Corporate and M&A


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“Property certificate” stands for capital markets instruments with equal nominal value representing a specific independent section (bağımsız bölüm), or a certain area of an independent section (bağımsız bölüm) of a property project, where the issue price of these certificates is used to finance an ongoing or upcoming property project.

Similar Examples of Property Certificates in the World

Property derivatives seen in different examples in England, Australia and the United States of America are similar to the property certificates that are intended to be rendered active in practice in Turkey, again. A typical property derivative transaction is the means to achieve securitization based on property via income, interest or swap[1].

Read more: Property Certificates in Turkey


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As is noted in international agreements, it is crucial to make clear the meanings and definitions of aviation terms. So that the subject of this newsletter is clear, it is of the essence to properly explain the term ‘sky.’

The term ‘sky’ that corresponds to “Luftraum,” in German, and “Espace aérien,” in French, is defined as the area lying above the earth’s surface, which is layered with air stratum. Although the term, ‘airspace’ is a much more accurate definition to describe the same area using a three-dimensional platform, in Turkish aviation practice, the term, ‘sky’ is preferred, rather than, ‘airspace’ to describe that specific area.

Read more: Single European Sky


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Introduction

On 6 December 2016, the European Commission (“Commission”) has approved the acquisition of all shares of LinkedIn by Microsoft (“Transaction”), subject to conditions. As a result of the Transaction, Microsoft acquired the sole control of LinkedIn. The Commission’s decision[1] is conditional upon the compliance with a series of commitments to be applied by Microsoft in order to preserve competition between professional social networks in Europe.

The Transaction was also notified in the United States, Canada, Brazil and South Africa, and was cleared by these countries´ competition authorities. After receiving clearance from the Commission, on 8 December 2016, Microsoft and LinkedIn announced[2] that Microsoft’s acquisition of LinkedIn has officially closed. Microsoft, by acquiring LinkedIn, aims to expand the standalone business of LinkedIn, and to integrate LinkedIn’s services and products within its own offering, enriching both the Microsoft and LinkedIn user experience[3].

Read more: European Commission Approves Microsoft’s Acquisition of LinkedIn Subject to Conditions


By Melanie Figueroa and Blake Baron

In a recent effort to foster increased public offering activity, the U.S. Securities and Exchange Commission (SEC) announced on June 29, 2017 that it will permit all companies to submit voluntary draft registration statements relating to initial public offerings (IPOs), certain follow-on offerings and national securities exchange listings for non-public review. This process will be available for nearly all offerings made in the first year after a company has entered the public reporting system. This benefit takes effect today, July 10, 2017. 

So, why is this an important change? 

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Author: Prof. Dr. H. Ercument Erdem

Pursuant to the Law on the Establishment of the Turkish Wealth Fund Management Joint Stock Company and on the Amendment of Certain Laws numbered 6741[1] (“Law No. 6741”), the purpose of the Wealth Fund is to contribute to the variety and to the depth of tools in the capital markets, to bring domestic public assets into the economy, to provide external resources, and to take part in strategic and large-scale investments. In this Newsletter article, the establishment and the characteristics of the Wealth Fund are analyzed.

Read more: Turkish Wealth Fund