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September 3, 2019

Turkish Lira Reference Interest Rate Launched

Legal Alerts
Banking & Finance

Recent Developments Borsa İstanbul A.Ş. (“Borsa Istanbul“) created the Turkish lira overnight reference interest rate (“TLREF“). What’s the TLREF? In July of 2017, Andrew Bailey, the chief executive of the UK Financial Conduct Authority (the “FCA“), announced in a speech that after 2021 the FCA would no longer use its power to compel panel banks […]

September 2, 2019

Last Days for VERBIS Registration

Legal Alerts
IT & Communications

Pursuant to Article 16 of the Law No. 6698 on the Protection of Personal Data (“Law”), real or legal persons processing personal data must register with the Data Controllers’ Registry (tr. VERBIS) before processing personal data. According to the Personal Data Protection Board’s decision numbered 2018/88, the following data controllers must register with VERBIS by […]

August 28, 2019

Amendments to the General Communiqué on National Estate

Legal Alerts
Real Estate

Recent Developments Communiqué No. 391 on Amendments to the General Communiqué on National Estate No. 331 (“Communiqué No. 391“) of the Ministry of Environment and Urban Planning (“Ministry“) was published on August 21, 2019 in the Official Gazette No. 30865. Communique No. 391 introduced several amendments to General Communique on National Estate No. 313 (“General […]

August 26, 2019

Mandatory Reserve Rates Changed

Legal Alerts
Banking & Finance

Recent Development The Central Bank of Turkey (“CBT”) amended the Communiqué No. 2013/15 on Mandatory Reserves (“Amendment”). The Amendment entered into force upon its publication in the Official Gazette No. 30864 dated August 20, 2019, but will be effective as of August 9, 2019. What’s New? The Amendment decreased the mandatory reserve ratios for banks […]

August 22, 2019

Banks’ Customer Due Diligence Expanded

Legal Alerts
Banking & Finance

Recent Development The Banking Regulatory and Supervisory Authority amended the Regulation on Banks’ Loan Transactions (the “Amendment“). The Amendment entered into force upon its publication in the Official Gazette No. 30860 dated August 16, 2019. What’s New? Prior to the Amendment, at the time of loan allocation and every year for as long as the […]

August 20, 2019

TİTCK Announces Amendments to Cosmetics Regulation

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK“) announced that it is currently working on an amendment to the Cosmetics Regulation (“Regulation“). The amendment adds new substances to Annexes II, III, V and VI of the Cosmetics Regulation for harmonization with the EU Regulations 2018/1847, 2019/680, 2019/681 and 2019/698, all of which amended […]

August 9, 2019

Ministry of Treasury and Finance Granted New Investment Authorities

Legal Alerts
Mergers & Acquisitions

Recent Development The Presidential Decree on Amendments to Certain Presidential Decrees was published on the Official Gazette on August 7, 2019 (“Decree“). The Decree revises and amends the authorities and duties of the ministries and departments within the organization of the Presidency, including the Ministry of Treasury and Finance (“Ministry“). What Does the Decree Say? […]

August 9, 2019

New Amendments to the Investment Incentive Legislation

Legal Alerts
Tax

Recent Developments Important amendments were made to the investment incentives legislation through The “Presidential Decree No. 1402 Amending the Decision on Subsidies in Investments” (“Decree No. 1402“) and The “Presidential Decree No. 1403 Amending the  Decision on Supporting Investments on a Project Basis” (“Decree No. 1403“), both published in the Official Gazette No. 30855 dated […]

August 8, 2019

Turkey Publishes Industrial Zones Regulation

Legal Alerts
Real Estate

Recent Development The Ministry of Industry and Technology (“Ministry“) published the Regulation on the Industrial Zones (“Regulation“) in the Official Gazette on August 6, 2019. The Regulation contains detailed provisions on the establishment, management and operation of mixed/specialized industrial zones, exclusive investment sites and private industrial zones. What’s New? Mixed/Specialized Industrial Zones Specialized industrial zones […]

August 8, 2019

Cosmetics Safety: Turkey Continues Cracking Down on Unsafe and Non-Compliant Cosmetic Products

Legal Alerts
Healthcare

Recent Developments The Turkish Medicines and Medical Devices Agency (“TİTCK”) recently announced the results of its cosmetics sector market surveillance and inspection conducted between April and June 2019. Of the 225 cosmetic products inspected by the TİTCK’s Cosmetics Supervision Department, 76 were non-compliant and 13 were unsafe. A total fine of TRY 510,491 (approximately USD […]

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