Recent Development The Turkish Medicines and Medical Devices Agency (the “TİTCK”) recently published on its website a draft Regulation on Monitoring and Tracking of Medical Devices (the “Regulation”). Companies may comment and provide feedback on the draft Regulation by filling out the form provided on the TİTCK’s website and returning it by post or through […]
Recent developments The Draft Law Amending the Law No. 5846 on the Protection of Intellectual and Artistic Works (“Draft Amendment Law”) was published for opinion on May 5, 2017. The Draft Amendment Law changes 36 articles of the Law No. 5846 on the Protection of Intellectual and Artistic Works (“Copyright Law”) and brings significant changes, […]
Recent development The Turkish Banking Regulation and Supervision Agency (the “BRSA”) has recently amended the “Regulation on Banks’ Transactions Subject to Approval and Indirect Bank Shareholding” (the “Regulation“) effective as of June 9, 2017. Overview of the Amendments The amendments change the security measures for banks opening domestic branches. Turkish banks must consider the following […]
Recent Development The Turkish Medicines and Medical Devices Agency (the “TİTCK”) recently published the list of licensed products, available here (in Turkish). From now on, the TİTCK will regularly update and publish the licensed products list on their website. What the announcement says The TİTCK stated that for licensed products that do not appear on […]
Recent development The Turkish Banking Regulatory and Supervisory Authority (the “BRSA”) has recently amended the Regulation on Financial Holding Companies (the “Financial Holding Regulation”). The amendments were published in the Official Gazette No. 30088 on June 6, 2017, and will be effective as of January 1, 2017. What the regulation changes The Financial Holding Regulation […]
Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK”) recently announced that the registration pages of the Product Tracking System (“ÜTS”) for medical devices are now available. Background The TİTCK and the Scientific and Technological Research Council of Turkey (“TÜBİTAK“) executed an agreement on January 7, 2014, establishing the ÜTS. The ÜTS registers, tracks, […]
Recent developments The Turkish Banking Regulation and Supervision Agency (the “BRSA”) has recently amended the “Regulation on Measurement and Evaluation of Capital Adequacy of Banks” (the “Capital Adequacy Regulation“) effective as of June 6, 2017. Overview of the Amendments The amendments to the Capital Adequacy Regulation introduced material changes to the information reported every trimester […]
Recent Development On June 12, 2017, the Turkish Minister of Finance, Naci Ağbal, announced the introduction of a new withholding tax liability for non-resident companies that engage in e-commerce. In his statement to the press, the Minister of Finance highlighted the following points: The government is currently working on a new Council of Ministers Decision […]
Recent Development On May 27, 2017, the Law on the Restructuring of Certain Receivables and Amendment of Certain Laws and Decree-Laws No. 7020 (“Amnesty Law“) was published in the Official Gazette No. 30078 and entered into force. The Amnesty Law introduces a new amnesty for certain public receivables in relation to the period before March […]
Recent developments The Turkish Medicines and Medical Devices Agency (the “TİTCK”) recently introduced and made available a new Electronic Value Transfer Notifications System for use of licensees and authorized persons for their value transfer notifications. Background The Regulation on the Promotion of Pharmaceutical Products for Human Use (the “Promotion Regulation”, available here in Turkish) requires […]
