we provide practical support and strategic guidance to M&A (for Phase I and Phase II) to effectuate our clients’ M&A business objectives, bringing them in line with the rules of domestic and EU competition law.