Cyprus Enacts New Competition Law

The long-awaited new Law repealing and replacing the previous legal framework relating to the protection of competition in Cyprus has been adopted. The new Law is entitled "The Protection of Competition Law of 2021", Law 13(I)/2022, (the «Law») and aims to transpose Directive (EU) No. 2019/1 (ECN+ Directive) (the «Directive»). The Directive's main objective is the empowerment of the National Competition Authorities («NCAs») in effectively enforcing Articles 101 and 102 TFEU and ensuring fair and open competition in the internal market.¹ Moreover, the Directive recognises the importance of the uniform application of EU Competition Law in parallel to national law.² To that end, it empowers NCAs by providing them with the necessary tools for the enforcement of Competition Law and ensures that the critical guarantees of independence and impartiality are in place.³