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The Regulation on Determination of Risk Groups and Credit Limitations ("Risk Groups Regulation") and the Regulation on Credit Operations of Banks ("Credit Operations Regulation") prepared by the Banking Regulation and Supervision Agency ("BRSA") were published in the Official Gazette dated 21.12.2023. Accordingly, the provisions regarding the determination of risk groups and calculation of credit limits in the Regulation on Credit Operations of Banks dated 1.11.2006 ("Former Regulation") were adapted to the Risk Groups Regulation and detailed regulations on the determination of risk groups were introduced. With the Regulation on Credit Transactions, the Former Regulation dated 1.11.2006 was repealed, and other provisions of the Former Regulation were reviewed and reorganised.

A new Regulation on Active Cooperation for Detecting Cartels (“Regulation”) in Turkey entered into force on 16 December 2023. The Turkish Competition Authority (“TCA”) also held a helpful webinar on the topic, highlighting the differences between the old and new regulation. In this article, we highlight two changes that we consider to be the most important: (i) applicants are now required to submit documents that contribute added value; and (ii) applications from cartel facilitators are now explicitly welcomed. Lastly, we present an overview of the conditions for full immunity and for reductions in administrative monetary fines.

Guleryuz Partners, working with the Galadari Law and Eversheds Sutherland, has advised the Tiryaki Group on its USD 112.5 million financing package from the IFC, FMO, and Proparco to finance an agro-industrial complex in Iraq’s Umm-Qasr Port. Allen & Overy, working with Confluent Law, advised the lenders.

Did you know that while only five lawyers worked on ten or more CEE client matters reported by CEE Legal Matters in 2022, a total of fourteen lawyers reached that level in 2023? The 2023 leaderboard was led by Milos Felgr of Clifford Chance in Prague, who worked on a remarkable 20 CEELM-reported client matters last year, with Alper Onar of Istanbul’s Aksan Law Firm, who worked on 19, close behind. Fellow Turk Kerem Turunc, the Managing Partner of Turunc, worked on 17 reported deals, while Djordje Nikolic of NKO Partners in Belgrade worked on 16, and Tomasz Rogalski of Norton Rose Fulbright in Warsaw worked on 15.

With its announcement dated 10.01.2024, the Competition Authority imposed an administrative fine of TL 4,796,152.96  per day (on the basis of its gross revenues in 2022) on META Economic Unity commencing from 12.12.2023 until the Final Compliance Remedy is submitted to the Competition Authority. 

Baker McKenzie and its Esin Attorney Partnership affiliate have advised a club of banks including ING Bank, ING Bank Singapore, Bank of China Limited Beijing, the Development Bank of Kazakhstan, Halyk Bank, and AB Bank of China Kazakhstan on the USD 286 million financing of the development a soda ash production facility by the Yildirim Group in Kazakhstan. Morgan Lewis & Bockius reportedly advised the Yildirim Group.

Aydemir Consultancy Legal, working with Toda & Nel-Lo, has advised Tosyali on its acquisition of STS from Baika Steel Tubular Systems. Arruti Abogados advised the sellers.

The Communiqué No. 2010/4 (the "Communiqué") requires approval of the Competition Board (the "Board") on mergers, acquisitions and privatisation transactions that fall within its scope in order for those to be legally valid. The Turkish Competition Authority releases data relating to transactions requiring the Board’s clearance and examines those transactions in an annual report. In this respect, the transactions reviewed by the Board in 2023 were disclosed to public on January 5, 2024 through the Mergers and Acquisitions Overview Report (the "Report") [available in Turkish only].

In The Inside Track, General Counsels across CEE share the nuances of their roles, challenges, and strategies for success. Given the importance of relationships between in-house legal departments and law firms, this time we asked GCs: What is the most common reason for which you cease working with a specific law firm and what would you suggest firms definitely do to ensure they do not make the same mistake?

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