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News & Insights

October 2, 2018

CMB Warns Investors About Initial Coin Offerings

Legal Alerts
Capital Markets

Recent Developments The Capital Markets Board (“CMB“) warned investors about the risks of initial coin offerings (“ICOs“) in its bulletin dated September 27, 2018, stating that ICOs will not be subject to its regulations. What Does the Announcement Say? ICOs, also described as “cryptocurrency sales” or “token sales,” aim to procure funding by using block […]

September 28, 2018

Amendment to Natural Gas Tariff Regulation

Legal Alerts
EMI

Recent Development The Energy Market Regulatory Authority (“EMRA“) amended the Natural Gas Tariff Regulation (“Regulation“). The amendment was published in the Official Gazette No. 30548 dated September 27, 2018 (“Amendment“) and entered into force on the same date. What’s New? The current practices as to the tariff revisions set out under the procedures and principles […]

September 27, 2018

Court of Cassation Delivers Jurisprudential Unification Decision Subjecting All Domestic Arbitral Awards Rendered Following Effective Date of Code of Civil Procedure No. 6100 to Annulment Actions

Legal Alerts
Dispute Resolution

Recent Development The General Assembly of Civil Chambers for Jurisprudential Unification of the Turkish Court of Cassation rendered a decision providing that all domestic arbitral awards delivered after 1 October 2011, the effective date of the Code of Civil Procedure No. 6100 (“New CCP”), will be challenged with an annulment action, regardless of the date […]

September 26, 2018

New Exemption to FX Loan Restrictions

Legal Alerts
Banking & Finance

Recent Development The Capital Movements Circular introduced a new exemption to FX loan restrictions. The amendment allows the Technology Development Foundation of Turkey (Türkiye Teknoloji Geliştirme Vakfı) to extend FX loans from its funds received from the Ozone Projects Fund. The loans can be extended to Turkish residents meeting certain criteria set out in the […]

September 25, 2018

Framework Agreement on Financial Restructurings Entered into Force

Legal Alerts
Banking & Finance

Recent Developments The financial restructuring framework agreement (“Framework Agreement“) prepared by the Banks Association of Turkey (“BAT”) under the Regulation on the Restructuring of Debts Owed to the Financial Sector (“Regulation”) was signed by banks and other financial institutions (“Creditors“). The Framework Agreement entered into force with the BRSA’s approval. What’s New? The Framework Agreement […]

September 21, 2018

Amendments to Zoning Peace

Legal Alerts
Real Estate

Recent Development The Communiqué on the Amendment to the Procedures and Principles for the Issuance of Building Registration Certificates (“Communiqué“) was published in the Official Gazette No. 30541 and dated September 20, 2018. What’s New? The Communiqué clarifies several matters of the application process for obtaining building registration certificates issued for buildings violating the zoning […]

September 19, 2018

The Communique regarding Capital Loss and Negative Equity Stipulated Under Article 376 of the Turkish Commercial Code Numbered 6102 Is Published.

Legal Alerts
Corporate

Recent Development The Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (“Communiqué“) was published in the Official Gazette on September 15, 2018. The Communiqué addresses the principles and procedures regarding capital loss and negative equity. What does the Communiqué Say? The recent decline of the […]

September 18, 2018

Ministry to Define FX Payment Ban Exemptions

Legal Alerts
Banking & Finance

Recent Developments The amendments to the Decree No. 32 Regarding the Protection of the Value of the Turkish Currency (“Decree No. 32“) published in the Official Gazette on September 13, 2018 introduced a ban on FX and FX-indexed payments for agreements concerning the sale and purchase of real estate and movable properties; the leasing of […]

September 14, 2018

BRSA Introduces Draft Law to Facilitate Financial Restructuring

Legal Alerts
Banking & Finance

Recent Developments The Banks Association of Turkey (“BAT”) distributed to its members the Draft Law on the Restructuring of Debts Owed to the Financial Sector (“Draft Law”) prepared by the Banking Regulatory and Supervisory Authority (“BRSA”). What’s New? If the Draft Law enters into force, the provisions in the Regulation on the Restructuring of Debts […]

September 13, 2018

Turkey Restructures Consumer Boards

Legal Alerts
International Commercial and Trade

Recent Development The Ministry of Trade (“Ministry”) recently announced on its website the restructure of consumer boards’ organization; which entails closing down of 800 consumer boards as of August 1, 2019. The powers of the remaining 211 consumer boards will be increased. What’s New? The Ministry announced that the establishment of the Consumer Information System […]

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