ISTANBUL, July 14, 2022 /PRNewswire/ — D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), updates the market on recent regulatory changes in Turkey.
In its most recent annual report on Form 20-F (the “Form 20-F”) filed with the U.S. Securities and Exchange Commission on May 2, 2022, the Company informed its shareholders of potential amendments to the E-commerce …….
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ISTANBUL, July 14, 2022 /PRNewswire/ — D-MARKET Digital Providers & Buying and promoting (d/b/a “Hepsiburada”) (NASDAQ: HEPS), A quantity one Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Agency”), replaces the market on current regulatory modifications in Turkey.
In its Latest annual report on Type 20-F (the “Type 20-F”) filed with the U.S. Securities and Commerce Fee on Might 2, 2022, The company informationrmed its shareholders of potential modifications to the E-commerce Regulation and the anticipated influence that approval of such modifications might have on Hepsiburada’s enterprise and the enterprise as A complete. See hazard problem “Internet and e-commerce regulation in Turkey is current and is topic to further enchancment” on Website 38 of The form 20-F. On July 1, 2022, the Turkish Parliament accredited an modification to the Regulation on Regulation of E-Commerce (Regulation No.6563) (as amended, the “E-commerce Regulation”) with the purpose of stopping untruthful rivals, a dangerous aggressive environment and monopolistic enterprise practices Inside the Turkish e-commerce market. The modifications have been ratified by the President and introduced on the Official Gazette on July 7, 2022, out there on https://www.resmigazete.gov.tr/07.07.2022.
Hepsiburada believes thOn the E-commerce Regulation Is An important milestone for the Turkish e-commerce enterprise Intending to facilitate a extra clear, healthful and truthful e-commerce market As properly as to To sprime the formation of dominant positions On this market.
The provisions of the modifications embrace, however Aren’t restricted to:
- restricts on The complete quantity of promoting and advertising expenditures and buyer reductions with the objective To sprime e-commerce platforms from gaining an uneven market share by way of extreme reductions and extreme advertising Through the use of disproportionate financial power. This provision goes into influence on January 1, 2023;
- prohibitions on e-commerce corporations with an annual Internet Transmovement Worth, (as outlined Inside the E-commerce Regulation) over a sure threshold (preliminaryly and indicatively set at TRY60 billion for the yr 2022, which is topic to adjustment yrly based mostly on The combination Internet Transmovement Worth genepriced Inside the Turkish e-commerce Market for the prior calendar yr) from partaking in sure enterprise operations, Similar to costs and monetary services. The prohibitions furtherly restrict specified itemizing movements within its platform and The current of final-mile supply services To Third events. This provision goes into influence on January 1, 2024;
- banning the sale Of private label merchandise for all e-commerce corporations. This provision goes into influence January 1, 2024; and
- A mannequin new obligation for e-commerce companies working in Turkey To buy, and yrly renew, an e-commerce license upon cost of a license payment if such companies exceed sure Internet Transmovement Worth and annual order quantity thresholds outlined Inside the E-Commerce Regulation. The …….