CEE Legal Matters In-depth coverage of the news and newsmakers that shape Europe's emerging markets 
On April 5, 2022, leading lawyers from across all of CEE will be coming together for the Dealer's Choice Conference and Deals of the Years Awards Banquet. Leading up to the event, we spoke with Vladimir Rangeloff of Kambourov & Partners to learn what they are looking forward to the most.
Contributed by CMS.
The Turkish Competition Authority (the "Authority") published its Obilet/Biletal decision where it conditionally approved the acquisition of Biletal İç ve Dış Ticaret A.Ş.’s (“Biletal”) sole control by Obilet Bilişim Sistemleri A.Ş. (“Obilet”) and decided that the proposed transaction would not result in significant impediment of effective competition under Article 7 of Law No. 4054 on the Protection of Competition ("Law No. 4054")[1] subject to commitments proposed by the parties.
On April 5, 2022, leading lawyers from across all of CEE will be coming together for the Dealer's Choice Conference and Deals of the Years Awards Banquet. Leading up to the event, we spoke with Silvije Cipcic-Bragadin of Cipcic-Bragadin Mesic and Associates to learn what they are looking forward to the most.
Turunc has advised Bogazici Ventures on its investment in Producter.
Paksoy, working with Mayer Brown, has advised Gexpro Services on the acquisition of Resolux. Bech-Bruun Law firm reportedly advised Gexpro Services. DLA Piper reportedly advised Resolux.
On April 5, 2022, leading lawyers from across all of CEE will be coming together for the Dealer's Choice Conference and Deals of the Years Awards Banquet. Leading up to the event, we spoke with Gabor Bebok of Pontes Budapest to learn what they are looking forward to the most.
In March 2021, a digital artwork called “Everydays: The First 5000 Days” was sold by Christies, a British auction house, for $69 million. In other words: Someone paid almost $70 million for a picture on the Internet. Shortly after this sale, cryptographic tokens known as “Non-Fungible Tokens” (“NFT”) with a blockchain technology infrastructure quickly became a part of the mainstream in the art and technology world. Hundreds of millions of dollars of NFT sales now occur each week through public marketplaces like Foundation, OpenSea, and Nifty Gateway.
The board of directors [“Board”] stands out as a body that undertakes the management and representation duties of a joint stock corporation and is endowed with the power that can affect the interests of the corporation as well as its related parties. Such broad authority brings with it the same degree of responsibility. Although such responsibility mostly results in legal liability, the legislator did not remain silent on the fact that the activities of the Board are directly related to the market economy, and thus, imposed criminal sanctions in connection with the actions of the members. In this respect, the use of management and representation powers by the Board members or their personal actions may lead to criminal liability.
From promoting a new brand to preserving the market presence of an already established one, User Generated Content (“UGC”) has become an uncanny tool to initiate and preserve consumer engagement. With that, social network providers have transformed from mere conduits of social interaction between individuals, to multifaceted platforms that enable businesses to reach their consumers. As UGC became more and more mainstream, pulled millions of users and created some of the biggest tech companies, many countries try to catch up with regulations such as Turkey.
Significant amendments were introduced to the Communiqué of the Competition Authority on Mergers and Acquisitions Requiring Authorization of the Turkish Competition Board, numbered 2010/4, with the Communiqué published in the Official Gazette on March 4, 2022. In this respect, while the turnover thresholds taken into account in mergers and acquisitions to determine whether Competition Board’s approval is necessary are increased, exceptional rules are adopted in relation to transactions involving technology companies. These amendments will become effective two months after their publication, i.e., as of May 4, 2022.
On April 5, 2022, leading lawyers from across all of CEE will be coming together for the Dealer's Choice Conference and Deals of the Years Awards Banquet. Leading up to the event, we spoke with Oana Ijdelea of Ijdelea & Associates to learn what they are looking forward to the most.
As announced last week, the Turkish Competition Authority has recently amended the legislation relating to the Turkish merger control regime through an amendment communiqué. This piece of additional analysis is to explore the scope of sectors that will be exempt from certain local turnover thresholds, and therefore the concentrations in which will be notifiable in Turkey regardless of magnitude of Turkish operations.
In November 2021, the Green Debt Instrument and the Green Lease Certificate Guidelines Draft [the “Draft Guide”] was submitted to the public opinion. The draft was approved and published with the Principal Decision of the Turkey’s Capital Markets Board [“CMB”] dated February 24, 2022 and numbered 10/296, with some revisions made as per the comments by the market actors.
Paksoy, working with Arnold & Porter, has advised the Republic of Turkey on its Rule 144A / RegulationS USD 3 billion issuance of lease certificates (Sukuk). The Ciftci Attorney Partnership and Clifford Chance have advised joint lead managers Citibank, the Dubai Islamic Bank, HSBC, and Kuwait Finance House.
Turunc has advised Bogazici Ventures on its investment in hyper-casual game developer NDG Studio.
Turkish Commercial Code No. 6102 (“TCC”) sets forth that in accordance with the articles of association or by changing the articles of association, general assembly of shareholders of a joint stock company may decide to issue dividend right certificates in favor of the owners, creditors or those related to the company for a similar reason. In this article, we will focus on the purpose and types of dividend right certificates within the framework of Article 348, 502 and 503 of the TCC.
Akol Law has advised DAP Real Estate Development and Garanti BBVA Securities on DAP Yapi’s initial public offering on the Borsa Istanbul Market.
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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.
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