147 COMPETITION LAW If the Board initiates the settlement process ex officio, it invites the parties to the settlement negotiations. The parties shall notify the Authority in writing whether they intend to start settlement negotiations within 15 days from the notification of such invitation. Notifications made after this period shall not be considered. Following the duly initiated settlement process, the Authority initiates settlement negotiations with the relevant parties as soon as possible. If settlement negotiations are to be conducted with more than one settlement party, the negotiations are held separately. In settlement negotiations, it is necessary that the settlement party obtains information about the matters related to the investigation. These matters are as follows: (i) the content of the allegations against the settlement party, (ii) the nature and extent of the alleged violation, (iii) the main evidence that forms the basis for the alleged violation against the settlement party, (iv) the discount rate that can be applied in case the process results in settlement, and (v) the range of administrative fines that can be imposed on the settlement party. Also, during the settlement negotiations, it is essential not to jeopardize the security of the investigation. The commencement of settlement negotiations does not imply that the settlement parties have accepted the alleged violation against them. The settlement parties may withdraw from the settlement process until the submission of the settlement letter. Settlement Letter and Settlement Decision Following the completion of the settlement negotiations, the Board makes its interim decision regarding the process and the issues included in the settlement. The interim decision cannot be challenged by the settlement parties. If a settlement party accepts the matters stated in the interim decision, it submits a letter. This letter should include a clear statement by the settlement party accepting the existence and scope of the violation, the maximum rate and amount of the administrative fine that the Board can impose on the party, and the party’s statements that they accept this fine rate and amount within the framework of the settlement procedure.
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