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Results: 4 Answers
Merger Control
7.
Penalties and sanctions
7.1
If notification is mandatory, what sanctions may be imposed for failure to notify? In practice, does the relevant authority frequently impose sanctions for failure to notify?
 
Cyprus
No sanctions apply in relation to a failure to notify per se. However, implementation of the transaction without clearance by the Commission for the Protection of Competition (CPC), to which a notification is a prerequisite, can lead to substantial sanctions (see next question).

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
7.2
If there is a suspensory obligation, what sanctions may be imposed if the transaction closes while the review is ongoing?
 
Cyprus
There is a suspensory obligation, as concentrations caught by the Cypriot merger control regime cannot be implemented unless cleared by the CPC. Where a concentration is either partially or fully implemented prior to clearance by the CPC, administrative sanctions may be imposed.

An administrative fine of up to 10% of the aggregate turnover achieved by the notifying undertaking during the immediately preceding financial year may be imposed on the notifying undertaking for the aforementioned infringement, which may be followed by additional administrative fines of €8,000 for each day the infringement persists.

The CPC also has the power to order the partial or complete dissolution of a concentration that has been implemented prior to obtaining clearance by the CPC.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
7.3
How is compliance with conditions of approval and sanctions monitored? What sanctions may be imposed for failure to comply?
 
Cyprus
An administrative fine of up to 10% of the aggregate turnover achieved by the notifying undertaking during the immediately preceding financial year may be imposed on the notifying undertaking failure to comply with conditions of approval. This may be followed by additional administrative fines of €8,000 for each day the infringement persists.

In the event of failure to comply with any administrative sanctions under the Control of Concentrations Between Undertakings Law, the CPC shall commence judicial proceedings for the collection of the sum due as a civil debt and take any other measures as it may determine by issuing a relevant directive.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC