Paksoy has advised the General Directorate of Mint and Stamp Printing House of the Ministry of Treasury and Finance of Turkey on a gold certificate issuance and listing on the Borsa Istanbul Commodity Market.
Amendments Made in Cosmetic Product Ingredient Lists
The Regulation on the Amendment (“Amendment Regulation”) of the Cosmetics Regulation (“Regulation”) was published in the Official Gazette dated 14 November 2022 and numbered 32013 and entered into force on the same date.
Will the Metaverse Act As a Catalyst for Financial Digitization?: ‘Meta-Fi’
“As the crypto industry grows, there will be an increasing array of financial activities on the public blockchain. That's why we want to make sure we're ready to not only support that but also provide relevant services.” Tyrone Lobban, JP Morgan's head of Blockchain Launch and Onyx Digital Assets
Right to Disconnect
The requirement of social isolation caused by the global pandemic, has brought forth a new world order. During this period, workplaces invested in technology in order to preserve their business and enhance their productivity while starting to conduct almost all their activities through digital communication channels. Home offices/remote work that began during such period now became a permanent working model across different sectors.
BASEAK Advises Ace Games on Playtika’s USD 25 Million Investment
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Ace Games on a USD 25 million investment from Playtika. Baker McKenzie Turkish affiliate Esin Attorney Partnership reportedly advised Playtika.
ICC Decision on Liability in Case of Pursuing Action in Courts Notwithstanding a Valid Arbitration Clause
In Turkey, parties of a dispute tend to resort to courts even if they have a valid arbitration clause for the respective dispute. In the Final Award in Case 8887 (“Case”), International Chamber of Commerce (“ICC”) ruled that the defendant Turkish company (“Defendant”), by pursuing an action in the Turkish Courts despite the existence of a valid arbitration clause, breached its agreement to arbitrate and therefore it is liable for damages which the claimant Italian company (“Claimant”) might suffer due to this breach. In this article, we will briefly share the details of the Case and touch upon the reasoning of the ICC for deciding that Defendant is liable for the damages that the Claimant might suffered due to this breach.
No Fine to the Competitors Having a Common Whatsapp Group: Turkish Competition Board’s Decision on the Red Meat Industry
On October 26, 2022, the Turkish Competition Board (“Board”) published its reasoned decision dated June 23, 2022 and numbered 22-28/443-180, upon its preliminary investigation initiated against six undertakings (i.e. Ahmet Tanrıbuyurdu, Emin Helal Et ve Gıda A.Ş., Göktaşlar Et-Et Ürünleri Yan San. ve Tic. Ltd. Şti, Namet Gıda Sanayi ve Ticaret A.Ş., Pınar Entegre ve Un Sanayi A.Ş. and Sultan Et ve Gıda Üretim Tic. Paz. Ltd. Şti.) that are active in the red meat industry to determine whether the undertakings have violated Article 4 of Law No. 4054 on the Protection of Competition (“Law No. 4054”).
Koutalidis Advises Wren House Infrastructure on Acquisition of Equity Stake in Zorlu Enerji
Koutalidis, working alongside White & Case’s London office, has advised Wren House Infrastructure on its USD 88 million acquisition of equity stakes in Turkish EV charging station company Zorlu Enerji and its Dutch subsidiary, ZES NV.
Cemile Demir Gokyayla Joins KP Law To Head Arbitration/ADR
Cemile Demir Gokyayla has joined KP Law as a Partner and Head of the firm's Arbitration/ADR practice along with her team.
DTB, CMS, and Tus & Grzic Advise on PPD and INA Sale of TMF to Yildirim Group
Divjak Topic Bahtijarevic & Krka and Tus & Grzic have advised Prvo Plinarsko Drustvo and INA, respectively, on the sale of their stakes in joint-venture company Terra Mineral Fertilizer to the Yildirim Group. CMS advised the Yildirim Group.
Electronic Signatures, Contracts, and Archiving in Turkey
Contributed by KP Law.
BASEAK Advises APY Ventures on Investment in Sorwe
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership advised APY Ventures on its investment in Sorwe.
Draft Regulation On Introducing Comprehensive Changes to Card Payment Systems Are Introduced For Public Consultation
The Draft Regulation Amending the Regulation on Bank Cards and Credit Cards ("Draft Regulation") was published on the website of the Banking Regulation and Supervision Agency ("BRSA") on 28/10/2022 to receive sector and public opinions.
Akol Law and Esin Attorney Partnership Advise on Eczacibasi Acquisition of Gensenta from Amgen
Akol Law has advised EIS Eczacibasi Ilac on its USD 135 million acquisition of Gensenta from the Amgen Group. Baker McKenzie Turkish affiliate Esin Attorney Partnership advised the seller.
Akol Law Advises Paket Mutfak on USD 3 Million Seed Round
Akol Law has advised Paket Mutfak on its USD 3 million seed investment round from Nokta Yatirim, Kadri Samsunlu, and Ersan Ozturk, alongside existing investors. The Surmen Law Firm reportedly advised Nokta Yatirim.
Ilker & Colak Advises Yildizlar Group on Gulpinar Wind Farm Project
Ilker & Colak has advised the Yildizlar Group on its collaboration with Enercon for the high-volume capacity extension project for the Gulpinar Wind Farm.
Asli Yildiz Joins S4 Capital Group as Head of Legal
Turkish lawyer Asli Yildiz has joined S4 Capital Group as its Head of Legal - Global Privacy in London.
Turkish Law of Transportation Series – IV: Release from Liability of Logistics Companies in Carriage of Commodity
Turkish Commercial Code No. 6102 [“TCC”] stipulates that the carrier shall be liable for the damages caused by the loss, damage or delay of delivery of commodity within the period from the takeover of commodity for carriage to delivery of it. The legal nature of the carrier's liability in this context is strict liability. This means that even if the carrier has no fault in incurrence of damages, they should still be liable. However, this liability is not absolute. As a matter of fact, the carrier can be released from liability on the grounds set out in the law or by proving that they have taken the greatest care.