The Competition Authority has increased the fines applicable where the Competition Protection Law is infringed. Such fines can be imposed where parties fail to notify the Competition Board of any merger or acquisition exceeding certain thresholds. The fines have also been amended in light of the revaluation and renaming of the Turkish lira.
The Competition Authority has posted a draft communiqué on its website, which was deemed necessary as a result of the increasing number of complaints made to the board regarding competition infringement and the increasing number of applications for negative clearance/individual exemptions and mergers and acquisitions.
According to Annex 2 of the Criminal Law, fines payable for the prevention, distortion or restriction of competition between enterprises have been increased. The regulations apply to persons or legal entities that have the status of an enterprise, and associations of enterprises and their members.
This update discusses the concept of ancillary restraints, which, according to a recent judgment of the Competition Board, includes non-compete clauses of share transfer agreements. This and other judgments regarding ancillary restraints have been reached by applying the reasoning of the European Commission and the European Court of Justice.
Including: Purpose and Scope of the Law; Agreements, Concerted Practices and Decisions Restricting Competition; Abuse of Dominant Position; Mergers and Acquisitions; Penalties; Judicial Review of Competition Board Decisions