Recent Development The Regulation on Radio Devices and Systems Exempt from Frequency Allocation (“Exemption Regulation“) entered into force by publication in the Official Gazette No. 30608 on 27 November 2018. As a result of the introduction of the Exemption Regulation, the Regulation on Short Range Radio Devices (SRD) and the Regulation on Private Radio Systems […]
Recent Development Amendments to the Financial Restructuring Framework Agreement (the “Framework Agreement“), which was drafted by the Turkish Banks Association (the “TBA“) within the scope of the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the “Regulation“), were distributed to banks and other financial institutions to be executed. The Banking Regulatory and […]
Recent Development The Capital Movements Circular introduced further flexibilities for FX borrowing restrictions. What’s New? Prior to the recent amendment, Turkish resident companies were not entitled to lend FX loans to their Turkish-resident affiliates. With the amendment, the proceeds of such FX loans can be provided in FX to the extent that the loan transaction […]
Recent Development On November 22, 2018, the Revenue Administration published the Stamp Tax Circular No. 22 (“Circular”) on its official website which clarifies the stamp tax application of the agreements to be converted into Turkish Lira within the scope of the Presidential Decree No. 85 published in the Official Gazette on September 13, 2018. What […]
Recent Developments In our previous legal alert dated November 5, 2018, we announced that the Banking Regulatory and Supervisory Authority (the “BRSA”) distributed to the members of the Turkish Banks Association (the “TBA“) a draft amendment to the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the “Regulation“). The amendment entered into […]
Recent Development The Capital Markets Board (“CMB”) amended the Communiqué on Disclosure of Material Events No. II-15.1 (“Communiqué”). The amendments entered into force with the publication on the Official Gazette dated November 17, 2018 and No. 30598. What’s New? The amendment to the Communiqué on February 13, 2018 provided that if a person’s ownership in […]
Recent Development The Ministry of Treasury and Economy amended the FX payment ban exemptions. The amendments were published in the Official Gazette dated November 16, 2018. What’s New? In addition to the exemptions provided under the communiqué dated October 6, 2018, the following agreements will be exempted from the FX payment ban: Agreements regarding the […]
Recent Development The Capital Markets Board (“CMB”) amended the Communiqué on Asset-Backed and Mortgaged-Backed Securities No. III-58.1 (“AMBS Communiqué”) and the Communiqué on Covered Bonds No. III-59.1 (“Covered Bonds Communiqué”). The amendments entered into force with their publication in the Official Gazette dated November 11, 2018 and with No. 30592. What’s New? Pursuant to the […]
Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK“) published the Batch Release Guideline (“Guideline“) on October 31, 2018. The Guideline provides instructions for companies that will apply to the TİTCK to obtain batch certificates and permissions. What’s New? Pursuant to the Regulation on Manufacturing Sites for Medicinal Products for Human Use (“Regulation“), companies […]
Recent Development The Turkish Medicine and Medical Devices Agency (“TİTCK“) announced on November 5, 2018 that companies failing to notify the TİTCK regarding meetings, seminars or symposiums for scientific and educational activities they supported will be sanctioned through the Meeting Notification System. What’s New? Sales centers are required to comply with the rules set forth […]
