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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 Erdem & Erdem Law Office

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Mert Karamustafaoglu has been promoted as Partner and Competition & Compliance Leader

March 2019 - EU & Competition. Legal Developments by Erdem & Erdem Law Office.

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We are very proud of announcing that Mert Karamustafaoglu has been promoted as Partner and Competition & Compliance Leader, as of January 1, 2019.

Nezihe Boran Demir has been promoted as Managing Associate

March 2019 - Finance. Legal Developments by Erdem & Erdem Law Office.

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We are very proud of announcing that Nezihe Boran Demir has been promoted as Managing Associate, as of January 1, 2019.

Transfer of TĂĽrk Telekom Shares owned by OTAS is completed

March 2019 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Within the scope of the restructuring of the loans obtained by Ojer TelekomĂĽnikasyon A.Ĺž. (OTAĹž) in 2013 and 2014, the transfer of the shares owned by OTAĹž, representing 55% of TĂĽrk TelekomĂĽnikasyon A.Ĺž.’s (TĂĽrk Telekom) issued share capital by a special purpose vehicle  incorporated directly or indirectly by the creditors was completed on 21st of December, 2018.

Opinion of the Court of Cassation on the Contention of Expert Opinion and Expert Report

January 2019 - Litigation & Dispute Resolution. Legal Developments by Erdem & Erdem Law Office.

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The notion of Expert Opinion, which entered into our law through the Code of Civil Procedure ("CCP"), has been a frequently resorted to method of helping to resolve disputes by the parties in our judicial system over the course of time...

Arrest of Ships under Turkish Law

January 2019 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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The general principles on maritime enforcement are set out in Turkish Commercial Code ("TCC") numbered 6102. On the other hand, Turkey has ratified the International Convention on Maritime Liens and Mortgages, signed in Geneva on 6 May 1993 and the International Convention on the Arrest of Ships, signed in Geneva on 12 March 1999 and both conventions have been come into force on 25 March 2017. The provisions of these two conventions have already been taken into consideration by the drafting committee of the code, and the relevant provisions have been incorporated into the TCC in preparing the same. This newsletter reviews the principles and provisions stipulated in the TCC for the arrest of ships.  

Decision of the Court of Cassation General Assembly on the Unification of Judgments holding that an

January 2019 - Litigation & Dispute Resolution. Legal Developments by Erdem & Erdem Law Office.

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In civil procedural law, a ban on the expansion and alteration of a claim and defense comes with two exceptions; the other party's consent, and "the amendment". The parties may completely or partially amend their proceedings prior to the end of the investigation phase. Provided that the legal requirements are fulfilled, an amendment may be filed without the consent of the other party or the court, since it is a unilateral and express declaration of will directed at the court 1. For instance, the parties may amend the value of the claim, or claim compensation, instead of payment in kind for defective goods.

Share Pledges in Joint Stock Companies

January 2019 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Share pledges in joint stock companies are not specially regulated under the Turkish Commercial Code ("TCC"). Therefore, the provisions of the Turkish Civil Code that regulate the general rule regarding pledges, shall apply. Under Turkish Civil Code Article 954, transferable receivables and other rights may be subject to pledge. The pledge established on a share in joint stock companies is a "pledge right established on the right." A pledge is established on shareholding rights. A pledge on receivables and rights is subject to the principles of movable pledges. (Turkish Civil Code Article 954/2).

Updated FIDIC Contracts

January 2019 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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International Federation of Consulting Engineers that is known by the abbreviation of FIDIC (Fédération Internationale Des Ingénieurs-Counseils) launched updated Red Book (the Conditions of Contract for Works of Civil Engineering Construction), Yellow Book (the Conditions of Contract for Plant and Design-Build)) and Silver Book (the Conditions of Contract for EPC/Turnkey Projects) in the "International Contract Users Conference," organized in London in December of 2017...

Recent Developments in the Right of Access to Files

January 2019 - EU & Competition. Legal Developments by Erdem & Erdem Law Office.

