NEWSLETTER-2020-metin

85 CAPITAL MARKETS LAW Communiqué on Significant Transactions and Retirement Right* Att. Nezihe Boran Introduction Law No. 7222 regarding Amendments to the Banking Law, as well as Certain Other Laws (“Law No. 7222”) entered into force through its publication in the Official Gazette dated 25.02.2020. Law No. 7222 amended, among others , Article 23 ( Significant Transac - tions of Corporations ) and Article 24 ( Retirement Right ) of Capital Markets Law No. 6362 1 (“Capital Markets Law”) and this required the Communiqué on Common Principles Regarding Significant Trans- actions and the Retirement Right (II-23.1) (“Repealed Communiqué”) to be revised. The Repealed Communiqué has been repealed by the Communiqué on Significant Transactions and the Retirement Right (II-23.3) (“Communiqué”), which entered into force through its pub- lication in the Official Gazette dated 27.06.2020. The transactions to be deemed significant (“Significant Transactions”) are redetermined, the common applicable procedures and principles including, but not limited to, the retirement right and its utilisation, cases where such retirement right does not arise, exemptions to the retirement right are regulated, and the transition provisions are further stated under the Communiqué. This article will mainly focus on the common scope of the procedures and principles related to the Significant Transactions and and the retirement right detailed under the Communiqué. Significant Transactions As stated under the Repealed Communiqué, instead of all merger and demerger transactions of the publicly held corporations, only the mergers and demergers, the qualifications of which are stated * Article of June, 2020 1 Capital Market Law No. 6362, OG No. 2851330, 12.2012.