European Union Competition Law
Failure to comply with European Union completion law can have very serious consequences since in Cyprus, and any other Member State, all national competition authorities are required to apply EU competition law.
Whether you have a valid reason to believe that your competitor failed to comply with EU Competition law or your company has failed to do so, Simon Zenios & Co LLC will provide you with legal guidance and assistance in order for you to pursue the necessary actions specific to your case, ensuring that EU Competition law is complied with by your competitors and that you are within compliance with it while avoiding penalty or liability as best as possible.
What are the main provisions of EU Competition Law?
Article 81(1) of the Amsterdam Treaty prohibits all agreements between undertakings, decisions by associations of undertaking, and concerted practices that may affect trade between the Member States and that have as their object or effect the prevention, restriction, or distortion of competition within the common market.
Furthermore, Article 81(2) has also of significant importance since it provides that “such agreements are rendered void”.
Also, Article 81(3) states that there are exceptions of the general rule that is stated in Article 81(1), for instance in the case of arrangements that contribute to improving the production or distribution of goods or to promoting technical or economic progress while allowing consumers a fair share of the resulting benefit, etc.
For comprehensive information on EU Competition law as well as advice and assistance with anything related, please contact us by clicking below.