New thresholds triggering independent audit requirements for Turkish companies became applicable as of 1 January 2023. Below is a general overview of the applicable criteria.

The Capital Markets Board ("CMB") updated some amounts subject to revaluation within the scope of capital markets legislation for the year 2023 with the Capital Markets Board Bulletin dated 30/12/2022 and numbered 2022/74 published pursuant to its decision dated 29/12/2022 and numbered 77/1900.

Paksoy has advised Imerys on the sale of its 50% stake in JV Pergem to IPM Industries. Cim Hukuk reportedly advised IPM Industries.

The rapid developments in the world of technology put the law into a difficult concept puzzle to follow. While the discussions on smart contracts made with blockchain technology have not yet ended, a new organization that can direct the life of business has taken its place in the international market; Decentralized Autonomous Organization (DAO). This mechanism offers people new democratized ways to operate their organizations, radically separated traditional institutions.

Turunc has advised Bogazici Ventures on its investment in UP School's first financing round. Bagzibagli Erdem & Sahin advised UP School.

Paksoy has advised Univar Solutions on its acquisition of Kale Kimya. Egemenoglu advised the sellers.

Gide Turkish affiliate Ozdirekcan Dundar Senocak has advised the Turkiye Wealth Fund on its acquisition of Bereket Katilim insurance companies and the subsequent restructuring of TWF subsidiaries' takaful insurance operations.

Moral, Kinikoglu, Pamukkale, Kokenek has advised Israel's Amiad Water Systems on its acquisition of the final 49% stake in FTS Filtrasyon Aritim Sistemleri. SCH-Legal reportedly advised the sellers.

Former Senior Associate Gokturk Sahin has been promoted to Managing Associate and appointed Head of the Litigation Department at Moral, Kinikoglu, Pamukkale, Kokenek.

Belda Ozturk has joined Kazanci Holding as its Chief Legal Counsel.

Law No. 4054 on the Protection of Competition (“Competition Law”) applies to merger and acquisition transactions ("Transactions") since they may lead to consequences such as establishing/strengthening a dominant position or restricting effective competition in the market. Additionally, as per Communiqué No. 2010/4 Concerning the Mergers and Acquisitions Calling for the Authorization of the Competition Board ("Communiqué"), some Transactions are subject to the Competition Board's ("Board") approval. In this regard, the Turkish Competition Authority ("Authority") releases the Mergers and Acquisitions Overview Report each year to describe the overview of the Transactions examined within its body and thus provides a breakdown of the Transactions that took place in the market as along with a broad market overview. The Mergers and Acquisitions Report for 2022 ("Report") was published and made public by the Authority on January 6, 2023.

Turunc has advised intercity bus operator Kamil Koc on its alliance with Istanbul-based bus companies Ses Turizm and Gulen Turizm.

Turunc has announced the launch of the firm's UP Tel Aviv acceleration program together with Bogazici Ventures, GN-Z11, and Reichman University, in collaboration with Amazon Web Services.

As investors continue to seek a safe haven after the collapse of crypto exchanges, cryptocurrency companies have begun to resort to new ways to restore confidence. The most important issue in the market is whether cryptocurrency companies have enough assets to cover their customers' funds.

McKinsey & Company has appointed Burcu Karaaslan Altan to Assistant General Counsel in Turkey.

Contributed by Guleryuz & Partners.

Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership have advised Arcelik on the establishment of a joint venture between its Ardutch subsidiary and Whirlpool Corporation subsidiary Whirlpool EMEA Holdings to create a new standalone business in the European home appliances sector. Latham & Watkins advised Whirlpool.

Turunc has advised Bogazici Ventures on its investment in Dojo Talent. Polat & Partners advised Dojo Talent Founder Alp Sezginsoy.