CYPRUS Law and Practice Contributed by: Marios Pelides and Dominique Pelides, Georgiades & Pelides
4. Substance of the Review 4.1 Substantive Test
information it receives in the course of exercis - ing its duties – see 7.4 Co-operation with Other Jurisdictions ). 3.10 Requests for Information During the Review Process It is relatively common for the Service to issue requests for information during the review pro - cess; however, the Service does not generally go beyond requesting information that is reasonable and proportionate to its task. Parties can mini - mise 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, the Ser - vice may “stop the clock” pending receipt of the information. In the authors’ experience, provided the parties respond to the Service’s requests in a prompt and transparent manner (particularly if it is possible to respond on the same day or the following day), the Service will not stop the clock 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 deci - sion on the part of the CPC within the deadline constitutes deemed clearance of the notified concentration. for minor information requests. 3.11 Accelerated Procedure
The CPC will examine whether (i) the notified transaction qualifies as a “concentration of major importance” within the meaning of the Law (see 2.3 Types of Transactions ); and (ii) the con - centration 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 affirma - tively, 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 geographic markets; and • a description and analysis of all affected markets and other markets likely to be signifi - cantly affected by the concentration. The Law contains some guidance designed to enable notifying parties to comply with this obli - gation, which is summarised below. Relevant Product Markets A relevant product market will comprise all products and/or services that a consumer may consider interchangeable (or which can be sub - stituted for one another) on the basis of their price, characteristics (including their physical and technical characteristics) and intended use. Relevant Geographic Markets The relevant geographic market will include the area in which there is supply and demand of/ for the relevant products and/or services by the
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