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News & Insights

March 16, 2017

Updates to Banks’ Outsourcing Regime

Legal Alerts
Banking & Finance

Recent developments On March 4, 2017, the Turkish Banking Regulatory and Supervisory Authority (the “BRSA”) made major changes to the Regulation on Banks’ Outsourced Services, enhancing the scope of the outsourced services. What’s new The collection, counting, distribution and delivery of cash can only be provided by private security companies, whereas the collection, counting, distribution […]

March 16, 2017

Turkey determines new favorable rates for RUSF, stamp tax and title deed fees

Legal Alerts
Tax

On 15 March 2017, the Council of Ministers Decision No. 2017/9973 (“Decision“), which sets out (i) new Resource Utilization Support Fund (“RUSF“) rates for TRY denominated loans utilized from abroad; (ii) new stamp tax rates for certain agreements relating to the construction sector; and (iii) the new title deed fees rate for certain real estate […]

March 14, 2017

Toy Safety Regulation Will Soon Enter Into Force: Are Your Products Compliant?

Legal Alerts
International Commercial and Trade

As mentioned in our previous legal alert dated October 6, 2016, the Toy Safety Regulation was published in the Official Gazette on October 4, 2016 and will enter into force on April 4, 2017, following the six-month transition period. As of April 4, 2017, toy manufacturers, importers and sellers will be subject to the requirements […]

March 9, 2017

Turkey Cracks Down on Unsafe and Non-Compliant Medical Devices and Cosmetics Products

Legal Alerts
Healthcare

Recent Development On March 7, 2017, the Turkish Medicines and Medical Devices Agency (TİTCK) announced the Q4 results of its market oversight in the medical devices and cosmetics sectors, carried out between October and December 2016. Of the 1,816 products inspected, 1,213 have been detected as unsafe or non-compliant, and a total fine of TRY […]

March 9, 2017

Turkey Issues New VAT and Income Tax Relief for Eligible Taxpayers

Legal Alerts
Tax

Recent Development On March 8 2017, the Law No. 6824 on the Restructuring of Certain Receivables and Amending Certain Laws and Law Decrees (“Law“) was published in the Official Gazette No. 30001 and entered into force. The Law, which amends both the Income Tax and VAT Laws, introduces a new income tax reduction for eligible […]

March 6, 2017

New ICC Arbitration Rules Strive for Efficiency

Legal Alerts
Dispute Resolution

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 […]

March 6, 2017

CMB Tightens Turkish Debt Issuers’ Belt While Introducing Facilities for Cross-Border Issuances

Legal Alerts
Capital Markets

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 […]

March 2, 2017

TİTCK Announces Changes for Certification Process for Cosmetic Products

Legal Alerts
Healthcare

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 […]

February 23, 2017

CMB Shakes the FX Market and Tweakes the Public Disclosure Regime

Legal Alerts
Capital Markets

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 […]

February 9, 2017

State Assets Transferred to Sovereign Wealth Fund

Legal Alerts
Capital Markets

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 […]

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