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Paksoy, working with Willkie Farr & Gallagher, has advised Groupe Cahors on its acquisition of Schneider Electric companies that operate transformer plants in Turkey and Poland. Baker McKenzie Turkish affiliate Esin Attorney Partnership reportedly advised the sellers. Volt Associes and Kinstellar Turkish affiliate Gen Temizer Ozer reportedly advised the lenders.

On 5 January 2023, the "Procedure for Organisation and Maintenance of Military Registration of Conscripts, Persons Liable for Military Service and Reservists," approved by the Resolution of the Cabinet of Ministers of Ukraine No. 1487 dated 30 December 2022 ("Procedure"), came into effect. The Procedure establishes changes regarding the military registration of Ukrainians, including new obligations for employers.

We aim above the mark to hit the mark.” – Ralph Waldo Emmerson. Choosing a profession is always a pivotal point in everyone’s life. Once we set our minds and find our path, we try to dedicate all our energy and effort to making the best of it. The 21st century, however, has already left a mark on all our careers with its constant demand for adapting to new needs, circumstances, and business and work climates. 

On 11 December 2022, Law No.2759-IX of Ukraine "On Amendments to Certain Legislative Acts of Ukraine on Preventing and Countering Mobbing (Hostile Environment)" dated 16 November 2022 (Law) came into effect. Among other things, the Law: (i) provides the definition of "mobbing"; (ii) introduces new grounds for dismissal of employees in connection with mobbing; and (iii) guarantees compensation of moral damages for employees who have suffered from mobbing.

Law No. 7420 has made significant amendments related to tax legislation. These amendments cover: the introduction of a new tax treatment on capital reduction, a time extension for conversion to a currency-protected deposit account, an extension of the deadline for the tax benefits granted to individual participation investors (angel investors), income tax exemption for the portion of the meal costs paid in cash to employees that do not exceed TRY 51, and amendments to the tourism share rates.

The Central Bank of the Republic of Türkiye published the Guidelines on Correlating Business Models in the Field of Payments with Payment Service Types (“Guidelines”).
The Guidelines provide detailed explanations as to how payment services regulated under the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the “Law”) and the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (the “Regulation”) can be correlated with the business models in the field of payments, in order to ensure compliance with the regulations and uniformity in operating licenses to be granted by the CBRT for authorizations. You can access the Guidelines here.

Baker McKenzie at a Glance

Hegymegi-Barakonyi és Fehérváry Baker & McKenzie Attorneys-at-Law is one of the leading law firms in Hungary, combining a wealth of experience in local and regional markets with expansive global capabilities. We pride ourselves in providing full service to our clients in all areas of business law, and bring industry focus to our activity and offer cross practice solutions to our clients in the ever changing landscape of business.

The global and regional business community is more interconnected than ever before. Opportunities and risks spill across different markets, sectors and areas of law, so a connected perspective is essential in delivering business objectives while mitigating risk. Our integrated client solutions provide seamless advice, underpinned by deep practice and sector expertise, as well as first-rate local market knowledge. Armed with Baker McKenzie insight and foresight, business leaders can feel confident in driving growth that is both sustainable – and inclusive.

Our focus areas:

  • Digital Transformation
  • Energy Transition
  • Strategic Transactions
  • Supply Chains
  • Sustainability
  • Workforce Redesign

Firm's website.