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