Convention to Participation in the Cape Town Discount List International Interests in Mobile Equipment ("CTC") is a multinational convention intending to harmonize and standardize transactions, involving certain movable assets. The CTC establishes global requirements and standards in terms of registration of sales contracts, leases, security interests as well as setting out legal remedies for events of defaults. As of today, 74 states are parties to the CTC, yet the CTC has been ratified/ accepted or approved by 62 of them. Becoming a Party to the CTC the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment ("Protocol") on November 16, 2001, and after about 10 years following the execution, the Turkish Council of Ministers ratified the CTC and the Protocol with a decree as published in the Official Gazette on July 4, 2011, and numbered 2011/1926. Council of Ministers set out that the CTC and the Protocol would come into effect in Turkey as of December 1, 2011, and that had been the case for Turkey. Upon CTC and the Protocol's entering into force as of December 1, 2011, in Turkey, several steps have been taken by different parties in order to ensure their full implementation in the Turkish territory. Given the existence of substantial conflicts between Turkish laws and the provisions of the CTC/Protocol, Turkey had to spend considerable effort to incorporate the CTC/Protocol into its local laws. As a matter of fact, the general principle under Turkish law is that in case of a conflict between a piece of law and a regular international treaty, they are both deemed to be at the same level in terms of hierarchy of laws. On the other hand, the Turkish Constitution provides that international treaties in the area of fundamental rights and freedoms will have primacy over any conflicting Turkish laws. Nonetheless, Turkey's efforts to harmonize with the CTC/Protocol terms have helped all the parties interested in Turkey to understand and honor the terms of the CTC/Protocol. Standardize Its Local Laws harmonize the local laws and the terms of the CTC/Protocol, Turkey has made significant changes in its then existing legislation which are outlined below. As an initial step, a new article has been introduced into the Turkish Civil Aviation Law ("CAL") on July 12, 2012. Its purpose was to bring further clarification that the CTC/Protocol would have primacy over the local laws in case of any conflict between the provisions of the CTC/Protocol and the existing Turkish legislations. This newly added article was a repetition of Article 90/4 of the Constitution, yet it helped to put third parties on notice that the CTC and the Protocol have duly been ratified and their Offices. She has been extensively involved in various cross- border joint ventures and mergers and acquisitions. She has represented numerous multinational companies in connection with their agency, licensing, distribution and technology transfer agreements. She also is widely recognized for her expertise in aviation law. acquisitions deals and conducted due diligence reviews on target companies from a variety of sectors including aviation, pharmaceutical, agricultural products, parking lot services and water distribution. She has drafted and negotiated share purchase agreements, asset transfer agreements, shareholders and share pledge agreements and other security agreements. Beybi Giz Plaza, Maslak Mahallesi, Meydan Sokak No: 1 Kat: 31 Daire: 121, Maslak, Sisli Istanbul, Turkey 34398 +90 212 2781911 Fax mkoc@zuvinlaw.com.tr zuvinlaw.com.tr |