1915 Canakkale Bridge Put in Service

May 2022 1915 Canakkale Bridge was put into service on 18 March 2022. 4,608-meter-long bridge connects two coasts of Canakkale. It is expected that the construction of the bridge will also have a significant affect on the development of the region by enabling the integration of ports, railway and air transportation systems in the Marmara and Aegean regions. The project’s contribution to the economy is estimated to be EUR 628 million. It also has an impact of (i) EUR 2 billion 442 million on national income, and (ii) EUR 5 billion 362 million on production activities.

Competition Law Bulletin in the Last Quarter of 2021

January 2022 Authors: Neyzar Unubol, Ali Tuncsav, Kolcuoglu Demirkan Kocakli Law Firm 2021 has been an active period in the field of competition law in Turkey. The ratification of the secondary legislation on the recently introduced commitment, settlement, and de minimis mechanisms, the Turkish Competition Authority’s reports on sector inquiries regarding fast-moving consumer goods (FMCG), e-marketplace platforms and payment services sector, and the Competition Board’s (the “Board”) notable decisions made 2021 a very dynamic period in terms of competition law. This bulletin briefly covers…

Ford Otosan Investment

January 2022 Ford Otosan announced that a new investment of EUR 2 billion will be made within the scope of the transformation of the Kocaeli factories, which is one of Europe's largest commercial vehicle production bases, to produce electric cars. Accordingly, within the strategic partnership of Ford and Volkswagen, the new generation of Volkswagen commercial vehicles model 1-ton will be produced in Turkey by Ford Otosan. With this new investment, the Kocaeli factories aim to become Turkey's first and only integrated production facility of electric vehicles. With this 10-year investment, the…

Isparta Pumped Storage Hydroelectric Power Plant Project

December 2021 Turkey’s first pumped storage hydroelectric energy power plant is planned to be commissioned in Egirdir, Isparta. The plant will contain four units of special turbines with 250 MW and will have a total power of 1,000 MW. The project will be carried out by the Turkish subsidiary of General Electric Company, Gezhouba Group, KAF Teknik Yapi Sanayi Ticaret Anonim irketi. Following the completion of preliminary assessments, Gezhouba Group and KAF Teknik have recently executed project agreements with a total value of approximately USD 1.5 billion. 

Airport Investments

The Investment Office states that increasing the total passenger capacity of the Turkish airports to 350 million per year is aimed at an expected investment amount of USD 30 billion.

Financial Action Task Force's Updated Guidance: Virtual Assets and Virtual Asset Service Providers

Authors: Mayis Busra Mollaahmetoglu, Can Baykut The Guidance mainly aims to aid private sector entities engaging with virtual asset activities or operations and help them to understand and comply with their AML/CTF obligations. Within this scope, in the Guidance, the FATF clarifies the definitions of virtual assets and VASPs and addresses new areas concerning virtual asset space, such as non-fungible tokens, stablecoins, peer-to-peer transactions, and decentralised finance. The Guidance further sets out the requirements for VASPs and suggestions for countries to adopt to oversee compliance with…

A New Resource For Start-ups: Debt-based Crowdfunding

November 2021 Authors: Burcu Cinar, Aysenaz Cetin, Kolcuoglu Demirkan Kocakli Attorneys at Law Crowdfunding entered into Turkish law through Article 35/A which was added to the Capital Markets Law in 2017. The legal basis for crowdfunding was established through this Article, and the Capital Markets Board (the “Board”) was authorized to make secondary legislation on this subject. Subsequently, the Communiqué on Share-Based Crowdfunding (III-35/A.1) (the “Former Communiqué”) was published by the Board in 2019. In the Former Communiqué, only share-based crowdfunding activity was regulated,…

Commercial Relations Between Turkey And Jordan

November 2021 Author: Burcu Cinar, Kolcuoglu Demirkan Kocakli Attorneys at Law The diplomatic relations between Turkey and Jordan mainly started with the Treaty of Friendship on 11 January 1947. The economic relations between the two countries, however, increased by leaps and bounds following the execution of the Association Agreement Establishing a Free Trade Area between the Republic of Turkey and the Hashemite Kingdom of Jordan on 1 December 2009 (the “Free Trade Agreement”); however, Jordan terminated the Free Trade Agreement on 22 November 2018 based on the grounds of shortage of investments,…

Decrease in Market Share Threshold for Vertical Agreements’ Block Exemption

November 2021 The Communiqué Amending Block Exemption Communiqué No. 2002/2 on Vertical Agreements (the “Amendment Communiqué”) was published in the Official Gazette dated 5 November 2021 and entered into force on the same day. The Amendment Communiqué essentially decreased the market share threshold in Block Exemption Communiqué No. 2002/2 on Vertical Agreements (the “Block Exemption Communiqué”) from 40% to 30%. Accordingly, in order for a vertical agreement to benefit from a block exemption, (i) the supplier’s market share in the market for which the contracted goods or services…

Sports Law Disputes in Turkey and Europe Webinar

Join KDK's webinar on Wednesday, 3 November, to explore sports law disputes in Turkey and Europe. This webinar, which has been organised by Istanbul Bilgi University, The Solution and Kolcuoglu Demirkan Kocakli, will feature presentations from Herve Le Lay of Brown Rudnick LLP, Jean-Louis Dupont of RocaJunyent and Prof. Dr. Hatice Ozdemir-Kocasakal of the Galatasaray University Faculty of Law. Okan Demirkan will moderate the session. Topics of the presentations will include: - Player’s Contracts: Topical Litigious Issues in View of CAS Case Law; - Internal Judicial Bodies and Arbitration in…

Amendment to the Electronic Signature Legislation

October 2021  The Information Technologies and Communication Authority (the “ITCA”), based on its decision of 13 July 2021, opened the amendment draft on the Regulation regarding the Procedures and Principles on Implementation of the Law on Electronic Signatures (the “Regulation“) for public consultation. On 15 October 2021, the amendment entered into force. The amendment provides new provisions on electronic identity authentication and the qualified electronic certificate upload process for identity cards, thus making it possible to create an electronic signature by using an identity…

New Investment Round For Getir

September 2021 Getir, which reached the unicorn level of companies by receiving an investment of USD 300 million from Sequoia Capital and Tiger Global in March 2021, completed its fourth investment tour two months later and now has a valuation of USD 7 billion 555 million with a new investment of USD 555 million. In the first six months of 2021, with a total investment of almost USD 1 billion, Getir’s equity increased nine times in five months. While the company continues its growth in Turkey and Europe with this investment, Getir entered the American market at the end of 2021. As per the information…