On 2 March 2023, the Hellenic Competition Commission (HCC) decided to prioritise and assign to a Commissioner-Rapporteur, pursuant to Article 15 of Law no. 3959/2011 (the “Competition Act”), the in-depth investigation of certain practices in the financial services sector that may infringe Articles 1 and 2 of the Competition Act and/or Articles 101 and 102 of the Treaty for the Functioning of the European Union (TFEU). 

These practices are investigated in the context of a complaint submitted to the Directorate General for Competition (DGC) and an ex officio investigation launched by the DGC concerning, inter alia, the markets for payment services and interbanking systems.  In the context of its investigation, the DGC on 8 November 2019 and on 14 December 2021 conducted dawn raids at the premises of undertakings active in the sector.  

It is noted that, on 6 October 2022, the HCC decided to prioritise and assign to a Commissioner-Rapporteur the investigation of potential competition law infringements in relation to the charging of certain fees (see the relevant Press Release).  

Legal framework

The HCC is responsible for enforcing Greek and EU antitrust rules in the Greek territory (Articles 1, 1A and 2 of the Competition Act and Articles 101 and 102 TFEU). 

• Articles 1 of the Competition Act and 101 TFEU prohibit anti-competitive agreements between undertakings (agreements, decisions of associations of undertakings or concerted practices) that have as their object or effect the restriction of competition.
• Article 1A of Law no. 3959/2011 prohibits unilateral practices that constitute invitation to collude or future price announcements to competitors
• Articles 2 of the Competition Act and 102 TFEU prohibit the abuse of a dominant position.

Next steps

The assignment of a case to a Rapporteur indicates that the HCC’s investigation is at an advanced stage, and it triggers the time limits of Article 15 par. 4 and 5 of Law 3959/2011 for the adoption of a decision.  However, it does not prejudge the content of the Statement of Objections or the HCC’s Decision.  The statutory time limit is indicative, he duration of the antitrust investigation depends, inter alia, on its complexity, the size of the case file as well as the number and degree of cooperation of the undertakings involved.