A New Competition Act entered into force in Greece on April 20, 2011, introducing changes in different areas of competition enforcement.
The main change introduced in relation to merger control is the abolition of the post-merger notification requirement for mergers with no significant effects on the Greek market.
Under the previous regime, mergers that failed the pre-closing notification test needed to be notified post-closing with the Greek Competition Authority (i) if they led to a concentration of more than 10 percent in a given product market in Greece, or (ii) where the aggregate domestic turnover of the parties involved was more than EUR 15 million. The post-closing merger notification was a particularity of the Greek merger control system, it led to an unnecessary administrative burden for companies and had an unclear purpose, as no relevant decision was ever adopted by the Greek Competition Authority.
The primary notification thresholds remain unchanged in the New Act.