Turkey has been historically highly dependent on oil and natural gas imports, due to low local production levels. The recent discovery of a natural gas reserve in the Black Sea as well as extensive exploration activities in the Mediterranean Sea have increased foreign and Turkish investors’ interest in exploration and production activities. The recent conflict between Ukraine and Russia and Turkey’s dependency on Russian natural gas also stressed the importance for Turkey for diversifying its natural gas sources. In that context, this article aims to give an overview of the fiscal regime and the main incentives for investors under the Turkish Petroleum Law as well as the tax legislation, with a specific focus on incentives regarding exploration activities.
Exploration and production activities (E&P) related to petroleum and natural gas in Turkey are governed by Turkish Petroleum Law no. 6491 (TPL) based on the ‘tax and royalty’ regime. Continue reading “Sponsored briefing: Fiscal regime and main incentives under Turkey’s oil and gas exploration and production legislation”
The recent volatility of the Turkish Lira (TL) has increased the already high interest among Turkish investors in cryptocurrencies, with TL trading volumes in major coins showing exponential growth during the latter half of 2021. So far the regulators have been playing catch-up, with the first regulations in connection with crypto assets entering into force in the first half of 2021, just as the collapse of a large Turkish cryptocurrency exchange left hundreds of thousands of customers with no remedy and increased the appetite for more comprehensive regulation. Government officials have indicated they are in active talks with stakeholders to put together a draft law that will regulate cryptocurrency exchange platforms under licensing requirements and introduce protections for customers trading in cryptocurrencies (the ‘Draft Crypto Market Law’).
In this context, it would be advisable to understand the current regulatory landscape and the new regulatory framework that is currently in the works. Continue reading “Sponsored briefing: Regulators grapple with the Turkish crypto market: From piecemeal approach to comprehensive regulation”
Today if you travel to east from Europe on board a plane, it is most likely that you will make a transit connection in Istanbul Airport, which is now a hub. As Istanbul is located in a unique geography and joins two continents, it is very likely that Istanbul will be similarly a hub in the field of law, with a particular focus on arbitration.
Backed by its modern international Arbitration Act, Turkey has also had a modern arbitration centre since 2015. Founded and launched in 2015, the Istanbul Arbitration Centre (ISTAC) has made great advances to turn Istanbul into a significant arbitration centre that unites East and West. Continue reading “Sponsored briefing: Istanbul Arbitration Centre (Istac) and some key numbers”
Mustafa Gunes from MGC Legal Law Office explains the Nuclear Regulation Law, which has recently been enacted and entered into force in Turkey, by considering the legal efforts in the nuclear field from past to present Continue reading “Sponsored briefing: New law on nuclear energy in Turkey”
Two main subjects have been in the Turkish Competition Authority (the Authority)’s spotlight in recent years. These two subjects are namely information exchange between competitors and fines for obstruction of on-site inspections.
Information exchange naturally has always been a matter of discussion in many Turkish Competition Board (the Board) decisions. What has changed over the years is the approach of the Board which has become gradually stricter and has reached a point of very little tolerance. The milestone decision regarding competitively sensitive information exchange is the Automotive1 decision in 2011 as it marks the first fine that was given mainly for information exchange. Following this, we have seen the Board imposing fines with a single document exchange containing information about future interest rates of competitors in the Banking2 decision in 2013. This change of approach has become more apparent in the Poultry II3 decision rendered in 2019, as the Board has stated that obtaining information regarding prices from third-party dealers was a breach of competition rules, if it has become a way of business and does not occur within the natural flow of commercial life such as dealers sharing the prices of competing suppliers as a means of price bargaining. This was contradictive of the Board’s Poultry I4 decision rendered in 2009 regarding the same market, as in that decision it was stated that obtaining competitively sensitive information from third parties was deemed acceptable in scope of competition rules. As a result of this shift of approach, doubts and uncertainties regarding obtaining information from third parties have arisen with this decision. Continue reading “Sponsored briefing: Bells are ringing: Information exchange and obstruction of on-site inspections”
NAZALI’s Ayşe Ülkü Yalaz and Nilay Göker Duran on tech M&As in Turkey, the future of the practice and the new regulatory requirement which may affect ongoing and new transactions
Mergers and acquisitions in the technology sector has an increasing trend in Turkey similar with global trends. With a young and tech-savvy population, Turkey has great potential to be an important startup hotspot. With the excellent demographic dynamics, startups have the opportunity to face challenges locally and be expected when they are ready to market themselves internationally. Continue reading “Sponsored briefing: Closer scrutiny for tech M&As”
Bilge Derinbay describes an effect of developments on technology to marketing activities in digital platforms under the sense of recently published regulations in Turkey
With the development of technology and the rapid growth of digitalisation in each sector, it is seen that companies are also sustaining their business to digital in order to increase their business capacity and customer group. At the same time, they carry on work and co-operate to easily adapt to digitalisation and changing conditions. An example of this is the emergence of NFTs, which have been trending lately – Nike, one of the important companies in sportswear, announced that it had purchased a company that is a creator of virtual sneakers and collectibles, merging realities in fashion and gaming. With this sale, it can be said that Nike has already taken its place in the metaverse ecosystem. Continue reading “Sponsored briefing: What awaits companies that advertise on digital platforms?”
Simge Şahin, a partner of NSN Law Firm, reviews the final court order of Istanbul Anatolian 1st Intellectual Property Court regarding the non-use cancellation of a registered trade mark that was being used for a temporary period in Turkey
Article 9 of the Turkish Intellectual Property Code (the IP Code) regulates that a trade mark shall be revoked if it has not been put into genuine use in Turkey by the trade mark holder for the goods or services within the registration scope within a period of five years following the date of registration (or where such use has been suspended for an uninterrupted period of five years), unless there are proper reasons for its non-use. Continue reading “Sponsored briefing: Do temporary uses longer than three months before the vulnerability date of a trade mark meet the requirement of a genuine use?”
The organised retail sector is one of the largest sectors in Turkey with an annual business volume of $80bn, 100,000 stores and a capacity of direct employment of 1.5 million people. These are the sales and service areas visited by most of the Turkish population to meet their daily needs and demands.
Especially retail e-commerce, among the trade transactions made on the internet, has achieved a significant growth rate with the potential it has in the world and in our country. Removing time and place restrictions from shopping and providing momentum in transaction increases the attraction of the customers day by day. Continue reading “Sponsored briefing: Legal developments in the retail and e-commerce sector in Turkey”
Given Turkey’s recent economic problems including the currency crash and inflation together with continued problems created by the Covid-19 pandemic, how is this affecting your firm?
As is obvious, the world can be faced at any time with unexpected situations such as a pandemic, economic crisis, economic war, and even an actual war. The effects of those situations are worldwide since communications, trade, the economy itself, and every other thing today has become global. On the other hand, it is undeniable that we, as human beings, must move forward in order to save our world and in so doing save our own lives. This rightfully may be called our main purpose. Continue reading “Sponsored briefing: Q&A: Caner Durgut, Isıkal Law Office”