The Increasing Interest of Foreign Investors in the Turkish Market While the volume of M&A transactions in Turkey decreased in 2015 (approximately USD 16.4 billion in 2015 compared to approximately USD 18 billion the year before), foreign investors’ interest has steadily increased. According to Deloitte’s 2015 Mergers & Acquisitions Report, foreign investors were responsible for […]
Recent Development In our client alert of October 2015, we announced that advertisers will be allowed to make direct references to a competitor’s trademark or name in comparative advertisements starting January 10, 2016. However, in the Regulation on the Amendment of the Regulation on Commercial Advertisements and Unfair Commercial Practices published on December 25, 2015, […]
Recent Development The Turkish Medicines and Medical Devices Agency (the “TİTCK”) announced that the Good Manufacturing Principles (“GMP“) certificates given for local production sites of medicinal products for human use have been revised. Background GMP is a set of standards to ensure that the production and quality control of medicinal products are conducted in compliance with […]
Recent development The Turkish Medicines and Medical Devices Agency (“TİTCK”) recently announced on its website the requirements for medical device companies regarding the Product Tracking System (“ÜTS”), which will soon be adopted for use. Background The TİTCK and the Scientific and Technological Research Council of Turkey (“TÜBİTAK”) executed an agreement on January 7, 2014 establishing […]
Recent Development As you may remember from our previous legal alert regarding the new tax amnesty, individuals and legal entities are 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 to any tax audit, tax assessment or investigation under […]
Recent Development The Turkish Medicines and Medical Devices Agency (TİTCK) published on its website the Guidelines on Microbiological Control of Cosmetic Products Version 1.0 (the “Guidelines”, Kozmetik Ürünlerin Mikrobiyolojik Kontrolüne İlişkin Kılavuz Sürüm 1.0), based on the Cosmetics Law and the Cosmetics Regulation. What the Guidelines say With the purpose of ensuring the compliance of […]
Recent Development The court experts system has long been plagued by a myriad of problems stemming from the courts’ application and lack of organizational structure. The widespread tendency among the courts of resorting to expert opinion in legal matters requiring court assessment, despite the prohibition in the Code of Civil Procedure, has long been a […]
Recent Development As you may remember from our legal alert regarding Law on Supporting Investments on Project Basis and Amending Certain Laws and Decree Laws No. 6745 (“Law“), which was published in the Official Gazette on September 7, 2016, the Council of Ministers was authorized to provide tax incentives, support or donations on a project […]
Recent development The 11th Civil Chamber of the Turkish Supreme Court ruled in several instances that general references to foreign courts (e.g., “English courts”) are null and void, as they do not sufficiently specify the competent court. Background and decision Under the Turkish International Private and Procedure Law (the “Law“), parties to an agreement containing […]
Recent development As previously reported, Turkey has established its Sovereign Wealth Fund (Türkiye Varlık Fonu) (the “Sovereign Fund“) and the Turkish Sovereign Wealth Fund Management Incorporation (Türkiye Varlık Fonu Yönetimi Anonim Şirketi) (the “Asset Manager“), its asset management company. On November 9, the Council of Ministers’ decree regarding the Asset Manager’s operating principles(“Decree“) was published […]