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The parties of an investigation that is conducted in accordance with the Act on the Protection of Competition No. 4054 ("Competition Act") may enjoy the right to access the files concerning them that are drawn up by the Competition Authority ("Authority"). The procedures and principles related to use of this right are regulated via Communique on the Rules for Access to Files and the Protection of Trade Secrets No. 2010/3 ("Communiqué"). For the parties, it is very important to exercise their right to access to files properly, since the relevant right has a direct correlation to their right to defense. Therefore, this article focuses on the discussions that may rise during the exercise of the right to access the files in light of the recent Competition Board ("Board") decisions...

The General Data Protection Regulation in Force

January 2019 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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The General Data Protection Regulation ("GDPR" or "Regulation")1 that was approved by the European Union ("EU") Parliament and entered into force in 2016 has started to be applied as of May 25, 2018. The GDPR lays down rules relating to the protection of natural persons ("data subjects") with regard to the processing of personal data, and rules relating to the free movement of personal data. With this Regulation, it is intended to protect the privacy of the data subjects more strictly, and to reorganize data privacy laws across Europe. Also, it is worth to note that, international companies, as well as Turkish companies, are under the obligation to comply with the GDPR, provided that their activities fall under the scope of the GDPR.

Scope of the GDPR...

General Information on Registration to the Data Controllers Registry and the Decision of the Persona

January 2019 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Law on the Personal Data Protection numbered 6698 ("Law") was accepted on 24 March 2016 and entered into force, except for certain articles that are reserved, through publication in the Official Gazette dated 7 April 2016 and numbered 29677...

Amendments Introduced through Law No. 7101 on Arbitration Proceedings

October 2018 - Litigation & Dispute Resolution. Legal Developments by Erdem & Erdem Law Office.

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State courts have very important functions concerning arbitration proceedings. These functions may aim to provide assistance to arbitration proceedings, such as collection of evidence through state courts, which would support the functions of the tribunal, or functions aimed at supervision of arbitration proceedings, such as set-aside actions. The legal provisions regulating these functions play an important role in the determination of whether a particular state has an arbitration-friendly legislation.

Amendment of ICSID Rules and Regulations

October 2018 - Litigation & Dispute Resolution. Legal Developments by Erdem & Erdem Law Office.

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At the 2016 Annual Meeting of the Administrative Council, the International Centre for Settlement of Investment Disputes ("ICSID") launched an amendment process on its' rules and regulations ("ICSID Rules and Regulations"). This has been the fourth amendment process since 1984, 2003 and 2006. As per Article 6 of the ICSID Convention, the amendments will only be effective upon the approval of two-thirds of the contracting states2. Hence, ICSID invited contracting states and the public3 to provide their amendment suggestions on topics worthy of consideration, which will be used as background papers throughout the process.

Trust Liability in terms of Groups of Companies

October 2018 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Article 209 of Turkish Commercial Code No. 6102 ("TCC") has set forth obligations that are subject to damage caused by the trust and reputation of the parent company, as created with society and the consumer. Accordingly, "in the event that the reputation of the parent company and the group of companies reaches a certain level which provides trust to society or the consumer, the parent company is liable for the trust created by utilization of this reputation".

Possibilities and the Results of Trademark Confusion

October 2018 - Intellectual Property. Legal Developments by Erdem & Erdem Law Office.

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Trademarks are the vehicles that are used to differentiate companies one from the other. They help to capture the consumers' attention. It is essential and necessary to protect trademarks that are created and improved with capital and effort, from unrightful use by third parties, and to prevent the encroachment of trademarks through confusion. One of the most efficient functions of intellectual property law is to encumber imitations, and to halt improper benefit by using the popularity of the trademarks to their consumers. On the other hand, in our daily lives, we often see trademarks that are similar, and may wonder how they co-exist at the same time. In this article, we will shed light on the reasons why similar trademarks can be registered, the criteria that cause trademark confusion, and the remedies to prevent and/or remove these infringements.

