The Regulation on the Amendment to the Electricity Market License Regulation ("Regulation") entered into force through publication in the Official Gazette dated 09.07.2018 and numbered 30473.
Pursuant to the Regulation, in the event that the legal persons that will apply for the pre-license in the electricity market are incorporated as joint stock company, all of their shares, other than those to be issued for trading on the stock exchange shall be registered shares. In this regard, the company must not issue bearer shares other than those to be issued for trading on the stock exchange and the company is required to stipulate these conditions under its articles of association.
Moreover pursuant to the Regulation, the legal persons that operate in the electricity market and that own pre-license, must obtain a project or final project approval within the pre-license period in order to be able to start the construction of the production facility that is subject to the pre-license. However, as regulated by this Regulation, it is important to note that it is possible to submit the preliminary project approval until 31.12.2018 instead of project or final project approval.
Finally, within the framework of the Regulation, the pre-license and license owners are obliged to not to use the real estate that is in the scope of the project or that is directly affected by the pre-license project but of which usage right cannot be obtained. The pre-license and license owner that don't fulfill this obligation, must initiate the required transactions within the scope of the related legislation, in order to render their status compatible with the said provisions, within six months from the date of entry into force of this Regulation.
Please find the full text of the Regulation here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.