Burcu Boso has joined the Balcioglu Selcuk Ardiyok Keki Attorney Partnership's Banking & Finance practice in Istanbul.
Turkey Introduces KYC Requirements for Independent Attorneys
The Law Proposal on Preventing the Proliferation of Financing Weapons of Mass Destruction (“Proposal”) which provides several and significant amendments to the Law No. 5549 on Prevention of Laundering of Crime Revenues (“Law No. 5549”) has been accepted by the Grand National Assembly of Turkey and is expected to be published in the Official Gazette in the upcoming days with the law number 7262. One of the most remarkable provisions introduced within the Proposal is the amendment to the Law No. 5549 which introduces Know Your Client (KYC) requirements to independent attorneys by way of defining them as one of the “obliged parties”.
Turkey: New Law to Fight Against Proliferation of Financing Weapons of Mass Destruction
The Law No. 7262 on Preventing the Proliferation of Financing Weapons of Mass Destruction was approved by the Turkish Grand National Assembly on December 27, 2020 (“Law No. 7262”). In the general reasoning of the proposal, it is stated that main aim of the law is to fulfill a number of recommendations of FATF (Financial Action Task Force) in several different areas in order to fight against money laundering and financing of terrorism. The Law No. 7262 mandates changes in various laws.
Zeynep Unlu Promoted to Equity Partner at BTS & Partners
Zeynep Unlu has been promoted to equity partner at BTS & Partners in Turkey.
BASEAK Advises Arzum on IPO
The Balcioglu Selcuk Akman Keki Attorney Partnership has advised Arzum on its initial public offering.
Four Partner Promotions at Paksoy
Former Counsels Nazli Bezirci, Nihan Bacanak, and Simel Sarialioglu, and Sansal Erbacioglu have been promoted to Partner at Paksoy.
Birturk Aydin Leaves Esin Attorney Partnership to Become Head of Legal at Koc University
Former Esin Attorney Partnership Partner Birturk Aydin has left that firm — the Turkish member firm of Baker McKenzie International — to become the Head of Legal at Koc University in Istanbul.
Beyond any Doubt: Administrative Court Decisions Setting the Bar for the “Standard of Proof” for Abuse of Dominance
In 2019 and 2020, Turkish administrative courts handed down noteworthy judgments concerning two particular decisions of the Turkish Competition Board (“Board”). In both of these cases, namely the (i) Sahibinden Bilgi Teknolojileri Pazarlama ve Tic. A.Ş. (“Sahibinden”) judgment rendered by the Ankara 6th Administrative Court (“Sahibinden Judgment”) and the (ii) Enerjisa Enerji A.Ş. (“Enerjisa”) judgments rendered by the Ankara 13th Administrative Court (“Enerjisa Judgments”), the courts have shed light on and set the bar for the “standard of proof” with respect to the Board’s decisions. In both of the judgments, the administrative courts looked for whether the Board decisions had been based on sufficient evidence and analysis to prove the infringement “beyond any doubt”. The Administrative Courts have unequivocally shown that they are expecting the Turkish Competition Authority (“Authority”) and Board to run the extra mile and conduct more research, collect more data and base its analyses on these tangible results, rather than just relying on assumptions and mere observation of the current market status, to reach the decisions.
Paksoy Advises Istanbul Metropolitan Municipality on USD 580 Million Bonds Issuance
Paksoy has advised Istanbul Metropolitan Municipality on its USD 580 million bonds issuance.
Unilever Hires Ebru Gurdemir as Regional GC in Turkey
Ebru Gurdemir has joined Unilever in Istanbul as the General Counsel TUI.
Limitations on Voting Rights of Shareholders
In principle, shareholders of limited liability companies (“LLC”) have the right to vote on the issues being discussed during the general assembly meetings and such right is indispensable. On the other hand, Turkish Commercial Code No.6102 (“TCC”) sets forth certain limitations on voting rights of the shareholders to prevent any impartiality, especially in cases where certain shareholders may not be able to prioritize the interests of the LLC and may value their own benefit. With this article, we aim to provide the instances where the shareholders of an LLC may be prohibited from using their voting rights.
Cerrahoglu Advises Gelita on Acquisition of 65% Stake in SelJel
Cerrahoglu, working alongside lead counsel Gleiss Lutz, has advised Gelita on the acquisition of a 65% stake in SelJel Jelatin Sanayi ve Ticaret A.S, via Gelita Internationale Gelatine GmnH, from Sel Sanayi Urunleri Ticaret ve Pazarlama A.S. Somay reportedly advised the sellers on the deal.
Kinstellar Advises Dogus Holding on Sale of Stake in Istanbul Shopping Mall to Qatar Holding
Kinstellar has advised Turkey's Dogus Holding on the sale of a 30% stake in Istanbul's Istinye Park shopping mall to Doha-based investment house Qatar Holding LLC, which is part of the Qatar Investment Authority. Linklaters and Paksoy reportedly advised Qatar Holding on the deal.
Recent FCPA Cases Involving Turkey
The U.S. Foreign Corrupt Practices Act (“FCPA”) criminalizes the bribery of foreign officials anywhere in the world for the purposes of preventing corruptly influencing of an official governmental decision in order to obtain a business benefit.
TOCC Attorney Partnership Advises AKLease on USD 25 Million Loan from FMO Bank
TOCC Attorney Partnership has advised AKLease, the leasing subsidiary of Turkey' AKBank, on a USD 25 million loan from Dutch entrepreneurial development bank FMO for the financing of eligible green projects in line with FMO’s Green Principles and Criteria.
Akol Law Advises on Kervan Gida IPO
Akol Law has advised Turkish candy producer Kervan Gida on the initial public offering of its shares and their listing on the Istanbul Stock Exchange. Akol Law also advised Oyak Yatirim, which acted as the broker on the deal.
Regulation on Processing and Privacy of Personal Data in Electronic Communications Sector
The Regulation on Processing and Privacy of Personal Data in Electronic Communications Sector (“Regulation”) has been published on the Official Gazette of December 4, 2020. The Regulation will enter into force within six (6) months following its publication date (i.e. June 4, 2020). The Regulation revokes the Regulation on Processing and Privacy of Personal Data in Electronic Communications Sector which was published on the Official Gazette of July 24, 2012.
Deal 5: Hitay Holdings' Doruk Ozdemir on Teknoser Acquisition of Fujitsu Technology Solutions Bilisim
On November 11, 2020, CEE Legal Matters reported that the Apak Uras Law Firm had advised Teknoser on its acquisition of 100% of the shares of Fujitsu Technology Solutions Bilisim from shareholders Fujitsu Technology Solutions GmbH and Fujitsu Technology Solutions Holding B.V. CEEIHM spoke with Doruk Ozdemir, Legal Counsel at Hitay Holdings, to learn more about the deal.