148 NEWSLETTER 2021 The Board makes its final decision within 15 days after the settlement letter enters the Authority’s records, and then the investigation is concluded for the parties involved. In cases where the investigation continues in terms of at least one undertaking or association of undertakings, the settlement party will not be notified of the reasoned final settlement decision before the final decision in the investigation is rendered. In the event that a settlement is reached, the administrative fine and the issues in the settlement letter cannot be filed before the courts by the parties to the settlement. Discount Rate Applied Article 43 of the Law No. 4054 states that an administrative fine can be reduced by up to twenty five percent as a result of the settlement procedure. This article is limited by the Regulation to a lower limit of ten percent without referencing to any type of violation (e.g., naked and hardcore violation). Thus, the discount rate has become applicable from ten percent to twenty-five percent. If an application for leniency is made along with the settlement process, the discount rate determined under the Leniency Regulation and the discount rate determined for settlement are added together and applied. Cases of Non-settlement In some cases, the settlement process does not result in settlement. If a party does not provide the settlement letter in due time, if the deficiencies in the settlement letter are not completed in due time, and if the settlement party withdraws from the settlement process, the ordinary investigation procedure is followed for that party. In addition, in case (i) it is understood that the expected procedural benefit cannot be achieved from the settlement process in progress, or it is not possible to reach a common opinion with the parties regarding the existence and scope of the violation, (ii) there is a danger of obscuring the evidence, or (iii) a party violates its confidentiality obligations regarding the settlement negotiations, the Board may decide to terminate the
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