In Cyprus, mergers and acquisitions are regulated by the Control of Concentrations between Undertakings Laws 1999 to 2000 (Merger Law). The body responsible for examining and ruling on proposed mergers is the Commission for the Protection of Competition (CPC or Commission), an independent administrative body established by and in accordance with the Protection of Competition Laws 2008 and 2014 (Competition Law). The CPC is charged with controlling mergers and takeovers that are classified as being 'of major importance' and ensuring that no concentration between parties that have economic strength in Cyprus will create or reinforce a dominant position in the relevant market.
In September 2013, the CPC conducted a public consultation on a draft law (new draft law) intended to replace the Merger Law. The proposed new law reflects the provisions of Council Regulation (EC) No. 139/2004 facilitating the consistent application of regulations concerning mergers and making it easier to draw guidance from the relevant provisions of EU law with the implementation of the applicable legal requirements. The new merger law was intended to be enacted by the end of 2013, but this timetable has slipped, and for the time being the Merger Law remains in effect. The CPC is assisted in its duties regarding the examination and regulation of mergers by the Service of the CPC (Service). The Service is a department of the Ministry of Energy Commerce, Industry and Tourism, and its members are civil servants appointed under the Civil Service Law.
The Service is responsible for:
- providing administrative support to the Commission;
- securing all necessary information;
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