19
Sat, Aug
43 New Articles

On July 31, 2017, Borsa İstanbul A.Ş. ("Borsa Istanbul") amended its Borsa Istanbul Listing Directive (the "Directive"), relaxing and softening the listing requirements for the Star Market (Yıldız Pazar), which is expected to increase the number and volume of initial public offerings.

Erdem & Erdem has advised Akfen Holding A.S. on Turkish and English law matters related to its agreement to transfer its shares in Mersin Uluslararasi Liman Isletmeciligi A.S. — the operator and manager of a port in Mersin, Turkey — to Australian infrastructure fund IFM Investors.

Article 17 of the Turkish Constitution provides that “Everyone has … the right to protect and improve his/her corporeal and spiritual existence.” Based on this provision of the Turkish Constitution, the general principles of indemnity law will apply to any violation of personal rights. Article 49 of the Turkish Code of Obligations provides the general principle for indemnification under Turkish law and states that “Whoever damages someone else with an unlawful and culpable act is obligated to compensate that damage.”

The “Communiqué on Trust Seal in Electronic Commerce” (“Communiqué”) has been published in the Official Gazette dated 6 June 2017 and numbered 30088 and came into effect as of the publication date. Within the frame of such Communiqué, following subjects have been regulated; 

After China, the world’s largest merchandise exporter, joined the World Trade Organization (WTO) in 2001, it agreed to a 15-year transitional period during which other members would be allowed to use the “non-market economy” method for dumping calculations. This transitional period ended on 11 December 2016, and forced certain WTO members to revise their anti-dumping strategies. 

The Yegin Ciftci Attorney Partnership and Clifford Chance have advised the IFC on its USD 150 million investment in covered bonds issued by Turkey’s Garanti Bank. The five-year maturity bond is backed by a portfolio of residential mortgages and is issued as part of Garanti Bank’s EUR 5 billion covered bonds program. Mayer Brown advised Garanti on the matter.

Balcioglu Selcuk Akman Keki Attorney Partnership and Dentons have advised selling shareholders Ru-Net and Target Global and an unnamed group of non-selling shareholders on Delivery Hero AG’s USD 1.1 billion initial public offering on the Frankfurt Stock Exchange. Lead Arrangers Citi, Goldman Sachs, and Morgan Stanley were represented by Freshfields Bruckhaus Deringer. Sullivan & Cromwell, King & Spalding, and Germany's GLNS law firm represented Delivery Hero. Selling shareholders Rocket Internet and Luxor Capital were represented by Noerr and Latham & Watkins, respectively.

Andersen Global has initiated its presence in Turkey by way of a collaboration agreement with Nazali Tax & Legal, a tax and legal consultancy firm founded in 2015 by Managing Partner Ersin Nazali with locations in Istanbul, Ankara, Izmir, and Bursa. 

In Turkey, the authority to initiate dumping or subsidy examinations, upon complaint or, where necessary, ex officio, is given to the Ministry of Economy (“Ministry”). Within the scope of this authority, the Ministry announces its decisions with the communiqués published on the Official Gazette. 

Turkey Knowledge Partner

Founded in 1990, TURUNÇ is a leading, full-service Turkish law firm providing cutting-edge legal advice and representation to a global clientele. We provide the highest quality of legal service in each of our practice areas and we take pride in the work we do. Since our founding, we have always maintained a friendly, open and inclusive firm culture in which individuality and independent thinking are highly prized. Our lawyers work in collaborative, collegial teams across our practice areas.

All News about, and Legal Analysis by, TURUNÇ can be found here.

Firm's website: www.turunc.av.tr

 

Our Latest Issue