Amendment to the Petroleum Market Licensing Regulation
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This law amends the Petroleum Market Licensing Regulation in Turkey, specifically modifying the conditions under which a license holder may be affected by bankruptcy. The previous stipulation relating to this issue has been altered to clarify the circumstances under which a decision of bankruptcy against a license holder may have implications for their license. The amendments are intended to enhance regulatory clarity in the petroleum market.
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Key Changes
- Modification of Article 17 regarding bankruptcy implications for license holders.
- Clarification of circumstances under which bankruptcy decisions impact licenses.
- Regulatory importance to enhance clarity in petroleum market licensing.
Obligations
What this law requires
License holders must understand that a bankruptcy decision issued against them will have implications for their petroleum market license status
The Energy Market Regulatory Authority (EPDK) must enforce Article 17(1)(a) of the Petroleum Market Licensing Regulation as amended, which triggers license-related consequences upon issuance of a bankruptcy decision against a license holder
The EPDK President must implement and execute the provisions of this amendment regulation