Bigen Kamcioglu has joined Katara Hospitality, the hospitality arm of the Qatar Sovereign Wealth Fund, as its Legal Manager.

Since the President's speech on December 20, 2021, "FX-Protected Deposit Accounts" have been at the forefront of talks on banking and finance applications. The instrument, of which the legal foundations were laid with Communiqué No. 2021/14 on Supporting the Conversion of Turkish Lira Deposit and Participation Accounts ["Communiqué"] published in the Official Gazette immediately following the speech, on December 21, 2021, found an ever-expanding field of application with amendments adopted in the following days and finally took its final form. In this article, we will examine FX-protected deposit accounts with their legal basis.

Kinstellar and its Turkish affiliated firm Gen & Temizer Ozer have advised Turkish developer Dream Games on a USD 255 million Series C investment round, led by Index Ventures. Orrick, Herrington & Sutcliffe reportedly advised Dream Games on English law. Goodwin Procter reportedly advised Index.

It has been an interesting, fruitful, and innovative year for the Turkish financial sector. Most importantly and possibly surprisingly, the Turkish financial regulatory authorities are at full speed in implementing a legal framework to support a more sustainable Turkey.

CEE Legal Matters spoke with CMS Partner and Head of Environmental Law Practice in Poland and CEE Agnieszka Skorupinska and CMS Turkey Managing Partner Done Yalcin about the impacts of the EU Green Deal and the rise of ESG in Europe and beyond.

Former Counsel Maral Minasyan has been promoted to Partner at Kolcuoglu Demirkan Kocakli, as of January 2022. She leads the firm’s Employment Law and Data Privacy Law practices.

Nazif Karatas and Gozde Saruhan Berk have been promoted to Partner at Nazali.

Companies, for various reasons such as tax benefits, liabilities and as may be required by authorities, may decide to change their legal types. Turkish corporate law allows companies to change their types in accordance with Article 181 of the Turkish Commercial Code No. 6102 (the “TCC”) which sets forth which company types are allowed to convert into another.

Baker McKenzie and its Turkish affiliated firm Esin Attorney Partnership have advised ING Bank, ING-DiBa, and SACE on a EUR 50 million SACE Push Facility for the Izmir Metropolitan Municipality.

The Turkish Data Protection Authority (“DPA”) has published Draft Guidelines on Cookies (“the Draft Guidelines”) on January 11, 2022, providing explanations on cookies and practical advices for data controllers who process personal data through the use of cookies.

Paksoy has advised Global Founders Capital on leading a USD 2 million seed funding round for Norma. The Arikan Law Firm reportedly advised Norma on the deal.

Paksoy has advised Global Founders Capital on its USD 600,000 investment in Beije. Kinstellar Turkey affiliate firm Gen Temizer Ozer advised Beije on the deal.

The currency fluctuations in Turkey have resulted in challenges but have also created opportunities for investment in the country, according to Esin Attorney Partnership Partner Caner Elmas.

Dentons and BASEAK have assisted Volkswagen in obtaining antitrust and merger control clearances for a joint venture with Italian energy supplier Enel X. 

Many economies, particularly those in the European Union [“EU”], are now centered on the environment-oriented and sustainable economy model known as "Green Transformation," which aims to mitigate the negative environmental consequences of human-induced parameters on the ecosystem. Turkey, also, had signaled that it would not stay out of this shift by ratifying the Paris Climate Agreement in October 2021.

The Turkish Competition Board (“Board”) has recently assessed the allegations that Allergan Ilaclari Ticaret A.S. (“Allergan”) engaged in discriminatory conduct and abused its dominant position by way of refusal to supply in its preliminary investigation decision. The complainant, Denge Ecza Deposu Ticaret A.S. (“Denge”), alleged that Allergan supplied some of its pharmaceutical products only to certain warehouses, rejected Denge’s request to work with Allergan and hindered Denge’s activities by restricting its access to Allergan’s products. The Board’s decision is remarkable as it assesses the allegations in detail under both Article 4 (anticompetitive agreements) and Article 6 (abuse of dominant position) of Law No. 4054 on the Protection of Competition (“Law No. 4054”) by discussing the competition literature on certain concepts such as indispensability and essential facilities doctrine and making references to the decisional practice in the European Union.

Paksoy has advised Global Founders Capital on its USD 1 million investment in Avane Cloud Kitchens. Solo practitioner Mustafa Goluoglu reportedly advised Cloud Kitchens on the deal.

Law No. 805 on Compulsory Use of Turkish Language in Economic Institutions ["Law No. 805"] has been in effect for very long time, i.e., since April 22, 1926. Even though it is an old regulation with only 9 articles, it has sparked debate regarding international contracts over the years, particularly in the field of arbitration, and it has even become a roadblock in our legal system regarding the validity of contracts.