GREECE Law and Practice Contributed by: Stathis Orfanoudakis, Theodore Konstantakopoulos and Yolanda Antoniou-Rapti, Zepos & Yannopoulos
Service Providers. Providers of intermediary ser- vices, including mere conduit services, caching services, online search engines and hosting ser- vices, have the obligation to register with EETT’s relevant e-Registry (existing providers had to do so by 22 October 2024). Furthermore, as the EU AI Act will gradually enter into force, technology companies who act as providers of AI systems (ie, develop or place AI systems into the European market) or as importers or distributors of AI systems (ie, import or distribute AI systems within the EU) – or even companies who use AI systems within the EU – should carefully assess their AI systems to determine the applicable risk category and implement the necessary measures to comply with the EU AI Act. In terms of regulatory frame- work, permits and approvals are not provided for; however, in the case of high-risk AI systems, there are requirements for conformity assess- ments, registration in the EU database, and post- market monitoring. On 12 November 2024, the Ministry of Digital Governance announced that the national authorities and bodies responsible for enforcing or supervising compliance with the obligations under the EU AI Act include the Hellenic Data Protection Authority, the Ombuds- man, the Authority for Communication Security and Privacy, and the Commission for Human Rights. Additional powers will be added to the afore-mentioned bodies, such as access to any documentation created or maintained by organi- sations for compliance with the EU AI Act, which will come into effect on 2 August 2026. 7.2 Primary Securities Market Regulators There is no designated securities market regula- tor for M&A transactions in Greece. Depending on the type of the transaction and the companies involved (whether they are listed or not, whether
they engage in any regulated activities, etc), a number of local regulators could come into play: • the HCMC and the Athens Stock Exchange with regard to listed entities; • the Hellenic Competition Commission (HCC), which is entrusted with monitoring and pro- moting competition in the Greek market, as well as reviewing M&A transactions that meet the jurisdictional thresholds set out in Greek Law 3959/2011 (the “Greek Competition Act”); and • any of the other regulatory bodies referred to under 7.1 Regulations Applicable to a Tech- nology Company . 7.3 Restrictions on Foreign Investments In principle, most restrictions on foreign invest- ments in Greece have been abolished, as the country is constantly aiming at becoming an attractive investor destination. Nevertheless, certain investment restrictions continue to apply, including the following. • Non-EU/European Free Trade Associa- tion (EFTA) natural or legal persons may not proceed with any transaction without a prior approval from the competent decentralised administration office, in which a contrac- tual right or a right in rem is granted in their favour, or unless such persons acquire shares of companies (irrespective of the companies’ legal forms) that own real estate property located in specific border regions of the country set out in Greek Law 1892/1990. • Legislative Decree 210/1973 provides for special approval of contracts for the trans- fer to foreign (natural or legal) persons or for the use/exploitation of mining rights by such persons.
179 CHAMBERS.COM
Powered by FlippingBook