Important amendments to Greece’ s Antitrust Law 703/1977

By virtue of law 3784/2009 (the New Law), important changes have been introduced to the Antitrust Law 703/1977. These changes basically refer to substantive law, to the composition and powers of the Hellenic Competition Commission and to the fines and sanctions which it can impose for breach of the law. The New Law became effective as of September 7, 2009.

Some of the most important changes are highlighted hereunder.

I. Amendments in substantive law provisions

i. In line with EC Regulation 1/2003, the individual exemption of agreements falling under article 1(1) of 703/77-the equivalent of article 81 EC Treaty- is abandoned and self-assessment is introduced. Accordingly, agreements, decisions and concerted practices falling under article 1(1) but satisfying the conditions of article 1(3) – the equivalent of 81(3) EC Treaty- shall be valid, no prior decision to that effect being required.

ii. The article prohibiting the abusive exploitation of a relation of economic dependence has been removed from the antitrust law framework and transferred in the Law 146/1914 on Unfair Competition.

iii. Regarding post-merger notifications, these are maintained, but the notifiable information is substantially reduced.

iv. Regarding pre-merger notifications, in case the Commission enters into a full depth investigation of the transaction and notifies this to the undertakings concerned, the latter may within 15 days from such notification propose remedies eliminating the anti-competitive effects of the concentration.

v. In case the Commission considers that a concentration has been early implemented or has been implemented in breach of a condition imposed by it, it may adopt interim measures to restore competition.

II. Amendments relating to the composition and powers of the Commission

i. The number of the members of the Commission is reduced from 11 members to 9 out of which four are “rapporteurs”. The rapporteur in any specific case will be chosen by draw and will be assisted in his duties of preparing an opinion to the Commission by up to 5 members of the Division. A time limit is introduced for the adoption of a decision, which until now may have dragged for years. Henceforth, a decision must be adopted by the Commission within a time limit of 6 months from its assignment to a rapporteur.

ii. Cases involving prohibited agreements, abuse of dominance and mergers will be examined by three-member divisions of the Commission, while the Commission will be sitting in plenary session only in cases of major importance

iii. The Commission’s investigatory powers for the collection of evidence are further expanded. It is explicitly provided that the inspectors may collect data from electronic storage means, also portable or outside the investigated premises, as well as from electronic files.

III. Amendments regarding fines and other sanctions

i. A minimum of 6-month imprisonment is introduced for those persons or representatives of legal entities who enter into agreements or concerted practices caught by articles 1 of law 703/77 or article 81 EC Treaty, relating to undertakings active in the same level of competition and restricting same.

ii. The fines for violations of antitrust law have significantly increased; from 3.000 to 30.000 Euro, to 15.000 up to 150.000 Euro.

iii. The imprisonment for obstructing the Commission’s investigation, for refusing to provide information, as well as for providing false information has been doubled from a minimum of 3 months to a minimum of 6 months, whereas the fine has increased to 50.000 Euro.

 

* The information in these pages is not intended
to constitute specific legal advice.
No liability can be accepted for actions based on this information.