Recent market dynamics lead its participants to run innovation-focused projects. “Pop-Up Shops or Flash Retailing” can be shown as an example of these innovative approaches.
White & Case has confirmed that Partner Zeynep Cakmak, the co-Managing Partner of associated Turkish firm Cakmak-Gokce Law Firm, will leave the firm and withdraw from the White & Case partnership on January 31, 2018 to re-join the Cakmak Avukatlik Ortakligi, after which White & Case will provide Turkish law advice in Istanbul through a professional association with a sole proprietorship of Partner Guniz Gokce.
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.
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.
Kolcuoglu Demirkan Kocakli, working in cooperation with Fox Horan & Camerini, has advised Demir Sabanci on the indirect sale of the majority shares of Gratis Ic ve Dis Ticaret Anonim Sirketi to Actera Partners II L.P. Kirkland & Ellis represented Actera Partners II, with Verdi Attorney Partnership advising on Turkish law matters.
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.