The Cyprus Commission for the Protection of Competition (C.P.C.), by its own initiative and in the framework of an ex officio investigation, which has been recently completed, decided on first-instance and after consideration of the results of the said investigation, that JCC Payment Systems Ltd, Bank of Cyprus Ltd, Cyprus Popular Bank Ltd and Hellenic Bank Ltd infringed Articles 4 and 6 of the Protection of Competition Law 207/89.
As a result of the above first instance decision, the Cyprus Commission for the Protection of Competition issued Statements of Objections for the above undertakings which include the infringements in relation to Competition Legislation.
The alleged infringements relate to the charges and the terms of transactions of VISA and MASTERCARD payment cards in Cyprus.
According to the existing procedures as set out in the Protection of Competition Law 207/89, the above-mentioned undertakings have been asked by the C.P.C. to make representations in response to the Statements of Objections.