GREECE Law and Practice Contributed by: Anastasia Dritsa, Elisabeth Eleftheriades, Vicky Kriketou, Irene Kyriakides, Ioanna Kyriazi, Victoria Mertikopoulou, Claire Pavlou and Panagiotis Pothos, Kyriakides Georgopoulos Law Firm
suspensory basis. In the electronic communications and postal sectors, competition law enforcement powers are exercised exclusively by the Hellenic Tel - ecommunications and Post Commission (EETT) within its sectoral remit. Transactions Covered The Greek merger control regime applies to concen - trations resulting in a lasting change of control. Notifiable transactions include: • mergers between previously independent under - takings; • acquisitions of sole or joint control over all or part of a business; and • the creation of “full-function” joint ventures per - forming on a lasting basis all functions of an autonomous economic entity. The concept of control is interpreted consistently with EU merger control principles and may arise through shareholdings, contractual arrangements or veto rights. Jurisdictional Thresholds A concentration must be notified to the competent competition authority prior to implementation where the following cumulative turnover thresholds are met: • The combined aggregate worldwide turnover of all undertakings concerned exceeds EUR150 million. • At least two undertakings concerned each gener - ate turnover exceeding EUR15 million in Greece. The Greek regime is exclusively turnover-based and does not provide for market share thresholds. Transactions meeting the EU thresholds fall within the exclusive jurisdiction of the European Commission unless referred to the HCC under the EUMR referral mechanisms. 6.2 Merger Control Procedure Filing and Pre-Notification Notification must be submitted prior to completion of the transaction. Although not mandatory, pre-notifica - tion contacts are frequently used in complex cases to
discuss jurisdictional and procedural issues, as well as substantive matters. Within seven working days after the filing, the HCC shall assess whether the notification form is incom - plete and request the parties concerned to provide additional information. If they fail to submit complete and precise information as requested, the one-month time limit of Phase I does not commence; thereby, the progress of the procedure is delayed. In practice, it is common that the competent competition authority demands additional information, resulting in a delay of the procedure for 10 to 15 additional days. Phase I Review The HCC conducts an initial review within one month from receipt of a complete filing. During Phase I, the authority may: • determine that the transaction falls outside the merger control regime; • clear the concentration unconditionally; or • initiate an in-depth Phase II investigation where serious competition concerns are identified. Requests for additional information are common in practice and may suspend or delay the review time - table. 20 calendar days after the notification date, the par - ties may also offer commitments intended to address potential competition concerns. Phase II Investigation Where the HCC opens an in-depth investigation, the statutory review period is generally 90 days from the decision initiating Phase II. The case is brought before the HCC within 45 days from that decision, and rem - edies may be proposed within 20 days from the case being brought before the HCC. The Phase II investigation period is automatically extended by 15 days, if the parties propose remedies later than the 20-day limit. Thus, the maximum dura -
tion of Phase II is 105 days. The authority may ultimately:
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