Recent Developments on the Enforcement and Bankruptcy Law and Concordat

September 2018 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Introduction

A significant part of the recent legislative amendments to improve the investment environment are made to Enforcement and Bankruptcy Law (“EBL”) numbered 2004. The amendments made within the scope of Law numbered 7101 on the Amendments in Enforcement and Bankruptcy Law and Certain Laws[i] (“Law numbered 7101”) and the Law numbered 7078 on the Ratification of the Statutory Decree on Certain Regulations within the Scope of State of Emergency with Alterations[ii] (“Law numbered 7078”) shall be addressed.

[i]              Official Gazette (OG), No. 30361, March 15, 2018.

[ii]             OG, No. 30354, March 8, 2018 (bis).

Regulatory Approaches to Crowdfunding in European Union

September 2018 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Introduction

Crowdfunding has finally entered into Turkish legislation through Omnibus Law no. 7061 dated 5 December 2017, by way of amending certain provisions of Capital Market Law numbered 6362. Although the amendments cover the mainframe of crowdfunding in a very basic form, detailed secondary legislations and policies are needed to implement crowdfunding as a successful system. In anticipation of the secondary legislation it would be beneficial to look at the regulatory approaches to crowdfunding within European Union (EU) Member States and United Kingdom (UK).

Challenging Arbitrators and LCIA Challenge Decisions

September 2018 - Litigation & Dispute Resolution. Legal Developments by Erdem & Erdem Law Office.

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Introduction

It is essential that all arbitrators are and remain, independent and impartial throughout the arbitration. Almost all institutional rules contain a provision requiring arbitrators to be impartial and independent. Examples include Article 14 of the ICC Rules where “lack of impartiality or independence” is a ground for challenging the arbitrators and Article 10 of the LCIA Rules and Article 12 of the UNCITRAL Arbitration Rules where “justifiable doubts as to the arbitrator's impartiality or independence” is foreseen as a valid ground for challenge. Other grounds for challenge include arbitrators acting contrary to the arbitration agreement and the arbitrator’s qualifications.

Management of Information Systems

September 2018 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Introduction

As stated under Article 128 of Capital Markets Law No. 6362[i] (“Capital Markets Law”), one of the duties of the Capital Markets Board (“CMB”), among others, is to determine the procedures and principles for the supervision and operation of the management of the information systems of capital markets institutions, publicly held companies, stock exchanges and self-regulatory establishments. To this end, based on the provisions of the Capital Markets Law, Communiqué on the Management of the Information Systems (VII-128.9) (“Management Communiqué”), together with the Communiqué on the Independent Auditing of Information Systems (III-62.2) (“Auditing Communiqué,” Management Communiqué, and the Auditing Communiqué, shall collectively be referred to as the “Communiqués”) have been published in the Official Gazette dated 5 January 2018 and numbered 30292. Both the Management Communiqué and the Auditing Communiqué have entered into force with their publication in the Official Gazette. While the procedures and principals applicable to the management of the information systems for the listed establishments therein are determined under the Management Communiqué, independent auditing of information systems is further regulated under the Auditing Communiqué. This article will mainly focus on the scope of the Management Communiqué, innovations introduced thereunder, especially the obligation to keep the systems in the Republic of Turkey and, finally, the sanctions.

[i] Capital Market Law numbered 6362, OG, No. 28513, December 30, 2012.

MiFID II and its Eventual Impacts on Turkey

September 2018 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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The financial crisis of 2007–2008, which is considered by many economists to have been the worst since the Great Depression of the 1930s, has exposed weaknesses in the transparency of the financial markets. In order to restore investor confidence, strengthen transparency, and improve the functioning of the internal market for financial instruments, the European Union (“EU”) has started to draft a new regulatory framework for financial markets following the financial crisis. After seven years in the making, the Markets in Financial Instruments Directive II 2014/65/EU, and Markets in Financial Instruments Regulation 600/2014 (hereinafter together referred to as the “MiFID II”) entered into force on January 3, 2018.

As outlined, above, the new legislation includes both a directive and a regulation. While the regulation has a direct effect within the EU, the directive is to be applied by the member states in national law where there may be national discretion. This article aims to focus on the key aspects of the MiFID II and its eventual impact on third country firms i.e. on Turkey.

