Recent Development The Ministry of Treasury and Finance published the Communiqué No. 2018-32/48 on the Decree No. 32 on the Protection of the Value of Turkish Currency (“Communiqué“), introducing an obligation for Turkish resident exporters to bring export proceeds into Turkey. The Communiqué, which entered into force through its publication on the Official Gazette on […]
Recent Developments The Turkish Medicines and Medical Devices Agency (“TİTCK”) recently announced the results of its cosmetic sector market surveillance and inspection conducted between April and June 2018. What Do the Results Say? The TİTCK’s Cosmetics Supervision Department detected unsafe and non-compliant cosmetic products as a result of its cosmetic market surveillance and inspection conducted […]
A new article addressing the current currency fluctuations on consumer sales prices is introduced to the “Misleading Commercial Practices” section of the Regulation on Commercial Advertisement and Unfair Commercial Practices’ (“Regulation”) Annex titled “Examples of Unfair Practices” (“Annex”).
The Data Protection Authority (“Authority”) announced the starting dates for the obligation to register with the Data Controllers Registry (“VERBİS”).
Recent Development The Turkish Council of Ministers recently published a decision regarding the amendments to the pricing rules on medicinal products for human use (“Pricing Decision“). The Pricing Decision provides that the monetary value of 1 euro in Turkish lira used in the pricing of medicinal products for human use in 2018 cannot exceed 15% […]
Recent Developments The Banking Regulatory and Supervisory Authority (“BRSA”) issued the Regulation on the Restructuring of Debts Owed to the Financial Sector (“Regulation”), which entered into force with its publication in the Official Gazette dated August 15, 2018 and numbered 30510. What’s New? Pursuant to the Regulation, debtors’ obligations to banks, leasing companies, factoring companies […]
Recent Development On August 15, 2018, the Capital Markets Board (“CMB”) published an announcement temporarily reducing the leverage ratio from 10:1 to 1:1 for FX market transactions where the Turkish lira (“TRY“) is on one side of the parity. The decision is effective between August 16, 2018 and September 3, 2018. What’s New? To protect […]
Recent Development The Banking Regulatory and Supervisory Authority (“BRSA“) amended the Regulation on Principles and Procedures Regarding the Classification of Loans and Reserves Set Aside for Such Loans (“Regulation”). The amendment entered into force with its publication in the Official Gazette No. 30510 on August 15, 2018. What’s New? Restructured loans are classified as and […]
Recent Development The Banking Regulatory and Supervisory Authority (“BRSA”) and the Ministry of Trade updated the debit and credit card installment limits for purchases. The amendment to the Regulation on Bank Cards and Credit Cards (“Regulation”) and the amendment to the Regulation on Principles and Rules in Retail Trade (“Retail Trade Regulation”) entered into force […]
Recent Development The Banking Regulation and Supervision Agency (“BRSA“) has amended the Regulation on Bank Transactions Subject to Authorization and Indirect Shareholding (“Regulation”) with the regulation published in the Official Gazette No. 30509 on August 14, 2018 and entered in the force on the same date (“Amendment“). The BRSA joined the Capital Markets Board (“CMB“) […]