TÜRKIYE Law and Practice Contributed by: Gönenç Gürkaynak, K Korhan Yıldırım and Görkem Yardım, ELIG Gürkaynak Attorneys-at-Law
3.6 Penalties/Consequences of Incomplete Notification
by sending a written request for information or, very rarely, by rendering its decision within the original 30-day period. The TCA also frequently asks formal questions and adds more time to the review process, as it is advisable to notify the filing at least 60 calendar days before the projected closing. If a notification leads to an investigation (Phase II), it turns into a full-fledged investigation, which takes about six months under Turkish law. If deemed necessary, this period may be extended only once – for an additional period of up to six months. 3.9 Pre-Notification Discussions With Authorities Other than privatisation tenders, the Turkish merger control rules do not have a pre-notifi - cation mechanism. Also, in practice, a filing is seen as a one-sided review by the TCA once a formal one-shot notification is made. The TCA may issue various information requests, but it will only do so after the notification is made (see 3.6 Penalties/Consequences of Incomplete Notification and 3.8 Review Process ). 3.10 Requests for Information During the Review Process It is common practice for the TCA to send written requests to the parties involved in the transac - tion to any other party related to the transaction, or to third parties such as competitors, custom - ers or suppliers. The TCA’s written information requests will cut the review period and restart the 30-day period as of the date on which the responses are submitted. 3.11 Accelerated Procedure Communiqué No 2010/4 also brought a modi - fied notification form that will replace the current notification form as of 4 May 2022. According to
The TCA considers a notification to be complete when it receives the notification in its complete form. The parties are obliged to file correct and complete information with the TCA. If the par - ties provide incomplete information, the Board will request further data regarding the missing information. The Board deems notification to be complete on the date that the submitted infor - mation is complete. In practice, the Board sends written information requests when there is missing information. The TCA’s written information requests will cut the review period and restart the 30-day period as of the date on which the responses are submitted. 3.7 Penalties/Consequences of Inaccurate or Misleading Information Where incorrect or misleading information is provided by the parties, the TCA imposes a turnover-based monetary fine of 0.1% of the turnover generated in the financial year preced - ing the date of the fining decision (Brookfield, 20-21/278-132, 30 April 2020; Akzo Nobel, 10- 24/339-123, 18 March 2010). If this is not calculable, the monetary fine is based on the turnover generated in the financial year nearest to the date of the fining decision. 3.8 Review Process Upon its preliminary review (Phase I) of the noti - fication, the Board will decide either to approve the transaction or to investigate it further (Phase II). The Board notifies the parties of the outcome within 30 days following a complete filing. There is an implied approval mechanism whereby tacit approval is assumed if the Board does not react within 30 calendar days upon a complete filing. However, in practice, the Board almost always reacts within the 30-day period – either
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