Cartels in Cyprus are addressed by the Protection of Competition
Law 13(I)/2008, as amended by Law 41(I)/2014 (the
'Competition Law'). The Commission for the
Protection of Competition (the 'CPC') is the competent
implementing authority.
On establishing infringements of the Competition Law, the CPC
can impose administrative fines of up to 10% of the combined annual
revenue of the undertakings concerned, plus an administrative fine
of up to 5% of the average daily turnover of the undertakings
concerned during the previous financial year, for each day that the
infringement continues.
Notable recent instances of the CPC imposing sanctions include a
€20.8 million fine on retail oil companies for price-fixing; a
€31 million fine on 8 banks and their joint venture in the
payment services market and a EUR 2.1 million fine on a cartel in
the market for sales of dairy milk.
