CYPRUS Law and Practice Contributed by: Marios Pelides, Dominique Pelides and Konstantinos Efthymiadis, Georgiades & Pelides
Georgiades & Pelides 16 Kyriakos Matsis Avenue Eagle House, 10th Floor Agioi Omologites 1082 Nicosia Cyprus
Tel: +357 22 889 000 Fax: +357 22 889 001
Email: info@cypruslaw.com.cy Web: www.cypruslaw.com.cy
1. Legislation and Enforcing Authorities 1.1 Merger Control Legislation The relevant merger control legislation in Cyprus is the Control of Concentrations between Undertakings Law of 2014 (L 83 (I)/2014) (the “Law”). The Law came into effect on 20 June 2014 and has not been amended since its introduction (other than purely corrective amendments). However, a legisla - tive process to amend the Law has commenced, and during 2025 the public consultation on a proposed amendment law was completed. The main elements of the proposed amendments include, among other things, the amendment of the scope of the Law and the notification thresholds and strengthening of the competencies and powers of the Cyprus Commission for the Protection of Competition (CPC). The amend - ment legislation remains in draft form and may change substantially prior to its implementation (if it is imple - mented at all). No subsidiary legislation or guidance has been issued pursuant to the Law, although as Cyprus is a mem - ber state of the EU, the European Commission (EC) Merger Regulation is also relevant. In practice, the CPC, as well as practitioners, also refer to the Commission Consolidated Jurisdictional Notice on Merger Control.
1.2 Legislation Relating to Particular Sectors There are several areas where specific consents may be required or particular processes must be followed in order to implement a particular transaction (in addition to merger clearance). The following is a non- exhaustive list of examples. • Acquisitions of significant interests (10% or more) in certain types of institutions regulated by the Central Bank of Cyprus (including banks, credit servicers and credit acquiring companies) require pre-approval from the Central Bank of Cyprus. • Takeover bids are subject to a specific regulatory regime, in addition to requiring merger clearance, if they meet the applicable thresholds. • Acquisition of significant interests (10% or more) in insurance or reinsurance undertakings require approval by the Superintendent of Insurance. • There are restrictions on the acquisition of signifi - cant shareholdings in entities active in the press/ broadcasting industry by residents of states out - side the EU. • There are also restrictions on the acquisition of immovable property by residents of countries out - side the EU. Please also refer to 9.1 Legislation and Filing Require- ments regarding the enforcement of the Establish - ment of a Framework for the Screening of Foreign Direct Investments Law of 2025 (Law No 194 (I)/2025) which introduces an FDI screening mechanism in Cyprus and operates alongside the existing merger control regime.
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