Paksoy has advised Turkey's Migros Ticaret supermarket chain on the acquisition of 25% of the share capital in Paket Lojistik ve Teknoloji.

The Apak Uras Law Firm has opened its doors, founded by former Gur Law Firm partners Sena Apak and Selin Uras.

On 09.09.2019, the Turkish Competition Authority ("TCA") published its reasoned decision¹ in which it granted individual exemption to the Facility Consolidation Cooperation Agreement ("Agreement") signed between Vodafone, TT Mobil and Turkcell, the only three mobile operators in Turkey. The concerned decision is important to illustrate the potential approach to be pursued by the TCA with regard to the cooperation agreements between mobile telecommunications service providers.

Paksoy has advised Sofra Yemek Uretim ve Hizmet A.S., a subsidiary of Compass Group Plc, on its acquisition on 100% of the shares of Turkish catering services company Turkas from the Cokmez family. KKO Legal reportedly advised Turkas on the deal.

I. Data breach under Turkish laws: There is no specific definition of “data breach” under the Turkish data protection law (“Turkish DP Law”). However in terms of notification obligations, “illegal seizure of or access to personal data” is considered as a data breach. Under the Turkish DP Law in case of a data breach (illegal seizure of or access to personal data), the data controller is obliged to notify the breach to (i) the data subjects (affected individuals) and (ii) the Turkish Personal Data Protection Authority (“Turkish DPA”), within the shortest time (“shortest time” applies to both notifications). There is no distinction as to eligibility of the data breach for notification and there are no exceptions provided under the legislation for the breach notification.

In the last ten years, e-commerce has become the most important platform of today’s consumer habits, becoming a major competitor to both retailers and their suppliers. As a result, many giant retailers are now directing their investments towards e-commerce activities.

Murat Caglar, the former Legal Director at FLO Merchandising in Turkey, has become the Chief Legal Counsel at the Participation Banks Association of Turkey.

Turkish lawyer Onur Celiker has been promoted to partner at Pekin & Pekin in Istanbul.

Paksoy has advised the EBRD on its direct equity investment in the renewable arm of Turkey’s IC Energy Holding.

The Legislative Proposal on Amending the Law No. 6493 on Payment and Security Systems, Payment Services and Electronic Money Institutions (“Proposal”), has recently been submitted before the Grand National Assembly of Turkey.

White & Case and GKC Partners have advised Sisal S.p.A. on its successful bid, made with with Demiroren Holding affiliate Sans Digital ve Interaktif Hizmetler Teknoloji Yatirim A.S., for a ten-year contract to operate Turkey's Milli Piyango lottery that was tendered by Turkey's Wealth Fund. Balcioglu Selcuk Akman Keki Attorney Partnership advised Sans Digital, and the Lexist Law Firm advised Turkey's Wealth Fund.

Former ELIG Gurkaynak Attorneys-at-Law Senior Associate Bulut Girgin has joined Kinstellar’s Istanbul office as Counsel and Head of Competition and Compliance.

White & Case has promoted Local Partners Vaclav Kubr in Prague and Emre Ozsar in Istanbul to the firm's full partnership. Both Kubr and Ozsar work within White & Case's Global Mergers & Acquisitions Practice.

Burcu Tumer has left Accenture in Turkey, where she was Legal Counsel Associate Manager, to become Public Affairs, Legal and Compliance Manager at the Adecco Group, responsible for the Middle East, North Africa and Turkey.

I. Introduction

Special Purpose Acquisition Companies (“SPAC”), which are incorporated to achieve the purpose of investing and merging with a non-public company, were first introduced in the United States in 1990s and recently increased its popularity globally. Unlike other countries, SPACs entered into Turkish legal system relatively late with the Communiqué on Common Principles Regarding Significant Transactions and Appraisal Right (Communiqué No. II-23.1) of the Capital Markets Board (“CMB”), published in the Official Gazette dated 24.12.2013 numbered 28861(“Appraisal Right Communiqué”). Currently, there is no SPAC listed under Borsa Istanbul (“BIST”) in Turkey. SPACs are very similar to venture capital structure and can be considered as a strong alternative for investors and shareholders in Turkey as well.

By way of background, in January 2019, the Capital Markets Board (“CMB”) had issued an announcement on its website on the Draft Communiqué on Equity Crowdfunding . The CMB has now officially published the Communiqué on Crowdfunding No. III-35/A (“Communiqué”), on October 3, 2019. The Communiqué entered into force as of October 3, 2019.

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

Hakan Madi, the former Legal Manager at Ekin - Safe City Technologies, has become Head of Legal & Compliance at Pronet Security Services in Turkey.