The Classification and Legal Nature of Legislations Concerning Investments in Turkish Energy Markets
BAHAR BAYAZIT
LAW - LAW - BILKENT UNIVERSITY
Abstract
Foreign investment plays an important role in the growth of emerging markets and is a crucial tool in financing the national economies. Investors can enter a country’s investment scheme for a variety of sectors such as agriculture, automotive, energy, infrastructure, tourism, ICT, defense, mining etc. One of the main obstacles that the investors face is the multilayered regulatory framework as any investment will be affected by labor law, tax law, administrative law, company law, competition law, property law and environmental law as well as the sector specific legislation in which the investment will be conducted. As a stable and trusted system of enforceable laws is crucial for a convenient investment environment, it is important to classify the related legislation and present their legal nature. The hierarchy of norms in Turkish legal system can be set down as constitution in the top, in second level international agreements concerning fundamental rights and freedoms, then on the third level there are codes, presidential decrees on state of emergency and international agreements, on the fourth level presidential decrees, on the fifth level there are administrative regulations and on the last level there are other administrative decisions. When the multiplicity of the legislation and the diversity of the types of it are taken into account, it is apparent that a clarification of the related legislation is needed in order to facilitate any investment. For this reason, in this paper it is intended to classify and present the legislation related to energy investments in Turkey taken into account all the relevant administrative authorities’ decisions.
Keywords
Energy investments in Turkey, classification of Turkish legislation,hierarchy of norms, legal nature of Turkish legislations, Turkish regulatory authorities
