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News & Insights

August 18, 2016

Be Aware of Increased Compliance Risk

Legal Alerts
Compliance

Background As a part of the fight against the terrorist organization that orchestrated the attempted coup – the Fethullah Terrorist Organization (“FETO”) – the Turkish Government, under the constitutionally granted authority, has announced a state of emergency and accordingly issued measures and effective legislation for the expeditious elimination of terrorist threats. Purposes Measures and legislation […]

August 17, 2016

Turkey Brings New Standards to Claims of Cosmetics Products

Legal Alerts
Healthcare

Recent development The Turkish Medicines and Medical Devices Agency (“TİTCK“) has announced new standards for cosmetics claims. Based on the Cosmetics Law and the Cosmetics Regulation, the Claims of Cosmetics Products Guidelines Version 3.0 (in Turkish, Kozmetik Ürünlerin İddialarına İlişkin Kılavuz Sürüm 3.0) published by the TİTCK replaces the existing guidelines and brings new standards […]

August 16, 2016

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

Legal Alerts
Healthcare

Recent development On August 15, 2016, the Turkish Medicines and Medical Devices Agency (TİTCK) announced the Q2 results of its market oversight in the medical devices and cosmetics sectors, carried out between April and June 2016. Of the 667 products inspected, 547 have been detected as unsafe or non-compliant, and a total fine of TRY […]

August 15, 2016

Business in Turkey, now faster and more reliable

Legal Alerts
Banking & Finance

Recent development In an effort to make doing business in Turkey easier and boost both domestic and cross-border private investments, Turkey has overhauled the relevant laws governing banking and finance, including the Commercial Code, the Electronic Signature Law and the Cheque Law, allowing bank letters of guarantee to be provided easier and cheques to be […]

August 15, 2016

Turkey Adopts New Law on Work Permits

Legal Alerts
Employment

1. Recent Development The Turkish Parliament has adopted the International Labor Force Law (the “Law”) on July 28, 2016. The Law was published in the Official Gazette on August 13, 2016 and entered into force on the same date. The Law has abolished the Law on Work Permits for Foreigners (the “Law No. 4817”) and […]

August 15, 2016

Turkey Amends Application Process for Clinical Research

Legal Alerts
Healthcare

Recent development The Turkish Medicines and Medical Devices Agency (TİTCK) has announced changes to the application process for clinical research. The cover letter samples and application forms in relation to an application for clinical research have been amended, and new applications for clinical research must be made using these new samples and forms. The changes […]

August 12, 2016

Turkey Publishes Draft Changes in Cosmetics Regulation

Legal Alerts
Healthcare

Recent development On August 11, 2016, the Cosmetics Products Department of the Turkish Medicines and Medical Devices Agency (TİTCK) published the draft changes in the Cosmetics Regulation. The amendment is expected to align Turkey’s cosmetics rules with the EU regulations 2016/314, 2016/621, 2016/622, 2016/1120, 2016/1121, 2016/1143 and 2016/1198, all of which amended the EU’s Cosmetics […]

August 11, 2016

Turkey Cooperates with Pharmaceutical Companies on the Pricing of Medicinal Products for Human Use

Legal Alerts
Healthcare

Recent development The Turkish Medicines and Medical Devices Agency (TİTCK) announced on its website that it intends to cooperate with all pharmaceutical companies in Turkey in relation to the pricing of pharmaceuticals. The TİTCK will convene representatives of the pharmaceutics industry at their “Evaluation Meeting on Pricing Applications for Medicinal Products for Human Use” at […]

August 11, 2016

Turkey to Introduce a New Tax Amnesty Law

Legal Alerts
Tax

In an effort to ensure the sustainability of the national economic growth, reduce the burden of public debts incurred by the private sector and encourage taxpayers to resolve tax law disputes without litigation, the government prepared a new comprehensive law on the restructuring of public receivables. On August 3, 2016, the “Law on the Restructuring of Certain Receivables” […]

August 11, 2016

Turkish Central Bank to Provide Extra Market Liquidity through Reserve Ratio Adjustments

Legal Alerts
Banking & Finance

Recent development Seeking to ensure that the market has sufficient available liquidity following the recent political and economic developments in Turkey, the Central Bank of Turkey (the “Central Bank“) reduced the Turkish banks’ reserve requirements for Turkish lira liabilities on August 10, 2016. The changes will take effect on August 12, 2016. New TRY reserve […]

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