2020 was a busy year for the legislator in relation to the Turkish Capital Markets. An amendment made in the Turkish Capital Markets Law (CML) at the beginning of 2020 introduced several elements, including a Security Agent, into Turkish law. And then the pandemic hit, making the trust factor in regard to assets even more crucial than it was before. In times of uncertainty, the Security Agent may be invited to play a greater role.
The Turkish Competition Authority (“Authority”) has recently published its Draft Communiqué on Commitments Offered During Preliminary Investigations and Investigations on Restrictive Agreements, Concerted Practices, Decisions and Abuse of Dominance (“Draft Communiqué”) which has introduced a new commitment mechanism to Turkish competition law enforcement. This mechanism makes it possible for the undertakings and trade associations to offer commitments during an ongoing preliminary investigation or a full-fledged investigation process, in order to eliminate potential competition concerns under Articles 4 and 6 of the Law No. 4054 on the Protection of Competition (“Law No. 4054”) that prohibit restrictive agreements and abuse of dominance.
It is quite rare for the Turkish courts specialized in matters of intellectual property rights (“IP Courts”) and the Turkish Patent and Trademark Office (“TPTO”) to acknowledge the concept of bad faith in trademark registrations. In this sense, the recent Target Ventures decision of the General Court of the European Union (“EGC”) regarding bad faith in trademark registration applications is worth discussing, as this crucial decision sheds light on how bad faith should be assessed and may, therefore, also constitute a basis for Turkish IP practice in the future.
Lawyers from Clifford Chance's Istanbul office were on a multi-office team advising private equity group CVC Capital Partners on the acquisition by CVC Fund VII of the Turkish, Greek, Croatian, Montenegrin, and UAE businesses of D-Marin from Turkey's Dogus Group. Sullivan & Cromwell advised the sellers on the deal.
Paksoy, working with lead counsel Freshfields, has advised Belgium's Solvay S.A. chemical company on the sale of its North American and European amphoteric surfactant manufacturing business, including the tolling business in Turkey, to OpenGate Capital. Morgan Lewis acted as global counsel to Open Gate with Akol providing Turkish advice.
Paksoy has provided local Turkish assistance to lead counsel Hogan Lovells in advising pharmaceutical supply chain company AmerisourceBergen on the acquisition of the pharmaceutical wholesale business of Walgreens Boots Alliance in several countries, as well as select parts of its international retail pharmacy business, for approximately USD 6.5 billion.
Turkey and the United Kingdom (the United Kingdom of Great Britain and Northern Ireland ) (the “UK”) signed the Free Trade Agreement (the “FTA”) on December 29th, 2020 just before the UK exits European Union (the “EU”). The FTA, which came into force as of January 1st, 2021, ensures special trading terms for UK businesses, which can continue to export and import under preferential tariffs, compared with no agreement.