The Regulation Amending the Electricity Market Licensing Regulation ("Amendment Regulation") was published in the Official Gazette dated 25 July 2025 and numbered 32966, entering into force on the same date.
Under the Amendment Regulation, the scope of two exceptions to the prohibition on changes in the shareholding structure of legal entities holding a pre-license has been tightened. These exceptions have been restricted to changes in the shareholding structure that do not result in a "change of control".
Pursuant to the Amendment Regulation:
- changes in the shareholding structure of foreign legal entity shareholders of the pre-license holder legal entity, and
- changes in the current shareholding structure of the pre-license holder legal entity resulting from the exercise of pre-emption rights
are excluded from the scope of the prohibition unless they result in a change of control. Thus, these changes in the shareholding structure are not permitted if they lead to a change of control.
In addition, under the Amendment Regulation, direct shareholding changes and indirect shareholding changes of 10% or more falling within the scope of these exceptions are now subject to the prior approval of the Energy Market Regulatory Board ("Board"). It is further stipulated that failure to obtain such approval from the Board will result in the cancellation of the pre-license. Moreover, these changes must now be notified to Energy Market Regulatory Authority (EMRA) through the EMRA Application System within 6 months.
The full text of the Amendment Regulation can be reached through this link. (Only Available in Turkish)
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