Makale

Loans to be borrowed in foreign currency and indexed to foreign currency from Turkish or foreign banks are regulated under the Decree No. 32 and its secondary legislation. Pursuant to such decree, persons residing in Turkey cannot borrow foreign currency loans in Turkey or from foreign countries. Additionally, there are […]

The establishment of insurance and reinsurance companies and their activities in Turkey are regulated by the Insurance Law, the Turkish Commercial Code and the Code of Obligations and certain other laws and the secondary legislation entered into force thereunder. An insurance company can only be established as a joint stock […]

The Capital Markets Law is the main piece of legislation which governs the structure of all organised markets, capital markets institutions and their activities, capital markets instruments and their issuance and oferings, main requirements for public companies as well as the structure, powers and duties of the Capital Markets Board […]

The Environmental Law and its secondary legislation regulate the protection of the environment and sanction any action which violates the rules in the legislation and may cause pollution to the environment. The Ministry of Environment and Urbanisation acts as the regulatory authority through its provincial directorates. Depending on the nature […]

Overview Pursuant to the Environmental Law, environmental permits and assessments are governed by the Regulation on Environmental Permit and License and the Environmental Impact Assessment Regulation. These regulations introduce an extensive system of licenses and permits required to be obtained pursuant to the environmental legislation.   Environmental Impact Assessment Depending […]

The Environmental Law introduces a strict no-fault liability regime for non-compliance with the law and polluting the environment. Polluters are liable for the loss occurred due to their actions, regardless of the degree of fault. In case of a violation, the accused company may be given a reasonable time (not […]

The Turkish Commercial Code and the Competition Law are the primary legal sources protecting competition in Turkish markets. The Turkish Commercial Code deals with unfair competition arising out of deceptive and misleading practices whereas the Competition Law regulates prohibited actions and exemptions thereto, abuse of dominant position, clearances for certain […]

Prohibited Actions The Competition Law lists instances it considers prohibited, but these are not limited in numbers. Any and all agreements and concerted practices with similar efects as below shall be deemed to be in breach of the Competition Law: (i) determining (i) purchase or sale prices or (ii) factors […]

The Competition Law deines a “dominant position” as “…the power of one or more undertakings in a particular market to determine economic parameters such as price, supply, the amount of production and distribution, by acting independently of their competitors and customers…”. Although a market share above 40% would be the […]

A prior clearance of the Competition Authority is required for transactions resulting in a change of control if certain thresholds on the turnover of the transaction parties and/or the target have been exceeded. The transactions requiring clearance could be in the form of a merger, share transfer, asset transfer or […]