The Law Amending the Social Security and General Health Insurance Law No. 375 and Decree-Law No. 32121 (“Law”), which is eagerly awaited by the public and directly concerns approximately 2.5 million Turkish citizens, was published in the Official Gazette No. 32121 dated 03/03/2023 and came into force.
Moral, Kinikoglu, Pamukkale, Kokenek Advises Amiad Water Systems on Acquisition FTS
Moral, Kinikoglu, Pamukkale, Kokenek has advised Israel's Amiad Water Systems on its acquisition of the final 49% stake in FTS Filtrasyon Aritim Sistemleri. SCH-Legal reportedly advised the sellers.
Gokturk Sahin To Head Litigation Department at Moral, Kinikoglu, Pamukkale, Kokenek
Former Senior Associate Gokturk Sahin has been promoted to Managing Associate and appointed Head of the Litigation Department at Moral, Kinikoglu, Pamukkale, Kokenek.
Regulation on the Immovable Sales Agreements to Be Issued by the Notaries Was Published
With the recent amendments to the Notary Public Law No. 1512 ("Law"), the immovable property sales agreements, which could only be executed before the land registries previously, can now be executed before the Turkish notaries as of January 1, 2023. In other words, immovable property sales agreements can now be concluded both before the land registries and the notaries as of such date.
Statutory Default Interest Rate and Minimum Expense Amount Determined for 2023 in the Supply of Commercial Goods and Services
Communiqué on the Default Interest Rate to be applied for Late Payments and the Minimum Expense Amount that can be claimed for the Collection Costs of Receivables in the Supply of Goods and Services (the “Communiqué”) was published in the Official Gazette dated January 2, 2023 numbered 32061 and entered into force on January 1, 2023.
Moral, Kinikoglu, Pamukkale, Kokenek Advises Twin Science & Robotics on Pre-Series A Financing
Moral, Kinikoglu, Pamukkale, Kokenek has advised Twin Science & Robotics and its shareholders on the company's pre-series A fundraising.
A Quick Look at the Competition Authority’s M&A Outlook Report for 2022
The 2022 Mergers and Acquisitions (the "M&A") Outlook Report (the "Report") drafted by the Turkish Competition Authority's (the "Authority") Economic Analysis and Research Department regarding the transactions notified to the Authority in 2022 was published on the Authority's website on January 6, 2023.
2023 Monetary Limits of Consumer Arbitration Committee Applications and Related Administrative Fines Announced
The Communiqué on Increasing the Monetary Limits in Article 68 of the Consumer Protection Law No. 6502 and Article 6 of the Regulation on Consumer Arbitration Committees (“Communiqué”) was published in the Official Gazette dated 16.12.2022 and numbered 32045.
Omnibus Bill Amending Tobacco Legislation Was Published
Law on the Amendment of the Law on the Regulation of Tobacco, Tobacco Products and Alcohol Market and Certain Laws No. 7423 (the “Omnibus Bill”), which was submitted to the Grand National Assembly of Turkey on October 18, 2022 was legalized and published in the Official Gazette dated December 10, 2022 and numbered 32039. Some of the amendments in the Omnibus Bill entered into force on the date of its publication; while other amendments will enter into force on January 1, 2024.
Data Sharing Obligation Has Been Introduced to Chain Stores Regarding Their Products and Branches
Investigations of the Turkish Competition Authority against certain undertakings operating in the fast-moving consumer goods (FMCG) industry as producers, suppliers, and retailers to determine whether Article 4 of the Law on the Protection of Competition has been violated are ongoing and currently, verbal self-defense processes are being submitted.
"Eviction Due to Personal Need" Within the Scope of the Turkish Code of Obligations and Established Precedents of the Turkish Supreme Court
Pursuant to Article 350 of the Turkish Code of Obligations; the lessor, his/her spouse, his/her descendants or ascendants or persons who are legally dependent on the lessor; should have a need to use the leased property for residency or workplace purposes for lessor to request the eviction of the property due to personal needs.
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.
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.
Turkey: Recent Amendments to Press, Social Media and Internet News Sites
Discussions on the Law on the Amendment to the Press Law and Some Laws" which is known as the Law on Combating Disinformation among the public and which includes regulations and amendments about social media and internet news sites (“Law Amendment”), was published in the Official Gazette dated 18.10.2022 and numbered 31987.
Welcome to the New Regulation on Consumer Arbitration Committees
Consumer Arbitration Committees’ Regulation (the "Regulation") was published in the Official Gazette dated 21.09.2022 and numbered 31960.
Moral, Kinikoglu, Pamukkale, Kokenek and Bener Advise on Softline Holding's Acquisition of Makronet
Moral, Kinikoglu, Pamukkale, Kokenek has advised Softline Holding on its acquisition of 80% of shares of Makronet Bilgi Teknolojileri from Gucly Tugay. Bener advised the seller.
ECHR’s Intervention to Unjustified Refusal to Enforce ICC Arbitral Award: Victory for Arbitration!
Following a long lasting process since 2010 the European Court of Human Rights (the “ECHR”) held that Slovakia violated right to property due to the refusal of its courts to enforce an International Chamber of Commerce (the “ICC”) arbitral award ruling that the National Property Fund of Slovakia (the “NPF”) was due to pay BTS Holding (“BTS”) approx. EUR 1.9 million plus interest. (the “Decision”)