COMPETITION LAW OVERVIEW
Competition Law aims to promote and maintain market competition by regulating anti-competitive practices.
Nowadays, Competition Law is considered one of the most important areas of legal practice, especially within the European Union.
The accession of Cyprus to the European Union had a significant impact on the Cyprus legal system as the Cyprus law had to be harmonised with the substantial body of European Union Directives and other legal provisions. In addition to this, the Cyprus law must keep up to date with the ongoing developments of the EU legal framework.
As a result of Cyprus accession to the European Union, many trade agreements and practices typical in the past, are nowadays considered anti-competitive and subject to fines by the relevant Competition Authorities.
In Cyprus, the protection against unfair competition is regulated by two main laws:
- the Protection of Competition Law (207 (I)/ 1989);
- the Control of Concentration Between Enterprises Law (22(I)/ 1999);
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