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The US Department of Justice (“DOJ”) had announced a pilot program1 (“Pilot Program”) on April 5, 2016, which created new mitigation opportunities for companies that (i) voluntarily self-disclosed, (ii) cooperated fully, and (iii) took timely and appropriate remedial actions in FCPA matters that fell within the Fraud Section’s mandate.

In The Corner Office we invite Managing Partners at law firms across the region to share information about their unique roles. The question this time around: What is your favorite question when interviewing a job applicant, and why?

The Esin Attorney Partnership and Baker McKenzie have advised a syndicate of 37 international banks, including Bank of America Merrill Lynch International Limited as Sole Bookrunner and Documentation Agent, on EUR 800 million and USD 411 million dual currency term loan facilities provided to Yapi ve Kredi Bankasi A.S. The deal was signed on October 9, 2017. 

The Law on Protection of Consumers No. 6502 (the “Law”) is published in the Official Gazette on November 28, 2013 and entered into force on May 28, 2014. Article 1 of the Law specifies the purpose of the Law as “to take measures that protect the health, safety and the economic interests of the consumer … in order to inform and educate the consumers in accordance with public interest”. Regulation and supervision of advertisements are considered as necessary tools to protect consumers. Therefore the Law includes detailed provisions on advertisements, which are supported by the secondary legislation, i.e. the Regulation on Commercial Advertisement and Unfair Commercial Practices (the “Regulation”). 

Foreign investors willing to invest in Turkey and Turkish companies listed on foreign stock exchanges or which have a business relationship with foreign companies are under the obligation to comply with high-level international compliance requirements. As a result, these investors and Turkish companies are required to implement compliance programs which assist them and their employees to conduct transactions and actions in conformity with ethical principles, legislation, and regulatory provisions. 

The Labor Courts Code (the "Code") was published in the Official Gazette on October 25, 2017 and entered into force. The Law abolished the Law No. 5521 on Labor Courts ("Abolished Law") and brought numerous amendments.

Overall, this was a less active year in terms of Foreign Corrupt Practices Act (“FCPA”) enforcement actions, at least when compared to 2016. In 2017, the Department of Justice (“DOJ”) took a total of 9 enforcement actions and the Securities and Exchange Commission (“SEC”) took a total of 7 enforcement actions. Therefore, we observe that the DOJ has been more active than the SEC in terms of the number of enforcement actions this year. So far in 2017, we have witnessed only 2 declinations within the scope of the Pilot Program,1 as opposed to 5 declination decisions in 2016. 

YYU Legal has advised the Turkish Automobile Sports Federation, which is backed by the Ministry of Youth and Sports of the Republic of Turkey, on its entrance into an Event Promotion Agreement with the World Rally Championship Promoter GmbH, a Red Bull subsidiary, regarding Turkey's participation in the World Rally Championship organization.

“Parallel proceedings” are disputes between the same and/or related parties in the same or related disputes in different forums. Parallel proceedings usually arise when court and arbitration proceedings are commenced simultaneously to resolve the same case or a case that will in some way affect the other. Disputes arising out of shareholders’ agreements and articles of association, in particular, come under the spotlight in Turkey in the context of parallel proceedings.

Schoenherr has successfully advised the association of Turkish freight forwarders and Istanbul Lojistik on an EU law infringement case against Hungary, which requires Turkish freight forwarding companies to obtain a transit permit — some issued at no charge, most requiring the payment of a vehicle tax — to transport goods across its territory. 

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

 

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