The regulation on takaful (risk-sharing) insurance products is underway and expected to enter into force before the year-end. Takaful insurance, also known as Islamic insurance, consists of a co-operative system of reimbursement in case of loss by pooling the insurance premiums and losses among participants. The demand for takaful products increased, especially with the rise […]
Recent Development The Ministry of Customs and Trade recently published the Regulation Amending the Consumer Boards Regulation (the “Amending Regulation“), introducing significant procedural changes affecting the consumer complaint process. The Amending Regulation was published in the Official Gazette and entered into force on August 11, 2017. What’s New? The amendments to the Consumer Boards Regulation […]
Recent Development The Turkish Ministry of Customs and Trade recently published a new Communiqué on the Electronic Commerce Information System and Notification Obligations (the “Communiqué”). The Communiqué was published in the Official Gazette and entered into force on August 11, 2017. What’s new? The Communiqué envisages the establishment of an Electronic Commerce Information System (“ETBİS”, […]
Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK”) recently announced the Q2 results of its market surveillance and inspection of the cosmetics sector between April and June 2017. What the Results Say? The TİTCK’s Cosmetics Supervision Department published the list of unsafe and non-compliant cosmetics products detected during the second quarter of 2017. […]
Recent Development The Turkish Banking Regulatory and Supervisory Authority (the “BRSA”) issued a new regulation with regard to sale of non-performing loans (donuk alacaklar) of state-owned banks and their financial subsidiaries (the “Sellers”) to asset management companies (the “Regulation”). The Regulation was published in Official Gazette No. 30151 on August 11, 2017 and entered into […]
Recent Development In our latest client alert, we explained the implications of the recent exemption introduced by the Borsa Istanbul A.Ş. (“Borsa Istanbul”) for companies that do not meet certain financial requirements for listing on the Star Market. The July 31, 2017 amendment to the Borsa Istanbul Listing Directive (the “Directive”) also introduced new products […]
Recent Development The Turkish Competition Authority (“Authority“) recently published on its website the draft Guidelines on Vertical Agreements (the “Draft Guidelines”) for public consultation, along with an informatory note for the reasoning behind the amendments. Interested parties may submit their opinions and/or recommendations by September 11, 2017 by sending an e-mail to duzenleme@rekabet.gov.tr. What’s […]
Recent Development On July 31, 2017, Borsa İstanbul A.Ş. (“Borsa Istanbul“) amended its Borsa Istanbul Listing Directive (the “Directive“), relaxing and softening the listing requirements for the Star Market (Yıldız Pazar), which is expected to increase the number and volume of initial public offerings. What changed? Companies seeking listing on the Borsa Istanbul’s Star Market […]
Recent Development The Turkish Medicines and Medical Devices Agency (the “TİTCK”) recently published the Guidelines on Stability Testing of Active Ingredients and Final Products (the “Guidelines”, available here in Turkish), based on the Regulation on Licensing of Medicinal Product for Human Use. What the Guidelines Say The Regulation on Licensing of Medicinal Products for Human […]
Recent Development The Turkish Medicines and Medical Devices Agency (the “TİTCK”) recently published on its website the Guidelines on the Regulation on Package Information, Manuals and Tracking of Medicinal Products for Human Use (available here in Turkish). The TİTCK also published opinions submitted by institutions and associations as well as its assessment of these opinions. […]
