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The Turkish Competition Authority fines financial institutions for not responding to information requests (Citibank / Goldman Sachs / ING Bank / JPMorgan / Türkiye Garanti Bankası)

No Excuses to Not Responding to Information Requests: Financial Institutions Case in Turkey* The issuance of requests for information (“RFIs”) within the scope of an investigation or a merger control case can be deemed one of the main tools that enables, on the one hand, a competition authority to have a better understanding of the actual market situations as well as the nature of the alleged conducts, and on the other hand, provides a hint to the concerned undertakings about the potential assessments to be made by that authority. That being said, the broader interpretation of the letter of the relevant rules as regards the extent to which a competition authority may enforce its power of issuing RFIs or sanctioning undertakings due to their failure to submit any of the requested data

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Ertuğrul Can Canbolat, Caner Cesit, Celal Duruhan Aydinli, The Turkish Competition Authority fines financial institutions for not responding to information requests (Citibank / Goldman Sachs / ING Bank / JPMorgan / Türkiye Garanti Bankası), 2 July 2020, e-Competitions Preview, Art. N° 97782

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