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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 […]

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 […]

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