Recent Developments Regarding Various Legislations

1) MOVABLE PLEDGE

Article 5 of the Law No. 6750 on Movable Pledge in Commercial Transactions ("Movable Pledge Law") has been amended with Article 24 of the Law No. 7263 on Amendment to the Law on Technology Development Zones and Some Other Laws dated 28 January 2021. Accordingly, as of 03 February2021;

• in case a pledge is established over the entire commercial enterprise or small business, all types of assets allocated to the activities of such enterprise at the time of establishment of the pledge, shall be deemed to have been included within the scope of the pledge, and
• in case a specific movable asset group of a company is pledged as a whole, then all assets belonging to that specific asset group shall be deemed to have been included within the scope of the pledge. In such case, item (c) of the sixth paragraph of article 4 of the Movable Pledge Law shall not be applied; and thus, information such as the serial number, brand, production year, chassis number,