The "Regulation on the Amendment to the Electricity Market Licensing Regulation" ("Amendment Regulation"), published in the Official Gazette dated 17.08.2024 No. 32635, has amended Article 57 of the Electricity Market Licensing Regulation ("Regulation") pertaining to the transfer of shares of prelicense holding legal entities.
Prior to the Amendment Regulation it was not possible to directly or indirectly change the shareholding structure of pre-license holding legal entities, transfer their shares, or carry out transactions that would result in the transfer of shares ("Share Transfer"). The Regulation allowed certain exceptions to the Share Transfer restriction on condition of notifying the Energy Market Regulatory Authority ("EMRA") within 6 months from the date of Share Transfer.
Pursuant to the Amendment Regulation, it is now required to obtain EMRA's approval for each respective Share Transfer by the pre-license holding companies, with certain exceptions (as detailed below) in addition to the notification obligation stipulated above.
For ease of reference, please see below, all exceptions under the Share Transfer listed in the table outlining (i) respective exceptions requiring EMRA approval and (ii) respective exceptions exempted from EMRA approval but still subject to the notification obligation.
Note: EMRA has not yet updated its "List of Information and Documents Required to be Submitted for Pre-License and License Amendment Applications and Merger, Division, Facility/Project Transfer Approval Applications and Notifications" annexed to the "Procedures and Principles Regarding Applications for Pre- License and License Transactions".
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.
