CYPRUS Law and Practice Contributed by: Marios Pelides, Dominique Pelides and Konstantinos Efthymiadis, Georgiades & Pelides
seven days before the expiry of the original one-month review period. The CPC rarely implements extensions in practice. If the CPC does not issue a decision within the one- month deadline (or extended deadline if applicable), the concentration is deemed to have been approved. Phase II If the CPC decides to proceed to a Phase II investi - gation, it must issue a decision (either approving or rejecting the proposed concentration) within a further three months from the date it considers it has received all the information it requires for its investigation. As with Phase I investigations, the CPC has the power to extend the deadline for its review by an additional 14 days (or longer if the CPC considers that the delay is due to a failure or omission by any of the participants, eg, a failure to submit requested information). Clear - ance is deemed given if the CPC does not issue its decision within four months of receipt of a complete filing (or within such extended timeframe as may have been notified to the participants by the CPC). In total therefore, a notification that has proceeded to a Phase II investigation may take between four and six months to resolve. 3.8 Pre-Notification Discussions With Authorities There is no official route by which parties may engage in pre-notification discussions with the CPC, and if parties attempt to do so, there is consequently no for - mal legal basis which would require the CPC to treat such discussions confidentially (although the CPC is subject to a general obligation to avoid disclos - ing confidential information it receives in the course of exercising its duties – see 7.4 Co-Operation With Other Jurisdictions ). 3.9 Requests for Information During the Review Process It is relatively common for the Service to issue requests for information during the review process; however, the Service does not generally go beyond requesting information that is reasonable and proportionate to its task. Parties can minimise the likelihood that the Service will request additional information by taking
care to ensure that the filing contains all the details prescribed by the Law (see 3.5 Information Included in a Filing ). If the Service considers that it requires additional information after it has begun its review, it may “stop the clock” pending receipt of the information. In most cases, provided the parties respond to the Service’s requests in a prompt and transparent manner (particu - larly if it is possible to respond on the same day or the following day), the Service will not stop the clock for minor information requests. 3.10 Accelerated Procedure There is no accelerated, short-form or fast-track procedure for merger clearance under Cypriot law, although the CPC rarely chooses to extend its review deadline. The CPC also generally issues a decision by the applicable deadline, although in any event, failure to issue a decision on the part of the CPC within the deadline constitutes deemed clearance of the notified concentration. The CPC will examine whether (i) the notified trans - action qualifies as a “concentration of major impor - tance” within the meaning of the Law (see 2.3 Types of Transactions ); and (ii) the concentration would significantly impede effective competition in Cyprus (or in a substantial part of Cyprus), particularly where the concentration is expected to create or strengthen a dominant position. If both questions are answered affirmatively, the concentration will not be approved. 4.2 Markets Affected by a Transaction Any notification for clearance submitted to the CPC must include: • a description and analysis of all relevant product and geographic markets and of all reasonable alternative definitions of relevant product and geo - graphic markets; and • a description and analysis of all affected markets and other markets likely to be significantly affected by the concentration. 4. Substance of the Review 4.1 Substantive Test
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