International Financial Markets Guide—Turkey 1. Telephone taping (a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services? Pursuant to Article 51 of the Electronic Communications Law (published in the Official Gazette dated November 10, 2008 and numbered 27050), electronic communications (including telephone calls) shall not be wire-tapped or recorded unless all of the parties to such electronic communication are informed that the telephone call will be taped with the purpose of the taping expressed and give explicit consent to such wire-tapping or recording. Although the tape is admissible as evidence, it cannot be used as conclusive evidence without additional proof substantiating the tape. (a)(ii) When might they apply to entities conducting business cross-border? Whenever one of the parties to the call is in Turkey. (b) What are the exemptions from these requirements? In the event that the person to whom the banking or financial products or insurance services are sold is notified that the respective conversation will be recorded and such a person does not object to such a recording, the respective telephone call may be taped. 2. Money laundering (a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money laundering? The Prevention of Money Laundering Law (published in
UK GDPR—the public sector This Practice Note provides a summary of how the application of the United Kingdom General Data Protection Regulation, Retained Regulation (EU) 2016/679 (UK GDPR) regime differs for ‘public bodies’ (as defined in the UK GDPR and also called ‘public authorities’) and other public sector organisations as compared with private sector organisations. The processing of personal data by competent authorities for law enforcement purposes or by the intelligence services are governed by specific regimes under Parts 3 and 4 of the Data Protection Act 2018 (DPA 2018) and beyond the scope of this Practice Note. For information on the processing of personal data for law enforcement purposes and by the intelligence services, see Practice Note: Processing personal data by law enforcement and intelligence agencies and Information Commissioner’s Office (ICO) Guide to Data Protection, which includes a Guide to Law Enforcement Processing and a Guide to Intelligence Services Processing. This Practice Note does not consider the specialist topics of national security and defence exemptions in detail, since extensive exemptions apply in those niche contexts. For links to further guidance on those exemptions, see the section on Exemptions below. This Practice Note assumes the reader is familiar with key terms under the UK GDPR (which generally have the same meaning regardless of whether private sector or public sector organisations are concerned) including: • data subject • personal data • processing • processor
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Share purchase agreement—pro-buyer—corporate seller—conditional—long form This Agreement is made on [insert day and month] 20[insert year] Parties 1 [Insert name of selling corporate entity] incorporated in [England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Seller); 2 [Insert name of purchasing corporate entity] incorporated in England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Buyer), and 3 [Insert name of guarantor entity] incorporated in England and Wales OR [insert country of incorporation]] with registered number [insert company number] whose registered office is at [insert address] (the Guarantor) [(each of the Seller, the Buyer and the Guarantor being a Party and together the Seller, the Buyer and the Guarantor are the Parties).] Background (A) The Company (as defined below) is a private company limited by shares and is incorporated in [England and Wales OR [insert country of incorporation]]. Details of the Company are set out in Schedule 1. (B) The Seller is the legal and beneficial owner of the Sale Shares (as defined below), being in aggregate the entire allotted and issued share capital of the Company. (C) The Seller has agreed to sell and the Buyer has agreed to purchase the Sale Shares on the terms of this Agreement. (D) The Guarantor has
Legal due diligence questionnaire—private M&A—share purchase Dated [insert date] Introduction This legal due diligence questionnaire relates to the proposed purchase by [insert buyer name] (the Buyer) of the entire issued share capital of [insert name of target company] Limited incorporated in England and Wales under number [insert company number] (the Company) from [insert seller name] (the Seller) (the Proposed Acquisition). This questionnaire is designed to enable the Buyer, the Buyer's solicitors and other professional advisers involved in the Proposed Acquisition to obtain the information which the Buyer requires to assist in its valuation of the Company. Please answer every question fully. Please provide your answers in italics underneath each question and provide copies of all relevant documentation, ensuring that all answers and documents are clearly marked by reference to the appropriate paragraph of this questionnaire. We reserve the right to raise further enquiries in respect of both your responses to this questionnaire and generally. Definitions Business • means the business of [insert description of the business] and all other activities including those ancillary or incidental to or in connection with such business as carried on by the [Company OR Group] CA 2006 • means the Companies Act 2006; Contractor • means any individual working in a Group Company’s business who is not an Employee or Worker; Data Protection Laws • means as applicable and binding on the Company: (a) Directive 95/46/EC; (b) the Data Protection Act 1998; (c) Directive 2002/58/EC;
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Should an employer treat workers in the same way as it treats employees for data protection purposes under GDPR? Taking the example of the Employment Rights Act 1996 (ERA 1996), a 'worker' is defined as an individual who has entered into or works (or worked) under: • a contract of employment, ie a contract of service or apprenticeship, or • any other contract by which: ◦ the individual undertakes to do or perform work or services personally, and ◦ the person for whom the work is done (or services are performed) is not a client or customer of a business being run by the individual In broad terms, the difference between the statutory definition of ‘worker’ and ‘employee’ under ERA 1996 is that, in order to be a worker, an individual does not have to establish other key elements necessary for employee status, in particular: • mutuality of obligation (the obligation on the employer to provide or pay for work and on the employee to perform it), or • control (eg how, when and where the work is done) For further information, see Practice Notes: Employee status and Worker status. Where, under Regulation (EU) 2016/679, the General Data Protection Regulation (GDPR), an employer is processing personal data relating to an individual (a data subject), the employer must comply with the data protection principles set out in Article 5 and, in particular, must ensure that it
What are the potential lawful grounds for processing the personal data of third parties received by a professional services firm in the course of advising a client? To process the personal data of third parties, you must have a lawful ground for processing under Article 6 of the General Data Protection Regulation, Regulation (EU) 2016/679 (GDPR). Where this includes special category personal data, you will also need to satisfy a specific condition under Article 9 of the GDPR. The lawful grounds for processing personal data under the GDPR:
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MLex: US lawmakers built on privacy principles from Europe’s landmark data protection law when crafting the proposed American Data Privacy and Protection Act (ADPPA). But the ADPPA is not an exact replica of the EU's General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR). Now, US companies with a global reach are scrambling to understand the differences.
EU Law analysis: On 11 May 2022, the European Commission presented a new Regulation proposal aimed at preventing and combatting two types of behaviour which constitute online child sexual abuse: the dissemination of child sexual abuse material and the solicitation of children (‘grooming’). The temporary regime of Regulation 2021/1232 merely provided a legal framework for the voluntary monitoring of communications by certain interpersonal communications services to detect and remove child sexual abuse material. However, the Regulation proposal intends to impose mandatory, wide-ranging obligations on a broader array of online services deemed vulnerable to misuse for the abovementioned purposes: hosting services, interpersonal communications services, software applications stores and internet access services. The current reliance on a temporary ‘stop-gap’ instrument underlines the difficulty to reach a compromise when regulating an issue situated at the crossroad of several existing instruments of European law—the e-Privacy Directive with its rules on the confidentiality of communications, the General Data Protection Regulation on the protection of personal data and the upcoming Digital Services Act on the regulation of intermediary services.
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