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News & Insights

September 8, 2016

Turkish Central Bank Decreases Reserve Ratio Requirements Further

Legal Alerts
Banking & Finance

Recent development Committed to providing the markets with liquidity following in the wake of recent political and economic developments in Turkey, the Central Bank of Turkey (the “Central Bank“) further reduced Turkish banks’ reserve requirements for Turkish lira liabilities by 50 basis points on September 7, 2016. This follows another reduction of TRY reserve requirements […]

September 8, 2016

Turkey to grant new incentives for eligible investments on a project basis

Legal Alerts
Tax

Recent Development In an effort to reach Turkey’s long-term macroeconomic targets of increasing Turkey’s world trade share, ensuring the security of supply, improving Turkey’s rank in production of information, technology and innovation, and facilitating the transition to a production structure based on design and marks with high added value, the Turkish Parliament adopted a new […]

September 2, 2016

Vitalizing the Turkish Real Estate Certificates Market

Legal Alerts
Capital Markets
Real Estate

Recent development The Turkish real estate market faced a slowdown in the second half of 2016 prompting the Turkish Government to implement a number of serious remedies to draw local and international investor interest into the market following the coup attempt. As part of this initiative and in order to provide liquidity, the Turkish Capital […]

August 31, 2016

Court of Appeals Confirms Its Stance on Employer Monitoring of Work Computers

Legal Alerts
Dispute Resolution

Recent Development In its decision of May 3, 2016, the 22nd Civil Chamber of the Court of Appeals confirmed the right of employers to supervise their employees’ use of computers. Esin Attorney Partnership acted as the employer’s counsel in the dispute. Facts of the Case One of our clients (“Employer“) received a notice of termination […]

August 31, 2016

New Regulation on Railway Operations: Green Light to Private Companies

Legal Alerts
EMI

Recent Development In an effort to liberalize railway operations in Turkey and enable private companies to participate in the rail transportation business, the Law on the Liberalization of Rail Transport[1] (“Law“) was issued in 2013. The Law redefined the status of the Turkish State Railways (“TCDD“) and ended its monopoly over certain operations of the […]

August 29, 2016

Turkey Establishes Sovereign Wealth Fund

Legal Alerts
Capital Markets

Turkey Establishes Sovereign Wealth Fund Recent development In an effort to provide financing for infrastructure, diversify the financial instruments, and increase the depth of capital markets, Turkey introduced the Law on the Establishment of Turkish Sovereign Wealth Fund (the “Law“) on August 26, 2016. The Law establishes the Turkish Sovereign Wealth Fund (Türkiye Varlık Fonu) […]

August 25, 2016

Turkish Employees to be Automatically Enrolled to the Private Pension System

Legal Alerts
Banking & Finance
Employment

Recent development In an effort to boost domestic saving rates and to increase employee welfare, on August 25, 2016, the Private Pension Law was amended to include the automatic enrollment of employees to the private pension system. The changes are set to take effect on January 1, 2017. What the law says Employees under 45 […]

August 23, 2016

Turkish Capital Markets Association Establishing Arbitration Panels for OTC Disputes

Legal Alerts
Capital Markets

Background On August 18, 2016, the Turkish Capital Markets Board (the “CMB“) announced that the Turkish Capital Markets Association (the “TCMA“) has established its arbitration panel to resolve customer disputes. The arbitration panel is expected to bring quicker, more effective and efficient settlement of disputes arising from over-the-counter transactions. The panel will consist of three […]

August 19, 2016

Turkey Streamlines MTPL Claims and Dispute Resolution Procedures

Legal Alerts
Banking & Finance

Recent development As part of the Turkish government’s ongoing agenda to increase  profitability in the motor vehicle third-party liability insurance (“MTPL“) segment and streamline claims procedures (see our previous alert on this subject), the Treasury amended the MTPL General Conditions and the Tariff Regulation on August 2, 2016 and August 3, 2016, respectively. These amendments […]

August 19, 2016

Turkey Urges License Applications for Human Tissue and Cell Products

Legal Alerts
Healthcare

Recent development The Turkish Medicines and Medical Devices Agency (the “TİTCK“) announced that license applications for human tissue and cell products must be completed by December 15, 2016. Pre-registrations for such products on the Medical Devices and Drugs Databank (the “TİTUBB“) will be invalid if the license applications are not completed by this date. Background […]

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