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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Paksoy

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SQUEEZE-OUT RIGHT IN PUBLIC COMPANIES -- TURKEY

July 2014 - Corporate & Commercial. Legal Developments by Paksoy.

More articles by this firm.

Squeeze-out and sell-out rights in Turkish public companies are regulated by the Communiqué on Squeeze-Out and Sell-Out Rights (the "Communiqué") published in the Official Gazette dated 2 January 2014 effective as of 1 July 2014. The Communiqué was issued by the Capital Markets Board of Turkey (the "CMB") in accordance with the Capital Markets Law and regulates the right to squeeze-out minority shareholders by the controlling shareholder and the minority shareholders' rights to exit the public company by selling their shares to the majority shareholder.

 

Below are the highlights of the Communiqué in relation to the squeeze-out right:

Turkish Treasury Is Giving Its Word - The Debt Assumption Model Has Been Adopted

July 2014 - Projects, Energy & Natural Resources. Legal Developments by Paksoy.

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Long awaited legislation on the debt assumption model will benefit PPP and BOT projects in the infrastructure, healthcare and education sectors.

The debt assumption model has been finally introduced recently into Turkish legislation. The new piece of regulation is paving the way for the Turkish Treasury to assume project debt borrowed by project companies in large-scale BOT model infrastructure investments and healthcare and educational campus PPP projects. The Debt Assumption Regulation was published in the Official Gazette on 19 April 2014.

The Banking Regulation Review

October 2011 - Finance. Legal Developments by Paksoy.

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The main legislation regarding the banking industry in Turkey is the Turkish Banking Law No. 5,411 (‘the Banking Law’), the Turkish Central Bank Law No. 1,211 (‘the Central Bank Law’), the Turkish Capital Markets Law No. 2,499 (‘the Capital Markets Law’), the Law on the Protection of the Value of Turkish Currency No. 1,567, the Decree Law on Money Lending Transactions No. 90, and the regulations promulgated under these laws.

LABOUR AND EMPLOYEE BENEFITS

October 2011 - Employment. Legal Developments by Paksoy.

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Scope of Employment Regulation

1. Do the main Laws that regulate the employment relationship apply to:

* Foreign Nationals working in your Jurisdiction?
* Nationals of your Jurisdiction working abroad?

Global Litigation & Arbitration - Turkey

October 2011 - Litigation & Dispute Resolution. Legal Developments by Paksoy.

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To glean an insider’s insight into the issues of litigation and arbitration across the world, Lawyer Monthly also speaks to Serdar Paksoy, the founding and senior partner of Paksoy, a full-service law firm in Istanbul, to find out about these issues in Turkey. Paksoy provides services in all major practice areas including litigation and arbitration, competition law, banking and finance, capital markets, corporate and commercial, mergers and acquisitions, privatisations, and real estate.

Capital Markets

October 2011 - Finance. Legal Developments by Paksoy.

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A dynamic, stable and attractive economy paralleled with structural reforms, a young and skillful workforce, as well as its location as an international hub make Turkey a favourable jurisdiction for doing business; and as such, it attracts all manner of investors from around the world.

The Banking Regulation Review

August 2010 - Finance. Legal Developments by Paksoy.

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Legal and regulatory areas of concern come and go in their perceived importance. It is, however, very difficult to recall any other occasion when a subject regarded by many lawyers as so obscure and arcane as international banking regulation has come to such prominence in such a short period of time.

MEDIATION: TURKEY ON THE VERGE OF A NEW TERRITORY?

December 2009 - Litigation & Dispute Resolution. Legal Developments by Paksoy.

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Since 2007, the Turkish government has been working on a mediation model for the settlement of disputes. The Draft Law on Mediation of Civil Disputes (the "Draft Law") is currently pending for the review by the justice sub-commission of the Turkish Parliament. Following the review of the sub-commission, the Draft Law will be voted on in Parliament in order to be enacted.

ABUSE OF DOMINANT POSITION

December 2009 - EU & Competition. Legal Developments by Paksoy.

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Market competition is regulated in Turkey by the Competition Law enacted on 7 Decem-ber 1994. The regulatory authority is the Competition Authority and the decision-mak-ing body is the Competition Board. The Com-petition Law has three pillars: (i) agreements, decisions and practices preventing, distort-ing or restricting competition in markets for goods and services; (ii) abuse of dominance by the undertakings dominant in the market; and (iii) the control of mergers and acqui-sitions that could lead to the creation or strengthening of a dominant position.

TENDER OFFER RULES – TURKEY

December 2009 - Finance. Legal Developments by Paksoy.

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On 2 September 2009, the Turkish Capital Markets Board (the “CMB”) promulgated a new set of rules on tender offers relating to public companies. The new tender offer rules replaced the earlier CMB regulation on the matter, and introduced important changes on mandatory offers, terms of offers, minimum offer value, payment of consideration, voluntary offers, rules, procedures and principles to be complied with, and so on.

Getting the Deal Through: Real Estate

May 2009 - Real Estate & Property. Legal Developments by Paksoy.

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The Turkish legal system is a civil code system. Parties may obtain an injunction from the courts upon depositing sufficient collateral, but the injunction can be lifted during the hearings upon a reasonable claim from a counterparty. Following the establishment of an injunction over real estate, such real estate cannot be transferred until the lawsuit is concluded or the injunction lifted. Parties are theoretically free to enter into oral contracts; however, evidence of such relationship may be difficult to establish before the courts since the rule of written evidence is applicable under Turkish Civil Procedure Code and therefore, oral contracts are not practical. Moreover, in certain situations, execution of a written contract is a legal requirement such as in real estate sales.

Privatisation of Toll Motorways and Bridges

March 2008 - Finance. Legal Developments by Paksoy.

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On the Republic of Turkey’s Privatisation agenda in 2008 is the Privatisation of toll motorways and bridges.  Privatisation in Turkey not only aims to minimise state involvement in economic activities, but it also aims to increase productivity and add value to the economy by ensuring more efficient organisation and management of enterprises that should be commercialised to be competitive in the market.