On 14/11/2022, the Amending Law on the Protection of Competition, Law 169(I)/2022, (hereinafter the “Amending Law”), was published in the official gazette of the Republic of Cyprus. The Amending Law amends the Protection of Competition Law of 2022, L.13(I)/2022 (hereinafter the “Law”).
The Amending Law brings the following substantial changes to the Law:
- The persons that the Council of Ministers can appoint as Chairperson and Members of the Commission for the Protection of Competition cannot be active members of a trade union (amendment to Section 9(9) of the Law).
- The code of ethics governing the rules on the conflict of interests of the Chairperson and the members of the Commission for the Protection of Competition must be approved by the Parliamentary Committee of Energy, Trade, and Industry, instead of the Minister of Energy, Trade and Industry (amendment to Section 10 of the Law).
- The level of the fine that a Regulation of the Cοuncil of Ministers can determine for criminal offences pertinent to infringements of the Law cannot exceed €350.000, instead of €85.000 (amendment to Section 65(3) of the Law).
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