6 February 2015

Hearings in the complaint pursued by the Cyprus Competition Commission are to commence in the week beginning 9 February and are expected to last into March. This is in regards to the Commission’s findings against JCC Payments Systems Limited, its shareholders and other banks particularly in regard to the issuing of payment cards and running acquiring services. The complaint specifically deals with issues to do with the use of their market position to restrict competition in breach of articles 3 and 6 of the Cyprus Competition Law and articles 101 and 102 of the European Union Treaty. 

It will be remembered that the Cyprus Competition Committee issued a press release dated 30 May 2014 announcing that after investigating the complaint they found there to be a prima facie infringement of the competition legislation. The Commission has now called JCC and the other parties to present their defense against its findings.

This case is being pursued by FBME Card Services. Despite the fact that the Company was forced to suspend operations in August 2014 due to actions taken by the Central Bank of Cyprus’s Administrator, it has continued to follow its complaint against JCC, its shareholders and others.