In the past twelve months, energy prices seem to have taken a life of their own. Their continued and, at times, shocking growth has raised concerns across the region and prompted differing responses and policy changes in each country. To get a more accurate picture of recent developments, we reached out to experts in Bulgaria, the Czech Republic, Moldova, Montenegro, Poland, and Turkey and asked them about the current energy prices, their impact on local economies, the drivers behind their growth, and whether any plans were in place to address the issue.
On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.
In 2015 the Organization for Economic Cooperation and Development created 15 base erosion and profit shifting (BEPS) action plans to equip governments to address tax avoidance by means of domestic and international rules and instruments. The purpose of the action plans is to ensure that profits are taxed where economic activities generating the profits are performed and where value is created.
COVID-19 has swiftly become a global outbreak, affecting not only people’s lives but also the global economic conjuncture. Like most countries, the Republic of Turkey, has adopted several measures to eliminate or lessen impacts of COVID-19 on the economy. With this article, we will provide an overview of the Turkish legal market and key legislation enacted during the COVID-19 outbreak.
In Turkey, a local and centralized commercial electronic communication management system (IYS) for obtaining, exercising, and tracking opt-in/opt-out requests as well as complaints from recipients of electronic commercial communications was established under the supervision of the Ministry of Trade, the competent authority, in line with recent amendments to the Regulation on Commercial Communication and Commercial Electronic Messages. Also, a company has been incorporated solely for the establishment and management of IYS on behalf of the institution authorized by the Ministry (IYSCo).
Antitrust authorities follow closely the transformation in communication technologies with the intent to preserve the efficiency of their investigative practices and evidence search, during handling their cases. Otherwise the authorities will be on the verge of losing their operability in detecting and proving infringements. A fresh amendment on Turkish Competition Act clarifies Turkish Competition Authority’s (TCA) powers associated with down-raid regarding digital documents. In this brief article, we authored TCA’s recent Burdur LPG Case, TCA imposed fine on LPG retailers of the city of Burdur, based on the evidence extracted from WhatsApp communication between executives of the undertakings.
The long-lasting bill of Law on The Act on the Protection of Competition (The Competition Act) was ratified by Turkish Parliement on 06.16.2020. This amendment is the most extensive reform of antitrust enforcement system since the enactment of the Competition Act in 1994. The most significant changes are explained below:
Fintech is described by the Financial Stability Board (FSB) as “technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services”. Fintech companies of all sort, have so far triggered a remarkable transformation in the provision of financial services. The impacts of this ongoing transformation on market structure is inevitable, as these companies are growing as new market players.
The coronavirus pandemic has produced material effects on economy and triggered a global economic crisis leading to major changes in commercial activities. Significant part of the world population has largely changed their spending habits that almost stopped the functioning of multiple industries while demand for several others such as health equipment, food products and cleaning materials upsurged. Towering demand for these products caught companies unprepared and led to a supply crisis.