Restrictions on Use of Foreign Currencies in Certain Agreements between Turkish Residents
The Presidential Decree dated September 12, 2018, on the Amendment of Decree No. 32 on the Protection of the Value of the Turkish Lira ("New Decree"), introduced significant restrictions on the use of foreign currencies in certain agreements between Turkish residents. Below, we explain the scope of the New Decree and discuss possible issues and …
Capital Markets Board Issues an Official Announcement on Initial Coin Offerings and Crowdfunding
The Capital Markets Board ("CMB") issued an announcement on September 27, 2018, on its website and addressed the much-disputed status of digital tokens and Initial Coin Offerings ("ICO"). In this announcement, the Capital Markets Board stated that it does not regulate or supervise ICOs, and also noted that it does not regulate or supervise most …
Non-liability of the Shareholders and Piercing the Corporate Veil
1. Introduction A legal entity is defined as "groups of persons organized as entity on its own and independent property groups constructed for special object" under Article 47 of the Turkish Civil Code No. 4721 ("TCC"). Under Turkish laws, legal entity owns its assets; such assets are dedicated to the purposes of the legal entity …
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Non-liability of the Shareholders and Piercing the Corporate Veil
1. Introduction A legal entity is defined as "groups of persons organized as entity on its own and independent property groups constructed for special object" under Article 47 of the Turkish Civil Code No. 4721 ("TCC"). Under Turkish laws, legal entity owns its assets; such assets are dedicated to the purposes of the legal entity …
Continue reading “Non-liability of the Shareholders and Piercing the Corporate Veil”
Quarterly Update on Trade Defense Cases in Turkey, June 2018
In Turkey, the authority to initiate dumping or subsidy examinations, upon complaint or, where necessary, ex officio, is given to the Ministry of Economy ("Ministry"). Within the scope of this authority, the Ministry announces its decisions with the communiqués published on the Official Gazette. During the second quarter of 2018, the Ministry has initiated a …
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Turkish Competition Board Acknowledged that Reassessment of a Decision Must Not Harm the Appellant
A. Introduction The Competition Board ("Board") has recently published its reasoned decision[1] in its reassessment of the Turkish Pharmacists Association (Türk Eczacıları Birliği) ("TPA") case, following the annulment decision[2] rendered by the 13th Chamber of the High State Court ("High State Court"). The High State Court's ruling was made as a result of the TPA's …
Evaluation of the European Commission’s Conclusions in the 2018 Report on IP Law in Turkey
I. Introduction The European Commission ("Commission") has released a report on April 17, 2018, which contained important findings of fact and assessments regarding Turkey's political situation, economic development, regional issues and international obligations. This document summarizes and evaluates the conclusions put forth by the Commission in its report ("Report") with respect to intellectual property law …
Anti-Corruption Climate in Turkey: A Quick Guide for Multinational Companies
The Current Legal Landscape and Major Areas of Risk Exposure Based on Practical Experience As an emerging market, Turkey is rightly considered to be a business and commercial hub for the EMEA region, as well as an important market for many multinational companies. In 2017, Turkey received a score of 40 points in Transparency International's …
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Significant Amendments and Novelties to Turkish Capital Markets Legislation
Turkey: Significant Amendments and Novelties to Turkish Capital Markets Legislation during the First Half of 2018 This article will address significant amendments and novelties introduced for Turkish capital markets legislation during the first half of 2018 as in line with specific needs and interests of public and private institutions, companies, shareholders and/or investors being subject …
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Examination of Non-Compete Obligations in the Articles of Association of a Joint Venture
Examination of Non-Compete Obligations in the Articles of Association of a Joint Venture under Competition Law and Commercial Law – An Overview in Light of the Turkish Competition Board's WKS Istanbul Decision of 8 February 2018 A. A. Introduction The Turkish Competition Board (the "Board") has recently published its reasoned decision[1] with respect to …