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April 19, 2016

Turkey to integrate its financial market infrastructure with the European Union

Legal Alerts
Capital Markets

Recent development Continuing Turkey’s ongoing effort to harmonize its capital markets rules with international market standards, on March 23, 2016, the Turkish Capital Markets Board (the “CMB“) adopted a resolution recognizing that Takasbank’s central counterparty (“CCP“) activities comply with the Financial Market Infrastructure Principles (“FMIP“) of the Committee on Payment and Market Infrastructures of the […]

April 5, 2016

Turkey to mitigate insurer losses from mandatory motor vehicle insurance

Legal Alerts
Banking & Finance

In an effort to reform the unprofitable mandatory motor vehicle third-party insurance (“MTPL Insurance“) sector, Turkish policymakers are expected to adopt measures, such as standardized compensation calculation methods and authorization of the Treasury to set the rules for compensation payable under MTPL insurance claims. MTPL Insurance generates significant losses for non‑life insurers operating in Turkey, […]

April 5, 2016

Turkey finally adopts data protection law

Legal Alerts
IT & Communications

After almost a decade of legislative struggles, on March 24 the Turkish Parliament finally adopted the Law on the Protection of Personal Data (the “New Law”). The New Law is Turkey’s first specific set of parliamentary level rules addressing data protection concerns in all sectors. Background It continues to be a big year from a […]

March 25, 2016

Turkey significantly changes rules for unlicensed energy generation

Legal Alerts
EMI

Recent developments The Energy Market Regulatory Authority (“EMRA“) issued an amendment to the Regulation on Unlicensed Energy Generation (the “Regulation“) and the Communiqué on Implementation of Unlicensed Energy Generation (the “Communiqué“) (together, the “Amendment“) on March 23, 2016. The long awaited draft Amendment was first published on EMRA’s website in December 2015, and included restrictions […]

March 10, 2016

Turkey expected to tighten corporate bond regulations in response to defaults

Legal Alerts
Capital Markets

Recent development On February 1, 2016, a Turkish issuer of corporate bonds announced that it had defaulted on its bond obligations, marking only the second time in a decade that a Turkish corporate issuer defaulted in the debt securities market. This followed another default less than a year earlier in March 2015. As a result […]

March 7, 2016

Turkey adopts new rules on shopping malls

Legal Alerts
Real Estate
Trade & Commerce

Recent development On February 26, 2015, Turkey enacted a long-awaited regulation of shopping malls in Turkey, regulating the establishment, operation and supervision of shopping malls. What’s new? Definition of a shopping mall A retail sales operation will be considered a “shopping mall” if it has: • a building or collection of buildings for retail sales; […]

February 29, 2016

Turkey launches drone regulation

Legal Alerts
IT & Communications

Given growing concerns over the increasing use of drones in Turkish airspace, on February 22, the Directorate General of Civil Aviation adopted its Mandate on Drone Systems to regulate the use of drones in Turkey. What the Drone Mandate says The Drone Mandate is Turkey’s first regulation on civil aviation drones. To ensure flight safety and the […]

February 26, 2016

Turkey increases capital reserve requirements for “too big to fail” banks

Legal Alerts
Banking & Finance

Recent development As part of Turkey’s ongoing program to incorporate Basel III rules into its banking laws and regulations, on February 23, 2016, the Turkish Banking Regulation and Supervision Authority (the “BRSA“) enacted the Regulation on Systemically Important Banks in an effort to impose stricter requirements for banks operating in Turkey whose failure might trigger […]

February 19, 2016

Turkey opens second state-owned Islamic bank

Legal Alerts
Banking & Finance

Recent development In an effort to increase the market penetration of Islamic financial services and to ensure a competitive Islamic banking market, on February 11, 2016, the Turkish Banking Regulation and Supervision Authority (the “BRSA”) granted Vakıf Katılım Bankası A.Ş. an operating license, making it the second state-owned Islamic bank and the sixth Islamic bank […]

February 19, 2016

At long last, Turkey ratifies European convention on data processing

Legal Alerts
IT & Communications

After decades of delay, on February 18, Turkey ratified the Council of Europe’s 1981 Strasbourg Convention for the Protection of Individuals with regard to Automatic Processing of Data. Background The start of 2016 has been marked by a flurry of legislative activity with respect to the protection of personal data in Turkey. While still debating […]

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