On Thursday, October 6, 2022, the Competition Committee commenced examination and assignment of a rapporteur competent to investigate ex officio in the market for the provision of banking services, in particular in the individual markets for retail and business banking, the issuance and acceptance of cards as well as in the markets of interbank systems, payment services and electronic transactions in order to investigate in any offences.
For the purpose of automatic investigation, on November 7, 2019 the General Directorate of Competition (GDA) conducted large-scale and unannounced on-site inspections of companies active in the above-mentioned markets.
The legal framework
The Competition Commission, which protects the orderly functioning of the free market, is responsible for the application of competition rules. Under the legal framework, collusion between projects (agreements, decisions of associations, or concerted practices) whose purpose or effect is to restrict competition is prohibited. Articles 2 of Law 3959/2011 and 102 of the TFEU prohibit the abusive exploitation of a dominant position.
Next steps
Waiver of judgment does not affect the content of the recommendation and/or the decision of the Competition Commission. The legal deadline is indicative and the time taken to examine each case depends, among other things, on its complexity, the size of the administrative file, as well as the number and degree of cooperation of the controlled firms.
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