Efra Aydin Can and Didem Keles Pinar have been promoted to Partner at Egemenoglu, as of January 1, 2022.

While inheritance is considered an extension and an aspect of the property right, a person may be deprived of this right due to their own consent or in some cases, unlawful actions. These possibilities are regulated by Turkish law under the titles of disinheritance, successional indignity, renunciation of inheritance, and the right to disclaim.

Turunc has advised Logo Ventures and Tech One on their investment into Evreka. Gokce advised Evreka on the investment round.

Cakmak has advised Turcas Petrol on the sale of its Kuyucak geothermal power plant to Albioma. Tunc Firat Dereli advised the buyer.

In terms of Turkish corporate law perspective, different types of privileges may be granted to certain shares during drafting the articles of association while a joint-stock company is being established or by way of amending articles of association of an already established joint-stock company. These privileges may be on dividend right, liquidation share, pre-emptive right, voting right and other similar rights. In this regard, the shareholders holding privileged shares in a joint-stock company are deemed privileged shareholders. In this article, we will focus on rights of privileged shareholders and relevant procedures that need to be followed for the circumstances that may affect interests of privileged shareholders within the framework of Article 454 of the Turkish Commercial Code No. 6102 (“TCC”) and the Regulation on the Procedures and Principles of General Assembly Meetings of Joint-Stock Companies and Ministry Representatives Attending the Meetings.

Cartel facilitators are viewed as possible instruments for undertakings to disguise their restrictive agreements and to get around competition law obligations. The approach that enables third parties to be held liable as “cartel facilitators” under the EU competition law dates back to the 1980s, when the European Commission (“Commission”) decided for the first time in Italian Cast Glass that the third party, which was not active in the affected market but enabled and assisted the implementation of the restrictive behavior, was jointly liable for the cartel.

BTS & Partners has advised Eczacibasi Momentum on its USD 12 million Series A Round investment in RS Research.

Contributed by Kolcuoglu Demirkan Kocakli.

Serra Haviyo has been promoted to Partner at Moral & Partners. According to the firm, Haviyo will be responsible for the Corporate Advisory, M&A, and Banking & Finance Departments.

Turkey's toughest challenges are inflation, exchange rates, and the devaluation of the Turkish Lira, according to Paksoy Partner Elvan Aziz.

So far, 2021 has seen less activity in terms of enforcement actions under the Foreign Corrupt Practices Act ("FCPA"), compared to 2020. In 2021, the United States Department of Justice ("DOJ") took a total of 19 enforcement actions, and the Securities and Exchange Commission ("SEC") took a total of 4 enforcement actions. Therefore we observe that the DOJ has been a lot more active than the SEC in terms of the number of enforcement actions this year.

The Code on Amending the Bankruptcy and Enforcement Code and Some Other Laws ["Amendment Law"] No. 7343 was adopted on November 24, 2021 and entered into force after being published in the Official Gazette No. 31675 on November 30, 2021. In this article, we will explain the critical changes brought by the Amendment Law.

Paksoy has advised the EBRD on a USD 110 million loan agreement with Enerjisa.

Moral & Partners has advised Evam's shareholders on the sale of a majority stake in the company to Ceecat Capital. Cigdemtekin Cakirca Aranci reportedly advised the buyer.

The Council of Judges and Prosecutors ["CJP"] of Turkey resolved on establishment of six new specialized courts through its decision dated November 21, 2021, published in the Official Gazette on November 30, 2021. The CJP also published an announcement on its website.

Former Counsels Eda Duru and Onur Ozgumus have been promoted to Partner at ELIG Gurkaynak in a promotion round that saw five other lawyers promoted to Counsel.

Regulation on Sharing of Secret Information ("Regulation") issued by the Banking Regulation and Supervision Agency ("BRSA") has been published in the Official Gazette numbered 31501 and dated June 4, 2021 and will enter into force on January 1, 2022. The purpose of the Regulation is to determine the scope, form, procedures and principles regarding the sharing and transfer of bank secret and customer secret information, and the Regulation introduces detailed regulations regarding the confidentiality obligation. In this regard, we will focus on the new regulations introduced by the Regulation.

Bagzibagli Erdem & Sahin has advised Up Capital Management and UAE-based investor group Hawk Invest on an equity investment into CET Composite & Epoxy Technologies.