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Sustainability has been defined by the United Nations as "meeting the needs of the present without compromising the ability of future generations to meet their own needs" and, in a corporate context, it refers to a company's overall approach to managing a wide range of environmental, social, and governance risks and issues. Sustainability and ESG are increasingly becoming part of companies' board agenda, understood by companies through a regulatory, compliance, and risk management lens, and seen as inextricably linked with a green light to operate. Companies engage in ESG not only to “do good,” but also due to a growing recognition that taking a robust approach to managing these issues can mitigate risk and provide benefits such as enhanced consumer trust and loyalty, ability to attract talent, ability to meet stakeholder expectations and improve the company’s resilience, and profitability over the long term.

Due to the rapidly growing real estate sector, the lawmaker specifically regulates contractual relationships between the parties in order to prevent any loss of right of any one of the parties. Along with the typical real estate sales agreements, preliminary sales agreements are also needed by the sellers and buyers due to many reasons (such as planning a budget for construction, speeding up the period of the construction etc.).

A new asset peace regulation entered into force with the article 50 of Law No. 7417 on Certain Amendments to Civil Servants Law and Certain Laws and Statutory Decree No. 375 [the “Law No. 7417”] which was published in the Official Gazette numbered 31887 on 5 July 2022.

Moral & Partners has announced that former Baker McKenzie Turkey affiliate Esin Attorney Partnership Partner Sertac Kokenek has joined its team as Senior Partner and Head of Advisory. With Partners Efe Kinikoglu and Serkan Pamukkale also elevated to Name Partners, the firm rebranded to Moral, Kinikoglu, Pamukkale, Kokenek Attorney Partnership.

With the “Act Amending Banking Law, Some Other Laws and the Decree no. 655” [“Amending Act”], Banking Law no. 6411 [“Banking Law”] and Act no. 6758 on the Approval of a Decree with Amendments [“Act no. 6758”] was amended with respect to the articles regarding the authorities and responsibilities of the Savings Deposit Insurance Fund – the so-called “TMSF” [“SDIF”].

On June 3, 2022, the Turkish Competition Board (“Board”) published its reasoned decision dated September 9, 2021 and numbered 21-42/611-298, rejecting Solgar Vitamin ve Saglik Urunleri Sanayi ve Ticaret A.S.’s (“Solgar”) exemption application for its dealership agreements (“Board’s Decision”).

Esin Attorney Partnership and Baker McKenzie have advised the board, principal shareholders, and equity investor Invus on the sale of Airties to Providence Equity Partners. Gedik & Eraksoy and Allen & Overy advised the buyer. YC Law and DLA Piper reportedly also advised the seller.

The Law Amending the Law on the Regulation of Electronic Commerce [“Amending Law”] was adopted on July 1, 2022 by the General Assembly of the Grand National Assembly of Turkey and subsequently published on the Official Gazette on 07 July 2022 as Law no. 7416. The Law no. 6563 on the Regulation of Electronic Commerce [the "Law"] published on the Official Gazette no. 29166 dated November 5, 2014 has undergone many changes with the Amending Law. Accordingly, new obligations and restrictions have been introduced onto intermediary service providers, including obtaining and renewal of an e-commerce license, restrictions on advertisement and promotions, and a ban on the sale of platform-owned brands; and new definitions have been to the Law.

The Turkish Competition Board (“Board”) published its latest reasoned decision concerning the acquisition of joint control over the industrial sewing machine business (“Target Business”) of Mitsubishi Electric Corporation (“Melco”) by Juki Corporation (“Juki”) and Melco. The Board evaluated that the transaction concerning the acquisition of joint control by Juki over the Target Business, which was under the sole control of Melco pre-transaction, is an “acquisition” within the meaning of Article 7 of Law No. 4054 on the Protection of Competition (“Law No. 4054”) and granted its unconditional approval.

Burcu Dal Gokalp and Alper Arslan have announced the establishment of their new firm in Turkey: the Gokalp Arslan Law Firm.

With the Banking Regulatory and Supervisory Authority’s [“BRSA”] decision numbered 10250 and dated June 24, 2022 [“Decision”], Turkish Lira borrowing by companies, other than banks and financial institutions, which are subject to independent audit [“Companies”] has become subject to a foreign currency asset [“FX-Assets”] restriction.

The Turkish Competition Authority (“Authority”) published its Final Report on the E-Marketplace Sector Inquiry (“Final Report”) on April 14, 2022, after a period of almost a year after publishing its Preliminary Report on the E-Marketplace Sector Inquiry (“Preliminary Report”) on May 7, 2021.

The board of the Banking Regulation and Supervision Agency (“the Board”) has announced macro-prudential measures over the course of this weekend, consisting of (i) the Board Decision regarding prohibition of commercial Turkish Lira loans to corporate borrowers subject to independent audit dated June 24, 2022 (“Board Decision”) and (ii) press release determining the scope and implementation of the Board Decision dated June 26, 2022 (“Press Release”). Accordingly, until a new decision to the contrary is introduced by the Board or the Central Bank, corporate borrowers being subject to independent audit and holding foreign currencies above certain thresholds will no longer be allowed to borrow commercial cash loans in Turkish Lira.