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News & Insights

September 23, 2019

TİTCK Announces Updates and Improvements for ÜTS

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK“) announced its update of the Product Tracking System (“ÜTS“) on September 10, 2019. The TİTCK improved the update processes for cosmetics products on the ÜTS based on the cosmetics companies’ requests and to ensure satisfaction in the cosmetics sector. What’s New? Cosmetics companies will be […]

September 20, 2019

BRSA Tells Banks to Reclassify $8.1 Billion Debt as NPL

Legal Alerts
Banking & Finance

Recent Development The Banking Regulatory and Supervisory Authority (the “BRSA“) issued a press release on 17 September 2019 on the financial structure review and impact analysis recently conducted. A Brief Sector Analysis The BRSA’s financial structure review revealed that TRY 46 billion worth of loans should be classified as NPLs.  These NPLs belong mostly to […]

September 18, 2019

Guidelines on Suspicious Transaction Reporting Updated

Legal Alerts
Banking & Finance
Compliance

Recent Developments The Financial Crimes Investigation Board (the “FCIB”) updated the Banks’ Guidelines on Suspicious Transaction Reporting (the “Guidelines“). What’s New? The crime categories and the reference table have been updated. The crimes of corruption; unlicensed payment and e-money services; failure to declare a transaction conducted on behalf of a third party; cigarette, alcohol and […]

September 17, 2019

New Amendments to the Financial Restructuring Regulation

Legal Alerts
Banking & Finance

Recent Developments The Banking Regulatory and Supervisory Authority (the “BRSA”) amended (the “Amendment”) to the Regulation on the Restructuring of Debts Owed to the Financial Sector (the “Regulation“). The Amendment entered into force with its publication on the Repeating Official Gazette No. 30886/1 dated September 12, 2019. What’s New? The Amendment brings the Regulation in […]

September 3, 2019

Turkish Lira Reference Interest Rate Launched

Legal Alerts
Banking & Finance

Recent Developments Borsa İstanbul A.Ş. (“Borsa Istanbul“) created the Turkish lira overnight reference interest rate (“TLREF“). What’s the TLREF? In July of 2017, Andrew Bailey, the chief executive of the UK Financial Conduct Authority (the “FCA“), announced in a speech that after 2021 the FCA would no longer use its power to compel panel banks […]

September 2, 2019

Last Days for VERBIS Registration

Legal Alerts
IT & Communications

Pursuant to Article 16 of the Law No. 6698 on the Protection of Personal Data (“Law”), real or legal persons processing personal data must register with the Data Controllers’ Registry (tr. VERBIS) before processing personal data. According to the Personal Data Protection Board’s decision numbered 2018/88, the following data controllers must register with VERBIS by […]

August 28, 2019

Amendments to the General Communiqué on National Estate

Legal Alerts
Real Estate

Recent Developments Communiqué No. 391 on Amendments to the General Communiqué on National Estate No. 331 (“Communiqué No. 391“) of the Ministry of Environment and Urban Planning (“Ministry“) was published on August 21, 2019 in the Official Gazette No. 30865. Communique No. 391 introduced several amendments to General Communique on National Estate No. 313 (“General […]

August 26, 2019

Mandatory Reserve Rates Changed

Legal Alerts
Banking & Finance

Recent Development The Central Bank of Turkey (“CBT”) amended the Communiqué No. 2013/15 on Mandatory Reserves (“Amendment”). The Amendment entered into force upon its publication in the Official Gazette No. 30864 dated August 20, 2019, but will be effective as of August 9, 2019. What’s New? The Amendment decreased the mandatory reserve ratios for banks […]

August 22, 2019

Banks’ Customer Due Diligence Expanded

Legal Alerts
Banking & Finance

Recent Development The Banking Regulatory and Supervisory Authority amended the Regulation on Banks’ Loan Transactions (the “Amendment“). The Amendment entered into force upon its publication in the Official Gazette No. 30860 dated August 16, 2019. What’s New? Prior to the Amendment, at the time of loan allocation and every year for as long as the […]

August 20, 2019

TİTCK Announces Amendments to Cosmetics Regulation

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK“) announced that it is currently working on an amendment to the Cosmetics Regulation (“Regulation“). The amendment adds new substances to Annexes II, III, V and VI of the Cosmetics Regulation for harmonization with the EU Regulations 2018/1847, 2019/680, 2019/681 and 2019/698, all of which amended […]

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