GREECE Law and Practice Contributed by: Anna Manda and Maria Kallidopoulou, Karatzas & Partners
For the review of mergers involving undertakings active in the markets of electronic communica - tions and postal services, the EETT is the rel - evant competent authority. Decisions issued by the HCC and EETT are sub - ject to judicial review by the Greek administrative courts.
of all fines imposed against the undertakings by the HCC. In addition, the HCC may also impose administrative fines on the executives themselves for failure to comply with the merger control rules, which range from EUR200,000 to EUR2 million. Finally, the executives of the undertakings con - cerned are subject to criminal sanctions, the fines of which range between EUR15,000 and EUR150,000. As regards fines and penalties that have been imposed recently for failure to notify or gun- jumping, see 2.13 Penalties for the Implemen- tation of a Transaction Before Clearance . 2.3 Types of Transactions All transactions meeting the turnover thresholds described in 2.5 Jurisdictional Thresholds , are caught by the Greek Competition Act, as long as there is an acquisition of control on a last - ing basis. An acquisition of control is deemed to arise in any merger between two or more previ - ously independent undertakings or parts thereof, in an acquisition of direct or indirect control over the whole or part of one or more undertakings, by one or more persons already controlling at least one undertaking (or by one or more under - takings), and in a creation of a joint venture per - forming on a lasting basis all the functions of an autonomous economic entity. Therefore, internal restructurings and reorgani - sations do not qualify as concentrations under the Greek merger control regime. Operations not involving the transfer of shares or assets may qualify as concentrations, as long as the nature of control changes and there is an acquisition of control as a result of the operation (eg, through veto rights): see also 2.4 Definition of “Control” .
2. Jurisdiction 2.1 Notification
In case the respective thresholds described in 2.5 Jurisdictional Thresholds are met, a notifi - cation to the HCC, prior to the implementation of the transaction is compulsory (see also response to 2.14 Exceptions to Suspensive Effect on der- ogations from the suspensive effect of the imple - mentation of a notifiable concentration). There is no exception as to the mandatory nature of the filing requirement. The notification shall be sub - mitted within 30 calendar days after the signing of the relevant binding agreement, the acquisi - tion of controlling interest, or the announcement of a public bid that confers control on a lasting basis. 2.2 Failure to Notify The HCC can impose administrative fines of at least EUR30,000 and up to 10% of the aggregate national turnover of the undertakings responsi - ble for the filing, for failure to notify. The Greek Competition Act explicitly states that the fine imposed must be calculated on the basis of the economic power of the undertakings involved, the number of the affected markets, the compet - itive conditions therein and the potential effect of the contemplated concentration on competition. The executives of the undertakings concerned are personally and jointly liable for the payment
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