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In the summer of 2018, CEE Legal Matters reported that Turkey’s Garanti Bank had issued its first-ever Gender Bonds. The bonds, valued at USD 75 million and issued in partnership with the Women Entrepreneurs Opportunity Facility launched by the IFC through its Banking on Women Program, and Goldman Sachs 10,000 Women initiative, are meant to finance small enterprises and companies owned or managed by women in Turkey.

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 problems that may arise in relation to the implementation of the New Decree. We also assess the potential effects of the Communiqué (2018/32-51) on the Amendment of the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Lira (2008/32-34) (“Communiqué”), which was published in the Official Gazette on October 6, 2018, and lists the exceptions to the restrictions imposed by the New Decree.

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 practices in which blockchain technologies are being used, such as cryptocurrency offerings and token offerings.

“The Regulation on the Amendments to the Regulation on the Implementation of the Turkish Citizenship Law” (the “Amending Regulation”) has been published in the Official Gazette dated 19 September 2018 and numbered 30540 and entered into force as of its publication date. Along with the publication of the Amending Regulation, the financial and investment criteria to acquire the Turkish citizenship have been reduced.

The Communique on the Procedures and Principles Regarding the Implementation of the Article 376 of the Turkish Commercial Code Numbered 6102 (the “Communiqué”) has been published in the Official Gazette dated 15 September 2018, numbered 30536 and entered into force as of its publication date.

A. Introduction: The Competition Board (“Board”) has recently published its reasoned decision in its reassessment of the Turkish Pharmacists Association (Türk Eczacıları Birliği) (“TPA”) case, following the annulment decision 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 appeal against the Board’s earlier decision concerning the TPA’s practices, which examined allegations that the TPA had fixed pharmacies’ purchasing terms and conditions in non-market circumstances. Pursuant to the investigation, the Board found that the TPA had violated Article 4 of the Law No. 4054 on the Protection of Competition (“Law No. 4054”), and imposed an administrative monetary fine corresponding to 3% of the TPA’s revenues for the 2009 fiscal year. 

“The Communiqué on the Decree No. 32 on the Protection of the Value of Turkish Currency regarding Export Proceeds (The Communiqué No. 2018-32/48) (the “Communiqué”) has been published in the Official Gazette dated 4 September 2018 and numbered 30525. The Communiqué has entered into force as of its publication date and shall remain in effect for six (6) months starting from its publication date.

Paksoy has advised Atlassian on Turkish elements related to its USD 295 million acquisition of Boston-based OpsGenie, a company making technology which enables companies to better plan for and respond to IT service disruptions. Lead counsel for Atlassian was Hogan Lovells.

"The Communiqué on the Procedures and Principles for the Issuance of Building Registration Certificates" (the "Communiqué"), which closely concern citizens, has been published in the Official Gazette dated 6 June 2018 and numbered 30443 and came into force starting from the publishing date in order to eliminate the contradictions to the zoning legislation in our country where real estate is regarded as the number one safety investment instrument.

November 8, 2018, Marmara Taksim Hotel, Istanbul

We are excited to announce that registration for the 2018 Turkey General Counsel Summit is now open. The event will take place in Istanbul’s Marmara Taksim Hotel on November 8, 2018.

Turkey Knowledge Partner

NAZALI offers a broad range of services in the fields of Tax, Audit, Corporate and Commercial Law, Mergers & Acquisitions, Corporate Finance, Banking, Finance and Capital Markets, Protective Legal Services and Dispute Resolution, Personal Data Protection and Privacy, Social Security and Labor Law, Occupational Health and Safety, Competition Law, Intellectual Property Law and R&D, Compliance and White-Collar Crimes, Administrative Law, Real Estate Law, Customs and Foreign Trade, Accounting and Payroll, Financial Incentives and Advisory Services and Public Administration and Compliance through its partners, associates and consultants of different seniorities who have both public and private sector experience.

What sets NAZALI apart from others is that NAZALI offers a truly comprehensive service to its clients with experts from different disciplines working collaboratively as a team under one roof enabling us to evaluate all dimensions of legal matters together with financial and technical matters.

The services that NAZALI provides to its clients include the most appropriate solution with the support of technical departments specialized in their fields. In this context, NAZALI associates are supported by NAZALI technical team and work alongside the experts in the fields of finance, social security and customs matters. NAZALI has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

As conditions continuously evolve, NAZALI always aims to further itself remaining true to its motto “GROW WITH KNOWLEDGE” and has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

Firm's website: http://www.nazali.com

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