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The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable Pledge Law”).

An alternative dispute resolution method is expected to be introduced in Turkey shortly through the Draft Law on Labor Courts (“Draft Law”). The purpose of the Draft Law is to bring a functional and an effective judicial procedure for labor conflicts via mandatory mediation and to replace the current regulations. 

The Deal:

On August 15, 2016, CEE Legal Matters reported that the Esin Attorney Partnership (a member firm of Baker & McKenzie International), Hogan Lovells, and Paksoy had advised on Burgan Bank’s USD 87 million and EUR 57 million syndicated multi-tranche term loan agreement with 13 banks from 8 countries. The banks were led by HSBC, acting as coordinator, Arab Banking Corporation (B.S.C.), acting as agent, and Commerzbank Aktiengesellschaft, Filiale Luxemburg, HSBC Bank Middle East Limited, and Mashreqbank PSC acting as initial mandated lead arrangers and bookrunners.

The “Law on Movable Pledge for Commercial Transactions” (“Law”) numbered 6750 was published in the Official Gazette dated 28 October 2016 and numbered 29871 and will be in effect as of 01 January 2017.

On January 11, 2017, the Central Bank of the Republic of Turkey (the “Central Bank“) has reduced banks’ foreign exchange liabilities related reserve requirements by 50 basis points to provide extra liquidity to the market. The changes take effect starting from December 30, 2016.

Paksoy has advised IMCD N.V., a distributor of speciality chemicals and food ingredients, on its acquisition of 100% of Istanbul-based Feza Kimya Ic ve Dis Ticaret Anonim Sirketi from the Bozkurt family. De Brauw Blackstone Westbroek acted as foreign counsel to IMCD on the deal, and the Yurttutan Gurel Yoruker law firm advised the Bozkurt family.

Turkey’s main regulation regarding advertisements, the Regulation on Commercial Advertisement and Unfair Commercial Practices (“Regulation”) was amended with another regulation published on the Official Gazette of 4 January 2017, effective immediately. Those who advertise their products and services, advertisement agencies and the media that publishes such advertisement should abide by the Regulation. 

Balcioglu Selcuk Akman Keki Attorney Partnership has succesfully advised Pera Capital on its acquisition of 45% of the shares of Asset Medikal from the Teknoloji Yatirim A.S. venture capital firm and founding Asset Medikal shareholders Mehmet Tuysuz, Fusun Tuysuz, and Filiz Bayindir. The Akol Ozok Namli Attorney Partnership advised Teknoloji Yatirim and the Yasaman Law Firm advised the shareholders.

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