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July 25, 2016

State of Emergency Declared in Turkey

Legal Alerts

Recent Development Turkey experienced an attempted coup by a faction of the militaryon the night of July 15, 2016. The coup was thwarted by civilian resistance and the intervention of the police forces. As a response to the coup attempt, President Recep Tayyip Erdoğan announced a three-month state of emergency on the night of July […]

July 14, 2016

Bankruptcy protection provides an “easy way out” in Turkey

Legal Alerts
Banking & Finance

Recent development In response to the 2001 Turkish banking crisis, Turkey introduced an insolvency procedure known as “bankruptcy postponement” in 2003. Although Turkish law also provides for a more traditional, court-supervised reorganization, the reorganization procedure requires the approval of a majority of creditors, making bankruptcy reorganization more difficult, time-consuming and, from a debtor’s perspective, often […]

July 14, 2016

Turkish Capital Markets Board decreases fees for equity and debt issuances

Legal Alerts
Banking & Finance

Recent development The Turkish Capital Markets Board (the “CMB“) has decided to implement a 50% discount on fees charged in initial and secondary public offerings as well as real estate and lease certificates (i.e., “sukuk”) on June 24, 2016. This measure is an effort to incentivize savings, increase the depth of Turkish capital markets, decrease […]

July 12, 2016

Turkish banks to provide accessible services to people with disabilities

Legal Alerts
Banking & Finance

Recent development In order to improve the access to banking services by the elderly and the disabled, the Banking Regulation and Supervision Authority (the “BRSA“) published the Regulation on Accessibility of Banking Services on June 18, 2016. Banks must bring their existing services and activities into compliance with the regulation by January 1, 2018; new […]

July 11, 2016

Turkey to introduce a new Tax Draft Law to improve the investment environment

Legal Alerts
Tax

Recent Development In an effort to turn Turkey into an attractive investment center, the government prepared a comprehensive draft law addressing major tax issues. On June 24, 2016, the government submitted to the Turkish Parliament for adoption the draft entitled the “Law Amending Certain Laws to Improve the Investment Climate” (Draft Law). What the Draft […]

July 1, 2016

Despite questions, SWIFT messages are valid and enforceable in Turkey

Legal Alerts
Banking & Finance

Background More than 10,000 financial institutions and corporations in over 200 countries use the Society for Worldwide Interbank Financial Telecommunication (“SWIFT“) to execute international money transfers, making it an integral part of global cross border banking transactions. Despite its widespread use, banks outside Turkey frequently question whether SWIFT can be used to enter into a […]

June 29, 2016

Turkey to grant new tax amnesty for Turkish residents’ assets abroad

Legal Alerts
Tax

Recent development As a part of the global move toward greater transparency in tax reporting and collection, in recent years Turkey has accelerated work on the automatic exchange of information with the tax authorities of other countries within the scope of common reporting standards. With this increasing transparency, a tax amnesty for undeclared assets abroad […]

June 24, 2016

Turkey further increases government discretion in the regulation of electronic communications

Legal Alerts
IT & Communications

Electronic communications providers in Turkey subject to new obligations and procedures Recent developments On June 11, 2016, the Information Technologies and Communications Authority (the “ITC Authority”) thoroughly amended the Authorization Regulation in the Electronic Communications Sector, introducing new obligations for current and prospective electronic communications providers. The amendments, almost all of which are effective immediately, […]

April 27, 2016

Turkey moves to reduce motor vehicle insurer losses

Legal Alerts
Banking & Finance

Recent development As part of the government’s agenda to make financial institutions more profitable, on April 26, 2016, amendments to the Highway Traffic Law were enacted to help reduce insurer losses from motor vehicle third-party insurance (“MTPL Insurance”) products through standardized compensation calculations, permitting insurer costs to be more accurately projected. Additionally, injured parties must […]

April 25, 2016

Turkey enters a new era for protection of intellectual property rights

Legal Alerts
Intellectual Property

The adoption of a single, comprehensive law to replace Turkey’s patchwork of decrees governing intellectual property has long been discussed. After decades of delay, on April 6, 2016, with the submission of the final draft of the “Law on Industrial Property”[1] to the Turkish parliament, efforts to adopt a new law to protect intellectual property […]

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