NEWSLETTER-2020-metin

169 COMPETITION LAW The Assessment on Calculating the Monetary Fine and the Imposed Fine The Board considered JPMorgan, Citibank, ING and Garanti as financial institutions due to the fact that they are deposit banks; hence, it calculated the revenue that is subject to fine pursuant to Communique 5 numbered 2010/4. As Goldman Sachs operates as a consultancy firm in Turkey, it was not evaluated as a financial institu- tion. In fact, the Board assessed that the parent company, Goldman Sachs International, would better be a party to the ongoing preliminary investigation; however, it also addressed to the practical difficulties of determining the revenue gathered from the Turkish market of an undertaking that is not operating in Turkey. For that reason, the Board decided that Goldman Sachs’ net sales will be taken into account while calculating the monetary fine pursuant Article 3(f) to the Regulation on Monetary Fines 6 . The Board decided to fine JPMorgan, Citibank, ING and Garanti for failing to provide the requested documentation and information to the Authority pursuant to Article 16 (c) of Law No. 4054 at an amount of one one-thousand of their gross revenues at the end of fiscal year 2019, and also decided to fine Goldman Sachs for the same reasons from the lower bond for the administrative monetary fines that equals TRY 31.903,00. In addition, the Board also declared that if the re- quested information is not provided to the Board by the end of the normal work day on 16.07.2020, then administrative monetary fines will be applied on a daily basis pursuant to Article 17 of Law No. 4054 (at a ratio of five ten-thousands of their revenues). 5 See: The Communique on Mergers and Acquisitions Calling for the Authori- zation of the Competition Authority, Article 9, titled “Calculation of Revenue for Financial Institutions.” https://www.rekabet.gov.tr/Dosya/tebligler/2010-4- 20200210100639796-pdf (Access date: 11.11.2020). 6 See: the Regulation on Fines to Apply in Cases of Agreements, Concerted Prac- tices and Decisions Limiting Competition and Abuse of Dominant Position https://www.rekabet.gov.tr/Dosya/yonetmelikler/rekabeti-sinirlayici-anlasma- uyumlu-eylem-ve-kararlar-ile-hakim-durumun-kotuye-kullanilmasi-halinde- verilecek-para-cezalarina-iliskin-yonetmelik-20180219102616054.pdf (Access date: 11.11.2020).