MSO LEGAL

The Presidential Decree published in the Turkish Official Gazette dated September 13th, 2018, modified the decision titled: "The Decision numbered 32 About Protecting the Value of Turkish Currency".

The new articles added by this decision are as follows:

Article 4/g: The persons (both real and legal) residing in Turkey are forbidden from determining the contract value and contractual payment liabilities in foreign currency (indexing to foreign currency is also forbidden), for the below-stated contracts:

-Buying and selling of movables and real estate properties;

-Renting (including leasing) of all types of properties;

-Employment contracts;

-Service contracts and;

-Contracts of work.

Provisional Article 8: All contracts falling within the scope of the aforementioned article shall have their value be re-determined by the contractual parties in the currency of Turkish Lira within 30 (thirty) days as of September 13th, 2018.

Turkish Official Gazette link: http://www.resmigazete.gov.tr/main.aspx?home=http://www.resmigazete.gov.tr/eskiler/2018/09/20180904.htm&main=http://www.resmigazete.gov.tr/eskiler/2018/09/20180904.htm

13.9.2018 tarihli Resmi Gazete

Today the communique no. II-26.1.b officially entered into force. Turkish Official Gazette dated 5th of June 2018 published the communique to further modify communique II-26.1 titled, "Takeover Bid Communique", which initially states that if a party obtains the control of a public company, then that party is required by law to make an offer to the remaining shareholders, according to the Mandatory Bid Rule in Turkey.

While this is the general rule, Article 18 of the communique stated the exceptions where the Capital Markets Board can decide on the exemption from the aforementioned rule. The latest modification published today added two new elements into those exceptions, which are the following:

1-In the event where the bank loans are not repaid, the shares which were loan collaterals shall either pass into the bank's ownership according to Article 47/4, or these shares shall be transferred to the Special Purpose Entity, in which the bank is also amongst the founders. After the transfer of shares, if third parties purchase these shares from the bank or the SPE and;

2- In the event where a share transfer is made for fulfilling a legal provision determining the qualification of shareholder status.

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SOURCE:

Başbakanlık Mevzuatı Geliştirme ve Yayın Genel Müdürlüğü MADDE 1 – 23/1/2014 tarihli ve 28891 sayılı Resmî Gazete’de yayımlanan Pay Alım Teklifi Tebliği (II-26.1)’nin 4 üncü maddesinin birinci fıkrasına (o) bendinden sonra gelmek üzere aşağıdaki (ö) ve (p) bentleri eklenmiştir.

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