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August 11, 2016

Turkey Amends Cosmetics Regulations to Align with the EU

Legal Alerts
Healthcare

Recent development On August 5, 2016, the Cosmetics Products Department of the Turkish Medicines and Medical Devices Agency (TİTCK) announced that it is currently working on a comprehensive amendment of Annexes III, IV, V and VI of the Cosmetics Regulation. The amendment is expected to align Turkey’s cosmetics rules with the EU regulations 2016/314, 2016/621, […]

August 10, 2016

New Tax Law to improve Turkey’s investment climate enters into force

Legal Alerts
Tax

Recent Development The “Law Amending Certain Laws to Improve the Investment Climate,” (“Law“) which introduces new amendments on the Income Tax Law, Corporate Income Tax Law, Value Added Tax Law, Stamp Tax Law, Tax Procedural Law, Expenditure Taxes Law and Real Estate Tax Law has been published in the Official Gazette No. 29796 dated August […]

August 9, 2016

Turkish Medicines and Medical Devices Agency Publishes New Draft Rules for Public Opinion

Legal Alerts
Healthcare

Recent development The Turkish Medicines and Medical Devices Agency (TİTCK) published two new drafts on its website as a part of the harmonization process with the EU medical devices standards. What’s new? One of the drafts, the “Regulation Amending Regulation on In Vitro Diagnostic Medical Devices,” expands the list of high-risk in vitro diagnostic medical […]

August 3, 2016

Bankruptcy Postponement Applications Suspended

Legal Alerts
Dispute Resolution

Recent Development On July 31, 2016, the Turkish government introduced a decree law suspending all applications for bankruptcy postponement during the state of emergency. The 90-day state of emergency was declared by the government on July 21, 2016 following an attempted military coup. Bankruptcy postponement is essentially a reorganization bankruptcy, a type of bankruptcy protection. […]

August 2, 2016

Developments on the State of Emergency: New Executive Order Enters into Force

Legal Alerts

Recent Development On July 31, 2016, the Council of Ministers issued the third executive order on the implementation of the current state of emergency (“Executive Order“). The Executive Order amends several laws and regulations; discharges certain members of the military linked to the Fethullah Terrorist Organization (FETO); establishes a national defense university; introduces rules related […]

August 1, 2016

Turkish Anti-Money Laundering (AML) Measures Tightened

Legal Alerts
Banking & Finance
Compliance

Recent developments As part of its fight against money laundering and financing terrorist acts and organizations, the Ministry of Finance (the “Ministry”) issued the Regulation on Suspension of Suspicious Transactions (the “Regulation”) on July 29, 2016. The Regulation focuses on suspending suspicious fund transfers. Who are the responsible parties? The parties that are responsible for […]

August 1, 2016

Open-ended investment vehicles bring major change to the Turkish investment climate

Legal Alerts
Capital Markets

Background On May 27, 2015, the Turkish Capital Markets Board (the “CMB“) issued the Communiqué on Securities Investment Companies No. III-48.5 (the “ICVC Communiqué“) setting out the rules for investment companies with variable capital (değişken sermayeli yatırım ortaklıkları – “ICVC“) under Turkish law. The rules are similar to those governing UK OEICs (open-ended investment companies) […]

August 1, 2016

Developments on the State of Emergency: New Executive Order Enters into Force

Legal Alerts

Recent Development On July 27, 2016, the Council of Ministers issued the second executive order on the implementation of the current state of emergency (“Executive Order”). The Executive Order amends several laws and regulations; introduces rules related to proceedings against those who participated in the attempted coup; discharges certain members of the military; and closes certain […]

July 25, 2016

Developments on the State of Emergency: New Executive Order Enters into Force

Uncategorized

25 July 2016 Recent Development As noted in our previous alert dated July 21, 2016, Turkey’s Council of Ministers was expected to issue an executive order outlining the implementation of a state of emergency. On Saturday, July 23, 2016, the Council of Ministers issued an executive order to take measures to reestablish public security (“Executive […]

July 25, 2016

Capital Markets Board Removes Limits for Share Buy-Backs

Legal Alerts
Capital Markets

Recent development On July 21, 2016, the Turkish Capital Markets Board (the “CMB”) decided to remove the limits under the Communiqué on Share Buy-backs (the “Communiqué”) that are applicable to public companies’ acquisition of their own shares. This measure is part of the CMB’s efforts to minimize and mitigate the negative effects on the shares […]

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