A legal entity is defined as “groups of persons organized as entity on its own and independent property groups constructed for special object” under Article 47 of the Turkish Civil Code No. 4721 (“TCC”). Under Turkish laws, legal entity owns its assets; such assets are dedicated to the purposes of the legal entity and legal entity is liable only with such assets. Legal entity is entitled to be part to the legal transactions as an independent person, separately from its founders and is liable for such transactions against third parties.
Crowded cities and unplanned urbanization have always plagued Turkey. According to the Ministry of Environment and Urbanization (the “Ministry”), more than ten million structures in the country violate zoning laws and regulations. These structures, including factories, shopping malls, and office buildings, are built without a construction permit, used without an occupancy permit, or violate other laws.
The European Commission (“Commission”) has released a report on April 17, 2018, which contained important findings of fact and assessments regarding Turkey’s political situation, economic development, regional issues and international obligations. This document summarizes and evaluates the conclusions put forth by the Commission in its report (“Report”) with respect to intellectual property law in Turkey and its suggestions for the coming years.
After three years of investigation, on July 18, 2018, The European Commission (“Commission”) issued its decision on the well-known Android case and fined Google LLC (“Google”) an astounding €4.34 billion for abusing its dominant position. The Commission held that “since 2011, Google has imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search”. The fine imposed to Google is the biggest of all times. The decision also opens the door to civil actions under which affected parties may claim compensation for damages incurred due to Google’s abusive conduct.
This article will address significant amendments and novelties introduced for Turkish capital markets legislation during the first half of 2018 as in line with specific needs and interests of public and private institutions, companies, shareholders and/or investors being subject to such legislation.
Communique Regarding the Amendments ("Amendment Communique") (II-26.1.b) to the Communiqué on Takeover Bids (II-26.1) (“Communique) announced by the Capital Markets Board (“CMB”) has been published in the Official Gazette dated 05.06.2018 numbered 30442 and entered into force at the date of its publication.
The Turkish Competition Board (the “Board”) has recently published its reasoned decision with respect to its ex officio preliminary investigation on (i) the validity of the non-compete obligation in the articles of association (“AoA”) of a joint venture company, namely WKS Istanbul Tekstil Kalite Kontrol Hiz. Ltd. Şti. (“WKS Istanbul”), which is active in quality control of textiles and (ii) the parties’ request for negative clearance of the relevant non-compete obligation.
Turkey carries its position of attraction from the foreign direct investments despite the temporary volatility from time to time. In line with the trends different sectors shine out and consequently different instruments attract investors. Real Estate sustainably carries its prominent investment instrument position due to functions and consistent yields.