Recent Development The Court of Arbitration of the International Chamber of Commerce (“ICC Court“) has been exploring new ways to reduce time and cost in arbitration proceedings, especially with respect to small amounted claims. ICC Court’s new Arbitration Rules (“ICC Rules”) were drafted with this purpose and entered into force on March 1, 2017. This […]
Recent Development The Capital Markets Board of Turkey (the “CMB”) amended the Debt Instruments Communiqué (the “Communiqué”). The new amendments are effective as of February 18, 2017. What are the amendments? Under the Communiqué, new rules will apply to the domestic and cross-border issuance of debt instruments: If the upper limit of a multiple issuance […]
Recent Development The Turkish Medicines and Medical Devices Agency (TİTCK) recently announced changes to the certification process for exported cosmetic products. Accordingly, the web page on the product certification has been updated and certain documents required during the application for export certification have been revised. The revised declaration and undertaking can be found on the […]
Recent Development On February 10, 2017, the Capital Markets Board of Turkey (the “CMB”) published amendments to the following communiqués: Communiqué on Principles Regarding Investment Services and Ancillary Services (“Investment Services Communiqué”); Communiqué on Public Disclosure Platform No. VII-128.6 (“Public Disclosure Platform Communiqué”); and Public Disclosure Communiqué No. II-15.1 (“Public Disclosure Communiqué”). The new amendments […]
Recent Development As stated in our previous client alert published in August 2016, the Turkish Sovereign Wealth Fund (Türkiye Varlık Fonu) (“SWF“) was established to finance mega projects and strengthen the Turkish economy. Now, the SWF’s asset portfolio is becoming clearer. Assets Transferred The following state-owned assets were transferred to the SWF: Certain value real […]
Recent Development In an effort to enliven the economy in certain sectors, the Council of Ministers has determined new reduced tax rates on special consumption tax, VAT and stamp tax through its Decision No. 2017/9759 published in the Official Gazette on February 3, 2017 (“Decision“) affecting certain sectors. These new tax rates are detailed as […]
Recent Development The Regulation on Commercial Advertisements and Unfair Commercial Practices (the “Advertising Regulation“) was recently amended to introduce brand new provisions on the advertisements of electronic communication services. Background Based on Consumer Protection Law No. 6502, the Advertising Regulation is the main legislation on commercial advertisements directed at consumers. The Advertising Regulation provides detailed […]
Recent Developments The Turkish Medicines and Medical Devices Agency (TİTCK) recently announced changes to the clinical research process. As of January 19, 2017, certain documents requested during clinical research applications are no longer required. A list of the documents that are no longer required is included in the announcement, which is available at here (in […]
Recent Development The Ministry of Environment and Urbanization recently adopted the new Regulation on Control of Medical Waste (the “Medical Waste Regulation”). Based on the Environment Law No. 2872, the purpose of the Medical Waste Regulation is to reestablish the legal, administrative and technical procedures and principles, as well as policies and programs regarding the […]
The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable Pledge Law”). Under the Movable Pledge Law, the Ministry of Customs and Trade (the “Ministry”) is authorized to provide for the implementing regulations and, on December 31, 2016, the Ministry introduced the following regulations: Regulation […]
