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Publication
Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Authors:
Mondial | Publication | août 2024
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The Turkish Parliament recently approved significant amendments to the Law on the Protection of Competition. These amendments are published in the Official Gazette on May 29, 2024, under Law No. 7511 (Amendment Law). One notable change is the removal of the requirement to submit the first written defense. Previously, under the Protection Law No. 4054, the undertaking under investigation had to provide its initial written defense within 30 days of receiving the investigation notice.
The Amendment Law has eliminated this obligation aiming to streamline procedures and expedite the investigation process. Furthermore, the Amendment Law clarifies that the investigation notice does not allege a violation but rather suggests a suspicion of violation. It underscores that the notice does not necessitate a response in terms of the right to defense.
Before the enactment of the Amendment Law, the undertakings had to address the defenses presented in the undertaking's second written defense by preparing an additional written opinion. The Amendment Law now restricts this requirement to situations where the defenses submitted by the undertaking alter the opinions in the investigation report aiming to potentially enhance procedural efficiency.
Finally, on the "third" round of document exchange, with the Amendment Law, in the event that there is a change in their opinions in the investigation report as a result of the written defenses received, those assigned to conduct the investigation shall notify their written opinions to all Board members and the relevant parties within 15 days. The parties may respond to this opinion within 30 days.
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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