Cyprus introduces amendments in its competition law framework

On 14 November 2022, the Cyprus Parliament endorsed a series of amendments to the law on the Protection of Competition of 2022 (Law 13(I)/2022), on the basis of proposals from the Standing Committee on Energy, Trade, Industry and Tourism.

The first amendment puts forward a prohibition in the appointment in the office of the Chairman or member of the Commission for the Protection of Competition of any person who is an active member of a union.

Secondly, the scale of financial penalties is substantially increased. Primarily, the maximum financial penalty for committing an offence under the law has been increased from €85.000 to €350.000.

Additionally, article 10(5), as now amended, provides that the Commission’s code of conduct, comprising the rules regarding conflicts of interest of the Chairman and the members, prior to its publication by the Commission, should be approved by the Parliamentary Committee on Energy, Trade, Industry and Tourism (as opposed to the Minister of Commerce, Industry and Energy).

For more information, please contact any one of the members of the Harris Kyriakides Competition & State Aid law team.