The Legal 500

Legal Developments in Turkey

• Turkey: Special Purpose Acquisition Companies

  Special Purpose Acquisition Companies (" SPAC "), which are incorporated to achieve the purpose of investing and merging with a non-public company, were first introduced in the United States in 1990s and recently increased its popularity globally. Unlike other countries, SPACs entered into Turkish legal system relatively late with the Communiqué on Common Principles Regarding Significant Transactions and Appraisal Right (Communiqué No. II-23.1) of the Capital Markets Board (" CMB "), published in the Official Gazette dated 24.12.2013 numbered 28861(" Appraisal Right Communiqué "). Currently, there is no SPAC listed under Borsa Istanbul (" BIST ") in Turkey. SPACs are very similar to venture capital structure and can be considered as a strong alternative for investors and shareholders in Turkey as well.
  - ELIG Gurkaynak Attorneys-at-Law

• Communiqué on Equity Crowdfunding Is Officially Published

  By way of background, in January 2019, the Capital Markets Board (“ CMB ”) had issued an announcement on its website on the Draft Communiqué on Equity Crowdfunding [1] . The CMB has now officially published the Communiqué on Crowdfunding No. III-35/A (“ Communiqué ”), on October 3, 2019. The Communiqué entered into force as of October 3, 2019.
  - ELIG Gurkaynak Attorneys-at-Law

• Quarterly Update on Trade Defense Cases inTurkey (September 2019)

  The authority to initiate dumping or subsidy examinations, upon complaint or, where necessary, ex officio , has been given from the Ministry of Economy to the Ministry of Trade (“Ministry”). Within the scope of this authority, the Ministry announces its decisions with the communiqués published on the Official Gazette.
  - ELIG Gurkaynak Attorneys-at-Law

• Turkey signs the Singapore Convention: A New Era in Enforceability of Mediation Agreements

  Turkey signs the Singapore Convention: A New Era in Enforceability of Mediation Agreements in Foreign Countries
  - ELIG Gurkaynak Attorneys-at-Law

• Constitutional Court’s Decision on Access Ban to News Content on Social Media

  Turkish Constitutional Court granted a decision on April 17, 2019 regarding an applicant's claims on violation of his freedom of expression and press due to access ban of a news article (which is taken from a newspaper) posted by his social media account with the comment "Interesting confession from the judge of the July 22th investigation". The decision was published on the Official Gazette on May 15, 2019. The Constitutional Court accepted the applicant's claim by stating that the access ban of the news article violated the applicant's right to freedom of expression and press.
  - ELIG Gurkaynak Attorneys-at-Law

• Regulation on Radio, Television and On-Demand Broadcasts on the Internet

  Regulation on Provision of Radio, Television and On-Demand Broadcasts on Internet Medium has been published on the Official Gazette of August 1, 2019.  The main aim of the Regulation is to regulate the internet broadcasts.
  - ELIG Gurkaynak Attorneys-at-Law

• Quarterly Update on Trade Defense Cases in Turkey (June 2019)

  The authority to initiate dumping or subsidy examinations, upon complaint or, where necessary, ex officio , has been given from the Ministry of Economy to the Ministry of Trade ("Ministry"). Within the scope of this authority, the Ministry announces its decisions with the communiqués published on the Official Gazette.
  - ELIG Gurkaynak Attorneys-at-Law

• Presidential Circular on Information and Communication Security Measures

  Presidential Circular on Information and Communication Security Measures ("Circular") is published in the Official Gazette of July 6, 2019. The aim of the Circular is reducing of security risks and governing measures to be taken to ensure safety of information which is critical to national security and public order.
  - ELIG Gurkaynak Attorneys-at-Law

• European Union’s Regulation on Online Intermediation Services and Search Engines

  European Union's ("EU") proposal for regulation on online intermediation services and search engines ("Regulation") is expected to be published shortly on the Official Journal of the European Union and become effective twelve months following its date of publication.
  - ELIG Gurkaynak Attorneys-at-Law

• Simplified Mergers in Turkey under Turkish Commercial Code

  Merger, in general, is a complex procedure which requires detailed and long formalities. Simplified merger creates an option for the joint stock companies to merge in a faster way without being subject to certain transactions.
  - ELIG Gurkaynak Attorneys-at-Law