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News & Insights

January 12, 2017

Turkish Central Bank intervenes to increase liquidity

Legal Alerts
Banking & Finance

Recent Development On January 11, 2017, the Central Bank of the Republic of Turkey (the “Central Bank“) has reduced banks’ foreign exchange liabilities related reserve requirements by 50 basis points to provide extra liquidity to the market. The changes take effect starting from December 30, 2016. New FOREX reserve requirements The Central Bank has reduced […]

January 11, 2017

Turkey: Long Awaited Law on Industrial Property Rights Enters Into Force

Legal Alerts
Intellectual Property

Recent Development Turkey has been waiting for decades to adopt a single, unified law on the protection of industrial property rights.1 The Law No. 6769 on the Protection of Industrial Property Rights (“Industrial Property Law”) passed the Grand National of Assembly on December 22, 2016 and entered into force on January 10, 2017. The Industrial Property Law is the first of its kind, […]

January 11, 2017

Turkey Tightens Deadlines and Revises Fees for License Applications in 2017

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (the “TİTCK”) recently announced deadlines and procedures for the payment of scientific analysis and assessment fees in license applications subject to the new price tariff in 2017. Background The TİTCK announced a new price tariff for medicine applications in 2017. Scientific analysis and assessment fees payment […]

January 10, 2017

Turkey Restricts Comparative Advertisement on Food Products

Legal Alerts
Intellectual Property
Trade & Commerce

Recent Development The Regulation on Commercial Advertisements and Unfair Commercial Practices (the “Regulation“) was recently amended to include further restrictions on comparative advertising for specific types of food products. Background The Regulation is the main legislation on commercial advertisements directed at consumers. The Regulation allows for general comparative advertising,  strictly prohibiting it only for supplement […]

January 9, 2017

Turkey: Non-Use Cancellation Actions No Longer Available For Trademarks

Legal Alerts
Intellectual Property

Recent Development On December 14, 2016, the Turkish Constitutional Court cancelled Article 14 of the Decree No. 556 on the Protection of Trademarks1 (“Trademark Decree”). Article 14 of the Trademark Decree enables those interested to institute a court action for the cancellation of a registered trademark based on non-use if the trademark has not been in […]

January 9, 2017

Turkey to extend tax amnesty deadline for assets held abroad

Legal Alerts
Tax

Recent Development As you may recall from our legal alert regarding Law No. 6736 on the Restructuring of Certain Receivables, publicly known as the “tax amnesty law,” individuals and legal entities were allowed to bring their money, gold, foreign currency, securities and other capital market instruments into Turkey by or before December 31, 2016 without being subject […]

January 9, 2017

Easier to Insure Domestic Servants!

Legal Alerts
Employment

Recent Development The Communiqué on the Employment of Insured Employees in Domestic Services under Additional Article 9 of the Law No. 5510 (the “Communiqué”) was amended on December 29, 2016. This new method will facilitate enrolling domestic servant in the state’s social security scheme. What the Communiqué Says a. Scope The Communiqué sets forth the […]

January 5, 2017

Effective Date of Direct Comparative Advertising Postponed Yet Again

Legal Alerts
Intellectual Property
Trade & Commerce

Recent Development Allowing advertisers to make direct references to a competitor’s trademark or name in comparative advertisements is a long awaited rule in Turkey. Article 8/2 of the Regulation on Commercial Advertisements and Unfair Commercial Practices (the “Regulation”) allows for direct comparative advertisements; the effective date of the article was postponed twice since its announcement. […]

January 4, 2017

Turkey increases fines for consumer law violations in 2017

Legal Alerts
Trade & Commerce

Recent Development Effective 1 January 2017, higher fines will be imposed for certain violations of Law No. 6502 on Protection of Consumers (the “Consumer Protection Law“). Fines will increase by 3.83 percent compared to 2016. In particular, companies that are found to have:   Used unfair terms unlawfully or failed to use 12-point bold type […]

January 4, 2017

Turkey to raise the threshold for consumer courts by 3.83 percent in 2017

Legal Alerts
Trade & Commerce

Recent Development In Turkey, consumer complaints against sellers and manufacturers may only be brought in Turkish consumer courts if the amount in dispute is above a certain threshold. These thresholds are set shortly before the beginning of each calendar year. Consumer complaints below the jurisdictional thresholds may only be brought in a consumer arbitral tribunal. […]

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