Canan Doksat has joined Erdem & Erdem as Tax Counsel

September 2018 - Tax & Private Client. Legal Developments by Erdem & Erdem Law Office.

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We are proud to announce that Canan Doksat joined Erdem & Erdem as Tax Counsel. Canan Doksat graduated from Koç University Faculty of Law in 2010. She continues her LL.M at the dissertation stage in Istanbul Bilgi University. She started her working life in 2010 at EY Turkey and worked as Manager in the department of Tax and Law.

INNOVATIONS IN THE BOARD OF DIRECTORS OF JOINT STOCK COMPANIES

March 2012 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Provisions of the New Turkish Commercial Code (“New TCC”) concerning the Board of Directors (“BoD”) are found among the provisions that have been significantly modified.

Innovations In The General Assembly Of Joint Stock Companies

March 2012 - Finance. Legal Developments by Erdem & Erdem Law Office.

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General assembly (“GA”) meetings of joint stock companies play an important role, since it gives the opportunity to shareholders to enjoy to exercise their rights regarding company affairs. Shareholders enjoy their essential rights such as right to obtain information and right of examination through GA meetings.

INNOVATIONS IN THE NEW TURKISH COMMERCIAL CODE CONCERNING THE AMENDMENTS OF...

February 2012 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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THE ARTICLES OF ASSOCIATION - II

Provisions concerning the amendment of the articles of association (“AoA”) were subject to extensive modifications within the New Turkish Commercial Code (“New TCC”). 

INNOVATIONS IN THE NEW TURKISH COMMERCIAL CODE CONCERNING

February 2012 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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THE AMENDMENTS OF THE ARTICLES OF ASSOCIATION - I

In joint stock companies, amendments of the articles of association (“AoA”) are of significant importance, since they have a direct effect on the rights of shareholders.  

Innovations in the Incorporation of Joint Stock Companies

February 2012 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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As is known, the New Turkish Commercial Code (“New TCC”) has been accepted by the Grand National Assembly of Turkey on January 14, 2011.

INNOVATIONS IN THE NEW TURKISH COMMERCIAL CODE CONCERNING VOTING RIGHTS

January 2012 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Voting rights in joint stock companies are of significant importance, since they enable shareholders to participate in the management of the company. Shareholders may have a voice in the activities of the company through the exercise of their voting rights, such as appointment of members to corporate boards, supervision of the said members and exercise of minority rights. Privileges such as right of access to information, convocation of the general assembly and right to demand the annulment of the decisions aim to guarantee that the voting right is exercised more efficiently.

INNOVATIONS CONCERNING MINORITY SHAREHOLDERS' RIGHTS IN THE NEW TURKISH COMMERCIAL CODE

September 2011 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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Minority shareholders rights are of significant importance in companies’ constitution, since they provide protection for the value of minority shareholding and the management of company can be apportioned between the majority and minority shareholders by preventing inappropriate exertion of control by majority shareholders.

The New Turkish Commercial Code has been Accepted in the New Year

February 2011 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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The Draft Turkish Commercial Code (hereinafter referred to as the “New TCC”) replacing the current Turkish Commercial Code (herein after referred to as the “TCC”), which went into force in 1957 and which has been in use for more than fifty years without a structural change, was accepted by Grand National Assembly of Turkey on January 14, 2011.

International Trade Terms are Renewed: Incoterms ® 2010

November 2010 - Corporate & Commercial. Legal Developments by Erdem & Erdem Law Office.

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The purpose of Incoterms is, as stated by ICC “to provide a set of international rules for the interpretation of the most commonly used trade terms in foreign trade. Thus, the uncertainties of different interpretations of such terms in different countries can be avoided or at least reduced to a considerable degree”.

TURKISH ENERGY LAW

September 2010 - TMT ( Technology, Media & Telecoms). Legal Developments by Erdem & Erdem Law Office.

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Energy consumption has increased both globally and domestically because of population growth. Activity in the energy sector has accelerated in our country, as well as in the world, in order not to have difficulties in energy supplies as a result of this increase in demand.