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innovationsbrought by theRegulation that shall be taken intoconsideration.
Article 28, Paragraph 2/(b) of the Regulation prohibits share transfers
during the term of a preliminary license as follows:
“Together with other
requirements of applicable legislation, the preliminary licensee is obliged
not to make any changes in the direct or indirect shareholding structure,
transfer shares and perform other acts or transactions which may result
in share transfers for the duration of the preliminary license, except in
cases of bankruptcy and inheritance or other conditions set forth in this
Regulation.”
Where any of the transactions mentioned in this provision
are carried out by the preliminary licensee legal entity, the preliminary
license will be canceled.
Conclusion
Seven months after the Electricity Market Law entered into force,
the Electricity Market Licensing Regulation (The “Regulation”) entered
into force through publication in the Official Gazette, dated 2 November
2013 and numbered 28809. The goal of the Regulation is to set legal
provisions which conform to the fast growing structure of the electricity
market. The preliminary license, for which the application conditions are
set by the Regulation, has emerged as an innovation, which responds to
the needs of the sector. Investors are now able to perform transactions
required by legislation during the term of a preliminary license, before
submitting a license application, to apply for required permits and to
preview, before passing to the license application phase, the performance
and applicability of their investments. Thus, the licensing process has
become more convenient for the investor and also for the administration.