Introduction On 26 October 2022, the Ankara Regional Administrative Court’s 8th Administrative Chamber revoked [1] an earlier decision [2] of the Ankara 3rd Administrative Court that had annulled the Turkish Competition Board’s (the “Board”) decision concerning the imposition of administrative monetary fines on five international banks for failure to provide the requested information/data. [3] Legal Background of the Board’s Decision The Board initiated a preliminary investigation to determine whether international banks and financial institutions and their representatives/subsidiaries that are active in Turkey had violated Law No. 4054 on the Protection of Competition (“Law No. 4054”) through their activities related to deposits, loans, foreign exchange, bonds, bills, stocks, and
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The Ankara Regional Administrative Court overturns a decision on the single economic entity principle, ruling that the Competition Authority may lawfully request information from a subsidiary that the parent company must then provide (Citibank / Goldman Sachs / ING Bank / JPMorgan Chase Bank / Türkiye Garanti Bankası)
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