Recent Development The Ministry of Customs and Trade (“Ministry“) recently published a new Regulation on the Reconciliation of Administrative Fines under Law No. 6502 on the Protection of Consumers (“Regulation“), establishing the procedures and principles for the reconciliation mechanism for administrative fines imposed under Law No. 6502 on the Protection of Consumers (“Consumer Protection Law“). […]
Recent Development The Council of Ministers’ decision no. 2018/11662, published in the Official Gazette on 5 June 2018, paved the way for the Undersecretariat of Treasury (“Treasury”) to invest in venture capital funds (“funds”). While the decision determines the general framework applicable to the Treasury’s investments in these funds, the Treasury, through the protocol to […]
Recent Development The Capital Movements Circular was amended to clarify the regules regarding FX loan borrowings by ordinary partnerships in which all the partners are legal persons (“Ordinary Partnerships“). What Does the Amendment Say? Ordinary Partnerships will be considered Turkish residents and FX loans extended to Ordinary Partnerships will be considered loans utilized by the […]
Recent Development The Communiqué on the Procedures and Principles for the Issuance of Building Registration Certificates (“Communiqué”) was published in the Official Gazette No. 30443 and dated June 6, 2018. What Does the Communiqué Say? The Communiqué regulates the rules for applying for building registration certificates and the determination of registration fees. Application One of […]
Recent Development The Turkish Capital Markets Board (“CMB”) amended the Tender Offer Communiqué II-26.1 on June 5, 2018 to introduce a major change to the tender offer regime in Turkey. The amendment provides banks with certain exceptions to tender offer requirements, enabling them to dispose more easily of public company shares (“pledged shares”) provided to […]
Recent Development The Capital Movements Circular was amended to change the total amount of FX loans Turkish residents can borrow for financing renewable energy projects with state guarantee and made under the framework of the Law No. 5346 on the Use of Renewable Energy Resources for the Purposes of Generating Electricity. What Does the Amendment […]
Recent Development The Law on Amendments to Certain Laws and Restructuring of Tax and Certain Other Receivables No. 7143 (“Law“) adding a provisional article to the Zoning Law No. 3194 and regulating the rules of the zoning peace (“Zoning Peace“) newly included in the legislation was published in the Official Gazette No. 30425 and dated […]
Recent Development On May 18, 2018, the Law No. 7143 on the Restructuring of Tax and Certain Receivables and Amending Certain Laws (“Law“) was published on the Official Gazette and thus entered into force. This legal alert lays out the essential provisions the Law introduced regarding the restructuring of tax receivables enforced by the Ministry […]
Recent Development The Data Protection Board announced standard contractual clauses for international data transfers on May 16, 2018. To access the announcement, which is written in Turkish, please click here. What Does the Announcement Say? The announcement informs the minimum required content that data controllers must prepare for international data transfers, as per Article 9/2(b) […]
Recent Development The Personal Data Protection Board (“Board“) published its decision (“Decision“) on exemptions from registration to the Data Controllers’ Registry (“Registry“) in the Official Gazette on May 15, 2018. What Does the Decision Say? The decision is based on Article 16(2) of the Law No. 6698 on the Protection of Personal Data (“Data Protection […]
