CYPRUS Law and Practice Contributed by: Marios Pelides and Dominique Pelides, Georgiades & Pelides
Language The notification itself must be submitted in one of the official languages of Cyprus (ie, Greek or Turkish), but is usually submitted in Greek. The supporting documentation may be filed in Eng - lish. Two hard copies of the notification (along with its supporting documents) must be delivered to the offices of the CPC. They must also be sent to the Service electronically. Supporting documents may be submitted in either original or copy form. If copies are sub - mitted, the notifying party must certify that the copies are genuine and complete, but there is no formal certification requirement (eg, notarisation or apostille). 3.6 Penalties/Consequences of Incomplete Notification There are no penalties imposed for the submis - sion of an incomplete notification (but see 3.7 Penalties/Consequences of Inaccurate or Mis- leading Information for penalties related to the submission of inaccurate or misleading informa - tion or failure to submit information required by the Law). However, the time to the deadline for the CPC to issue a decision on the notification does not begin until the CPC considers that it has received a complete filing. 3.7 Penalties/Consequences of Inaccurate or Misleading Information If a notifying party has submitted inaccurate or misleading information in the filing, the CPC may impose a fine of up to EUR50,000. The same fine applies where a party fails to supply information otherwise required pursuant to the Law. Fines must be accompanied by a reasoned explana - tion by the CPC for the imposition of the fine,
participants will continue to participate in the same market(s) or in an adjacent market as the joint venture, and if so, details of their turnover, market share and activities. The notifying parties must also confirm that all the information and estimates contained in the notification are, to the best of their knowledge, accurate, that any expressions of opinion are genuinely held and that they are aware of the potential penalties that can be imposed. Parties may nominate a representative to sign the notification and handle queries regarding the notification on their behalf. In this case, details of the representative and evidence of their authori - sation (in a prescribed form) must also be sub - mitted. Supporting Documents The notification must be accompanied by the following supporting documentation: • copies of the final (or most recent) transaction documentation; • copies of the most recent annual returns and audited financial statements of all the partici - pants in the concentration; • copies of any reports or analyses produced for the purposes of the concentration (if they relate to Cyprus), which form the basis for the information included in the notification; • an index and summary description of all reports, analyses, etc, that have been pre - pared for the purposes of assessing the competitive impact of the concentration, the market conditions and potential or actual competitors; and • in the case of a public offer, a copy of the announcement of the bid and a copy of the offer document (if one exists).
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