GREECE: An Introduction to Competition/European Law

Legislation, Enforcement, Merger Control and Regulation

The Greek competition law regime is enshrined primarily in Law 3959/2011 (the “Greek Competition Act”), prohibiting agreements and concerted practices that restrict competition (Article 1) and abusive practices by dominant undertakings (Article 2) and establishing a mandatory pre-closing filing for all concentrations meeting the relevant turnover thresholds (Articles 5–10).

The Hellenic Competition Commission (HCC) constitutes the principal national competition authority, assuming the power to enforce the competition rules in all markets except for the electronic communications and postal services markets, where the Hellenic Telecommunications and Post Commission (EETT) assumes all competition law powers in relation to these sectors.

Trends & developments

Legislative developments

In the context of transposing into the Greek legal order the ECN Plus Directive (Directive 2019/1), the Greek Competition Act was substantially amended with effect from 24 January 2022 by Law 4886/2022.

A major reform to the Greek Competition Act is the newly added Article 1A, which prohibits two distinct types of unilateral conduct: the invitation to the conclusion of an unlawful agreement and the announcement of future pricing intentions between competitors (“price signalling”), constituting, as of 1 July 2022, these two unilateral practices as self-standing antitrust infringements under Greek law. However, they only concern companies with turnovers and labour forces above certain thresholds. On 1 February 2023, the HCC issued guidelines on the application of Article 1A, but legal uncertainty remains, especially since the provision is yet to be enforced.

It is also noteworthy that the settlement procedure, which was previously applicable only in horizontal/cartel cases, has been extended to vertical restraints, abuse of dominance and the new infringements under Article 1A.

On the merger control side, Law 4886/2022 has amended the Greek Competition Act to introduce the possibility for the parties to a transaction to offer remedies during a Phase I investigation and the corresponding power of the authority to impose them for a conditional Phase I clearance decision (Article 8(4A)), an option available only in Phase II under the previous regime.

Enforcement of antitrust rules

In terms of enforcement, most HCC investigations focused on potential vertical infringements, especially regarding resale price maintenance (RPM), internet minimum advertised prices (iMAPs), and restrictions of sales through online platforms. Horizontal anti-competitive practices remained a key priority as well, the focus recently being on the mapping of the value chain for many consumer products and on bid rigging.

In this regard, the HCC made extensive use of the settlement procedure, rewarding the co-operation of companies via reduced fines and providing for expedited proceedings. Indicatively, in 2023 and 2024, the HCC issued settlement decisions to impose:

1. a total fine of EUR41,756,180.10 on five Greek banks and the Hellenic Banking Association for the engagement in horizontal collusion (Decision 838/2023);
2. a fine of EUR111,521 for a ban on the use of online price comparison platforms (Decision 824/2023 Caudalie Hellas), which was the first of its kind with respect to platform bans under the new VBER;
3. fines totalling EUR105,772.66 on undertakings active in the supply of telecommunication equipment and internet teleconferencing (Decision 834/2023), in the first case of extraterritorial application of competition law by the HCC and the first case where the HCC imposed fines to both suppliers and retailers participating in a vertical restriction of competition;
4. a total fine of EUR172,424 on a supermarket association for geographic market allocation among its members (Decision 852/2024); and
5. fines totalling EUR1,081,339.64 for anti-competitive bid-rigging practices in the market for the provision of cadastral survey services and support services for the creation of a national cadastre (Decision 869/2024), in a rare case where one of the undertakings investigated applied for immunity under the Leniency Programme.

The HCC has also pursued abuse of dominance cases in the gambling sector and the market for the production and supply of bauxine, imposing fines on certain undertakings in the context of adversarial procedures (Decisions 787/2022 and 807/2023). There is also an ongoing abuse of dominance investigation regarding a possible strategy to exclude competing medicines for the treatment of ophthalmological diseases, which allegedly includes a variety of combined practices, such as naked restrictions and denigration practices.

On a separate note, the HCC imposed the first ever fine on an individual for obstruction/non-cooperation during a dawn raid (Decision 745/2021), pursuant to Article 39(5) of the Greek Competition Act. Following that, in 2024 the HCC also imposed a fine of EUR9.2 million on an undertaking and EUR50,000 on the legal representative of the same undertaking (Decision 835/2023).

Merger control and consolidation of sectors

Merger activity has increased over the past few years in Greece, reaching a record high in 2024, with the HCC clearing 30 transactions in various sectors. Indicatively, the HCC reviewed the following concentrations that displayed interesting features.

1. Delivery Hero’s acquisition of Alfa Distributions, Inkat, Delivery.gr and E-table, which introduced the first “ecosystem case” where the HCC dealt with various online intermediation markets (Decision 775/2022).
2. The change in the quality of control from joint to sole over Prometheus Gas SA, by Pyrsos Holding Company SA, a company active in the markets of natural gas and electricity supply where the HCC issued the first derogation from the standstill obligation decision during the last decade (Decision 809/2023). Similarly, a derogation decision was issued by the HCC in October 2024, with respect to the concentration of construction company Gek Terna SA and highway concessionaire Attiki Odos (Decision 866/2024).
3. The concentration of Raidestos & Certis Belchim and K. & N. Efthymiadis, companies active in the sectors of plant protection products and seeds, which represents the second merger case in which the HCC accepts commitments during a Phase I procedure (Decision 854/2024), ensuring flexibility and speed, pursuant to the recent amendment of the Greek Competition Act.

Furthermore, gun jumping fining decisions concerning FMCG retailer Anedik Kritikos (Decision 823/2023) and the undertaking holding a de jure monopoly on land-based betting services OPAP S.A. (Decision 752/2021) show the HCC’s strict stance in the enforcement of merger control rules.

There were no outright prohibitions in Greece in 2024, but the HCC tends to consider wider theories of harm when investigating whether deals are stifling innovation.

Regulatory initiatives and other innovative tools

The HCC has launched certain innovative tools and has been very active in terms of regulatory initiatives, including:

1. the participation in a project led by the OECD for combating bid rigging in public procurement;
2. the launching of the Sandbox for Sustainable Development and Competition, offering a full ex ante evaluation of commercial practices by the HCC to reduce the regulatory risk for “green” investments; and
3. the addition of algorithmic methods to the HCC’s arsenal to scrutinise commercial conduct in the context of sector enquiries.

Over the past couple of years, the HCC has also conducted multiple dawn raids in several sectors, sector inquiries, multiple mapping studies in the food industry and into animal-related markets, as well as a regulatory intervention in the petroleum sector.

Finally, the HCC, in its ongoing commitment to adopting decisions in a timely and efficient manner, has recently updated the criteria for prioritising the examination of pending cases, primarily focusing on forms of horizontal co-operation (Decision 844/2024).

The way forward

In January 2024, a new President of the HCC was appointed, bringing anticipation of future enforcement trends and heightened levels of activity. For the time being, the HCC seems to focus on regulatory initiatives, while the enforcement activity has lessened compared to the past couple of years.

It is also worth underlining that there is currently no foreign direct investment (FDI) regime in Greece, as the issuance of the legislative act that would set up the Greek FDI screening mechanism is still expected.