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 […]
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 […]
Recent Development 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 restrict FX and FX-indexed payments for certain resident-to-resident transactions. What Does the Amendment Say? With this amendment, it is no longer legally possible to […]
Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK”) recently published on its website the draft Regulation on Medical Devices Manufactured Utilizing Animal Origin Tissue (“Regulation”). What’s New? In the scope of EU harmonization, the draft Regulation was prepared based on EU Regulation No. 722/2012 to establish the particular requirements for introducing into the […]
Turkey’s state of emergency (“SoE”) was lifted on July 18, 2018. Following an attempted coup on July 15, 2016, the Council of Ministers issued a decision declaring a SoE. The SoE term was extended for additional three-month periods. The latest SoE term was not extended, effectively ending the SoE as of July 18, 2018. Parliament […]
Recent Development The Support and Austerity Package (“Package”) prepared by the Ministry of Industry and Technology (“Ministry”) for businessmen, small and medium sized enterprises (“SME”) and entrepreneurs was announced. The developments on intellectual property came into force under the Communiqué Pertaining to the Amendment of the Communiqué on the Turkish Patent and Trademark Office Fee […]
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”).