CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
On July 7, 2023, Value Added Tax ("VAT") rates have been significantly increased with the Amendment Decree ("Amendment Decree") to the Decree on Determination of Value Added Tax Rates Applicable to Goods and Services numbered 7346 ("Decree") published in the Official Gazette dated July 7, 2023 and numbered 32241.
June 2023 – In May 2023, the Turkish Personal Data Protection Authority (the “DPA”) published two data breach notifications but did not publish decision.
Lexist has advised the TWF IFM Real Estate Construction and Management joint stock company on the regulation to establish the Istanbul Financial Center.
ISS Turkey has appointed Gamze Sandurac Baykal to Chief Legal Officer in Istanbul.
Dentons and its Turkish affiliate Balcioglu Selcuk Ardiyok Keki have advised Papara on its acquisition of Rebellion from Beka Finance. Spain's Araoz & Rueda reportedly advised Beka Finance.
The Regulation Amending the Electricity Market Capacity Mechanism Regulation and the Regulation Amending the Regulation on Renewable Energy Source Guarantee Certificate in Electricity Market published in the Official Gazette on 21 May 2021, introduced significant changes to the capacity mechanism and renewable energy resource guarantee certificate (“YEK-G“) applications.
Paksoy, working with the UK offices of Bird & Bird, has advised the EBRD on a EUR 125 million loan for the Ankara Metropolitan Municipality to finance the Ankara Natoyolu-Dikimevi metro line.
The Aksan Law Firm has advised Simularge Global and its founders on its investment round with a sub-fund of Turkiye Kalkinma Fonu. The Ozbek Attorney Partnership advised the fund.
Turunc has advised Gelecek Etki Fonu on its USD 1.25 million investment in e-commerce solutions provider Rierino.
In Turkiye, digital banking has become a hot topic in relatively recent times after the introduction of the Regulation on the Operation Principles of Digital Banks and Service Model Banking (Regulation), published in the Official Gazette dated December 29, 2021, issued by the Banking Regulation and Supervision Agency (BRSA).
Moral, Kinikoglu, Pamukkale, Kokenek has advised the shareholders of Univera on the sale of the company to Param.
Paksoy, working with Gowling WLG, has advised UK-listed Volex on its acquisition of Turkish complex wire harness manufacturer Murat Ticaret Kablo for a total consideration of up to approximately EUR 178.1 million. Kinstellar and its Turkish affiliate Gen Temizer Ozer advised the Gora family on the sale of 100% of their shares in Murat Ticaret.
Moral, Kinikoglu, Pamukkale, Kokenek has advised the minority shareholders of Turquoise Yachts on the sale of their shares to MB UAE Investments.
The Aksan Law Firm has advised Istanbul-based vehicle telemetry company Iugo Technology on receiving an investment from the Koc Group's Otokoc Otomotiv.
Turunc has advised Bogazici Ventures in its USD 600,000 investment in Artiwise.
Dentons and its Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership have advised the lenders on a USD 201.5 million and EUR 353.4 million dual-currency loan to Yapi ve Kredi Bankasi.
Turunc has advised the Arya Women Investment Platform on its investment in Teleporter.
The Aksan Law Firm has advised APY Ventures on leading an investment round into Ankara-based autonomous mobile robot company Milvus Robotics.
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