The Regulation on the Amendment ("Amendment Regulation") to the Regulation on Unlicensed Electricity Generation in the Electricity Market ("Regulation") was published in the Official Gazette dated 29 July 2023 and numbered 32263 and entered into force on the same date.

Kumkumoglu Ergun Cin Ozdogan has advised Istanbul-based climate technology start-up Erguvan on its seed investment round with Emirates NBD and DenizBank's Deniz Ventures over a USD 7.33 million valuation.

The Law No. 7456 on the Issuance of Additional Motor Vehicles Tax for the Compensation of Economic Losses Caused by the Earthquakes Occurred on February 6, 2023 and Amendments to Certain Laws and Decree Law No. 375 ("Omnibus Bill") entered into force upon its publication in the Official Gazette dated July 15, 2023 and numbered 32249.

Turunc has advised Bogazici Ventures on its investment in Arvis Games. The Kirbiyik Law Firm advised Arvis Games.

Baker McKenzie Turkish affiliate Esin Attorney Partnership has advised TeamSystem on its acquisition of a 53% stake in the Mikro Group from Dash Software, Izzet Murat Sakarya, Alpaslan Tomus, Kadir Keskin, Xiang Yu, and Andac Turkmen through a bid process. Verdi advised the sellers.

Former White & Case Senior Competition Director Sezin Elcin Cengiz announced the establishment of her new competition law consulting firm in Istanbul: CORE – Competition & Regulation.

Turkish lawyer Meltem Azbazdar has relocated to Hamburg, Germany, to take the role of General Counsel Northern Europe, Eastern Europe, and MENA at Diageo.

Recent developments in Turkish tax regulations carry substantial implications for both corporations and foreign investors. Turkey has undertaken substantial measures to fortify its fiscal position and tackle economic challenges. Among the notable changes is the elevation of the general corporate income tax rate to 25%. The financial sector faces an even higher rate of 30%. This tax rate adjustment is rationalized by the government as a means to aid the country's recovery efforts following recent earthquakes.

Paksoy has advised the Stellantis Group on the full sale of its Stellantis Otomotiv Pazarlama automobile distributor subsidiary to Tofas Turk Otomobil Fabrikasi. Baker McKenzie Turkish affiliate Esin Attorney Partnership advised Tofas.

White & Case and Eversheds Sutherland member Tsvetkova Bebov and Partners have advised Energo-Pro on its EUR 300 million issuance of senior unsecured notes due 2035. Spasov & Bratanov and Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised initial purchaser Goldman Sachs & Co and guarantor DFC. White & Case Turkish affiliate GKC Partners and Georgia's BLC Law Office reportedly also advised the issuer. Georgia's Business Legal Bureau reportedly advised the initial purchaser as well. Alston & Bird reportedly advised the trustee.

The significant public financing need caused by the earthquakes centered in Kahramanmaraş and Hatay on 6 February 2023 continues to lead to various tax-related regulations. The first of such regulations was a one-time additional tax imposed on certain corporate taxpayers with Law No. 7440 on the Restructuring of Certain Receivables and Amendments to Certain Laws published in the Official Gazette dated 12 March 2023.

Paksoy and CMS affiliate Yalcin Babalioglu Kemahli have advised Turkish tile manufacturer Kaleseramik on its IPO and Borsa Istanbul listing.

Turunc has advised the Arya Women Investment Platform on its investment in Turkish electronics rental company Kiralarsin. Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki reportedly advised Kiralarsin.

Kinstellar, working with Watson Farley & Williams, has advised South Korea's Yanolja Cloud on its acquisition of Go Global Travel from the AMI Opportunities Fund.

Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership have advised JP Morgan Chase, BNP Paribas, and ING European Financial Services on their EUR 781 million UKEF-covered financing for the Republic of Turkiye's Mersin-Adana-Osmaniye-Gaziantep high-speed rail project.

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised Ekmob Sales Force Automation on its pre-series A bridge funding round that included TechOne VC, Finberg, Yildiz Tekno GSYO, and Koray Gultekin Bahar. The HS Attorney Partnership advised TechOne.

From the resolution of election uncertainties and the surge in M&A transactions to the focus on ESG matters and the country’s alignment with EU regulations, Turkey is positioning itself as an attractive destination for foreign investors, while also increasing the volume of outbound investments, according to Yalcin Babalioglu Kemahli in cooperation with CMS Managing Partner Done Yalcin.

With the provisional article added to the Turkish Code of Obligations No. 6098 ("TCO") by the Law No. 7409 on the “Amendment of the Attorneyship Law and the Turkish Code of Obligations”, which entered into force after being published in the Official Gazette dated June 11, 2022 and numbered 31863, it was regulated that the cap for rent increase rate to be applied to the rent for the lease periods to be renewed between June 11, 2022 and July 1, 2023 shall be 25%, limited only to residential leases.