The concept of financial restructuring was introduced in Turkey following the currency crisis of August 2018. Financial restructuring became the major item on the agenda of Turkish financial institutions, and regulators intervened immediately, working to create a useful legal framework for the process. The joint efforts of the Banking Regulatory and Supervisory Authority (the BRSA) and the Banks Association of Turkey (the BAT) resulted in the Framework Agreement. Nevertheless, restructurings commenced pursuant to the Framework Agreement are progressing very slowly, and in most cases have reached an impasse.

BTS & Partners has advised Biznet Bilisim Sistemleri ve Danismanlik Sanayi Ticaret and its former shareholder, FVD AS, on FTA Bilisim Hizmetleri’s investments in the company and SR Bilisim Yonetim Hizmetleri Ticaret Securrent.

Dentons and Balcioglu Selcuk Akman Keki Avukatlik Ortakligi have advised Czech-based hydroelectricity group Energo-Pro on securing EUR 175 million in financing for the development, construction, and operation of the Alpaslan 2 dam and hydropower plant in Turkey. The financing was arranged by MUFG Securities EMEA plc and Ceska Exportni Banka, and is partially backed by the Export Guarantee and Insurance Corporation, with HSBC acting as the security agent. Allen & Overy reportedly advised MUFG and HSBC on the deal.

Bezen & Partners has advised Transmark Turkey, a Turkish geothermal development company, on an EPC contract with Chinese supplier Zheijang Kaishan Compressor and its subsidiary Open Mountain Energy for the construction of a binary geothermal power plant in Canakkale, Turkey.

On 11 November 2019, the European Union adopted a legal framework for restrictive measures against Turkey. The EU is thus responding to Turkish exploratory drilling for natural gas deposits off the Cypriot coast, which Cyprus and the European Union consider illegal. The legal framework will make it possible to sanction individuals or companies responsible for or involved in drilling activities in the Eastern Mediterranean. However, no specific measures have been imposed yet.

Paksoy has advised Turkey's Migros Ticaret supermarket chain on the acquisition of 25% of the share capital in Paket Lojistik ve Teknoloji.

The Apak Uras Law Firm has opened its doors, founded by former Gur Law Firm partners Sena Apak and Selin Uras.

On 09.09.2019, the Turkish Competition Authority ("TCA") published its reasoned decision¹ in which it granted individual exemption to the Facility Consolidation Cooperation Agreement ("Agreement") signed between Vodafone, TT Mobil and Turkcell, the only three mobile operators in Turkey. The concerned decision is important to illustrate the potential approach to be pursued by the TCA with regard to the cooperation agreements between mobile telecommunications service providers.

Paksoy has advised Sofra Yemek Uretim ve Hizmet A.S., a subsidiary of Compass Group Plc, on its acquisition on 100% of the shares of Turkish catering services company Turkas from the Cokmez family. KKO Legal reportedly advised Turkas on the deal.

I. Data breach under Turkish laws: There is no specific definition of “data breach” under the Turkish data protection law (“Turkish DP Law”). However in terms of notification obligations, “illegal seizure of or access to personal data” is considered as a data breach. Under the Turkish DP Law in case of a data breach (illegal seizure of or access to personal data), the data controller is obliged to notify the breach to (i) the data subjects (affected individuals) and (ii) the Turkish Personal Data Protection Authority (“Turkish DPA”), within the shortest time (“shortest time” applies to both notifications). There is no distinction as to eligibility of the data breach for notification and there are no exceptions provided under the legislation for the breach notification.

In the last ten years, e-commerce has become the most important platform of today’s consumer habits, becoming a major competitor to both retailers and their suppliers. As a result, many giant retailers are now directing their investments towards e-commerce activities.

Murat Caglar, the former Legal Director at FLO Merchandising in Turkey, has become the Chief Legal Counsel at the Participation Banks Association of Turkey.

Turkish lawyer Onur Celiker has been promoted to partner at Pekin & Pekin in Istanbul.

Paksoy has advised the EBRD on its direct equity investment in the renewable arm of Turkey’s IC Energy Holding.

The Legislative Proposal on Amending the Law No. 6493 on Payment and Security Systems, Payment Services and Electronic Money Institutions (“Proposal”), has recently been submitted before the Grand National Assembly of Turkey.

White & Case and GKC Partners have advised Sisal S.p.A. on its successful bid, made with with Demiroren Holding affiliate Sans Digital ve Interaktif Hizmetler Teknoloji Yatirim A.S., for a ten-year contract to operate Turkey's Milli Piyango lottery that was tendered by Turkey's Wealth Fund. Balcioglu Selcuk Akman Keki Attorney Partnership advised Sans Digital, and the Lexist Law Firm advised Turkey's Wealth Fund.

Former ELIG Gurkaynak Attorneys-at-Law Senior Associate Bulut Girgin has joined Kinstellar’s Istanbul office as Counsel and Head of Competition and Compliance.

White & Case has promoted Local Partners Vaclav Kubr in Prague and Emre Ozsar in Istanbul to the firm's full partnership. Both Kubr and Ozsar work within White & Case's Global Mergers & Acquisitions Practice.