"In 10 years you won’t go to meetings – you’ll digitally teleport to them." Meta Founder, Mark Zuckerberg
Digital Transformation in the Insurance Industry: “Insurtech”
"The total insurtech industry value in 2022 was $5.4 billion. Revenue forecast for 2030 is $152 billion." Grand View Research, Insurtech Market Size, Industry Report, 2022-2030
The Case for Force Majeure in Turkey: A Buzz Interview with Ebru Temizer of Gen Temizer Ozer
Turkey's high inflation stirs real estate disputes while logistics tenants and labor-intensive sectors are deeply affected, according to Ebru Temizer, Partner of Kinstellar Turkish affiliate Gen Temizer Ozer.
Heuking Advises Setur on Award Procedure to Operate in Cologne Bonn Airport
Heuking Kuhn Luer Wojtek has advised Turkish duty-free operator Setur on the award procedure to operate the duty-free and duty-paid areas at Cologne Bonn Airport.
Simon Morgan Joins Esin Attorney Partnership
Former Moscow-based Baker McKenzie Partner Simon Morgan has joined the Banking & Finance department of Baker Turkish affiliate Esin Attorney Partnership.
Paksoy Advises BAE Systems on Sale of JV Stake to Nurol Holding
Paksoy has advised BAE Systems on the sale of its 49% stake in joint-venture company Nurol BAE Systems to Turkey's Nurol Holding.
Significant Tax Amendments Made by Law No. 7420
Law No. 7420 has made significant amendments related to tax legislation. These amendments cover: the introduction of a new tax treatment on capital reduction, a time extension for conversion to a currency-protected deposit account, an extension of the deadline for the tax benefits granted to individual participation investors (angel investors), income tax exemption for the portion of the meal costs paid in cash to employees that do not exceed TRY 51, and amendments to the tourism share rates.
"Eviction Due to Personal Need" Within the Scope of the Turkish Code of Obligations and Established Precedents of the Turkish Supreme Court
Pursuant to Article 350 of the Turkish Code of Obligations; the lessor, his/her spouse, his/her descendants or ascendants or persons who are legally dependent on the lessor; should have a need to use the leased property for residency or workplace purposes for lessor to request the eviction of the property due to personal needs.
New Thresholds for Determining Companies Subject to Independent Audit
The Decree on the Determination of the Companies Subject to Independent Audit ["Decree"] No. 6434 published in the Official Gazette dated November 30, 2022 and numbered 32029, abolished the Decree on the Determination of the Companies Subject to Independent Audit No. 2018/11597 dated March 26, 2018, published in the Official Gazette dated May 26, 2018 and numbered 30432, and amended the thresholds of the criteria for determining the companies subject to independent audit while also amending the scope. These amendments aim to adapt the scope of independent audit to today's needs and to harmonize with the EU regulations.
Paksoy Advises Imerys on Sale of High Temperature Solutions Business
Paksoy, working with Latham & Watkins, has advised Imerys on the sale of its high-temperature solutions business to Platinum Equity, at an enterprise value of approximately EUR 930 million.
CBRT’s Guidelines on Payment Services
The Central Bank of the Republic of Türkiye published the Guidelines on Correlating Business Models in the Field of Payments with Payment Service Types (“Guidelines”).
The Guidelines provide detailed explanations as to how payment services regulated under the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the “Law”) and the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (the “Regulation”) can be correlated with the business models in the field of payments, in order to ensure compliance with the regulations and uniformity in operating licenses to be granted by the CBRT for authorizations. You can access the Guidelines here.
BASEAK Advises Sabanci Ventures on Investment in SCW.AI
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Sabanci Ventures on its investment in SCW.AI.
A Comparison: VBER Vs. Turkish Vertical Rules How Different Have They Become?
Following a thorough evaluation and review of the 2010 rules regarding vertical agreements and concerted practices, the European Commission adopted the Vertical Block Exemption Regulation (“VBER”), which entered into force on 1 June 2022, accompanied by revised Guidelines on Vertical Restraints. It is assumed that the latest alterations and their potential effects on the commercial ecosystem will slowly find their place in Turkish competition legislation and practice.
Will Meta-Fi Be the Catalyst of Financial Digitization? - Part 2
In the previous article, we have included information about the value of cryptocurrencies in the metaverse within the framework of the financial metaverse and the transactions that constitute the subject of the financial metaverse. Now, from the perspective of the financial metaverse, we will discuss the banking sector, the current status of cryptocurrencies in Turkey, and whether the digital products obtained as a result of financial transactions can be evaluated within the scope of property rights by the courts, the compliance processes and legal aspects that should be considered in Meta-Fi.
Paksoy Advises on Turkey’s Gold Certificate Issuance
Paksoy has advised the General Directorate of Mint and Stamp Printing House of the Ministry of Treasury and Finance of Turkey on a gold certificate issuance and listing on the Borsa Istanbul Commodity Market.
Amendments Made in Cosmetic Product Ingredient Lists
The Regulation on the Amendment (“Amendment Regulation”) of the Cosmetics Regulation (“Regulation”) was published in the Official Gazette dated 14 November 2022 and numbered 32013 and entered into force on the same date.
Will the Metaverse Act As a Catalyst for Financial Digitization?: ‘Meta-Fi’
“As the crypto industry grows, there will be an increasing array of financial activities on the public blockchain. That's why we want to make sure we're ready to not only support that but also provide relevant services.” Tyrone Lobban, JP Morgan's head of Blockchain Launch and Onyx Digital Assets
Right to Disconnect
The requirement of social isolation caused by the global pandemic, has brought forth a new world order. During this period, workplaces invested in technology in order to preserve their business and enhance their productivity while starting to conduct almost all their activities through digital communication channels. Home offices/remote work that began during such period now became a permanent working model across different sectors.