Penalties for Incomplete or Misleading Information in Notifications or Responses to Information Requests in Turkish Merger Control

As per Article 10(3) of Communiqué No. 2010/4 on Mergers and Acquisitions Requiring the Approval of the Competition Board, if any change occurs during the Turkish Competition Board’s (Board) review of a transaction regarding the information submitted in the filing, the parties have a legal duty to inform the board immediately. As a general rule, the parties are obliged to file correct and complete information with the Turkish Competition Authority. If the information requested in the notification form is incorrect or incomplete, the notification is deemed to have been filed only on the date when such information is completed following the Board’s request for further data.

In addition, the authority will impose a turnover-based monetary fine of 0.1% of the Turkish turnover generated in the financial year preceding the date of the decision (if this is not calculable, the turnover generated in the financial year closest to the date of the decision will be taken into account) on natural persons or legal entities which qualify as an undertaking or an association of undertakings, as well as the members of these associations, in cases where incorrect or misleading information is provided by the undertakings or associations of undertakings in a filed notification.

For more information on penalties for incomplete or misleading information in notifications or responses to information requests in Turkish merger control, please feel free to reach out to ELIG Gurkaynak at +90 212 327 1724 or through gonenc.gurkaynak@elig.com.