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News & Insights

February 16, 2016

Turkey proposes increased restrictions on retail discount campaigns and shopping festivals

Legal Alerts
Trade & Commerce

Recent development The Turkish Ministry of Customs and Trade seeks public comment on proposed new restrictions on retail discount campaigns, discount stores, and shopping festivals. What’s new? Further to the 2015 Retail Trade Law, the Ministry recently published its draft Regulation on the Principles of Retail Trade on its website. Under the draft regulation: • […]

February 15, 2016

Turkey adopts regulations to encourage investment banks to acquire brokerages and tightens derivatives regulation

Legal Alerts
Capital Markets

Recent development In an effort to consolidate the brokerage firm market and improve supervision of over-the-counter (“OTC”) derivatives products and leveraged transactions, on January 14, 2016, the Capital Markets Board (“CMB”) introduced incentives to encourage investment and development banks to acquire brokerage firms by allowing the banks to act as intermediaries in share transactions, and […]

February 11, 2016

European securities market regulator accepts equivalency of Turkish equity prospectuses

Legal Alerts
Capital Markets

Recent development On February 8, 2016, the European Securities and Markets Authority (“ESMA“) announced that prospectuses approved by the Turkish Capital Markets Board (the “CMB“) can constitute valid prospectuses under the EU Prospectus Directive for the purposes of its approval by the home regulatory authority of a member state within the European Economic Area (the […]

February 11, 2016

Turkey increases protection of insurance agents at the expense of insurers

Legal Alerts
Banking & Finance

Recent development The Undersecretariat of the Treasury has strengthened the protections of insurance agents in Turkey by increasing the authority of the Insurance Agents Executive Committee (“IAEC”), expanding the mandatory terms of agency agreements, and introducing significant changes to personnel affairs, governance and branch operations. The Treasury introduced these changes by amending its Regulation on […]

February 8, 2016

Turkey increases manufacturer compliance requirements for children’s products

Legal Alerts
Trade & Commerce

Recent development The Turkish Ministry of Customs and Trade recently published on its website a draft communiqué on Compliance with the Standards for Some Products. Products such as pacifiers (dummies), baby bottles, toothbrushes, bicycles for toddlers, city and touring bicycles, fixed and folding cots, folding chairs and tables, louver and roller blinds, buoyant aids and […]

February 4, 2016

Turkey restricts use of widely used cosmetics ingredient

Legal Alerts
Healthcare

Recent development Effective February 18, 2016, Turkey now prohibits the use of 3-Benzylidene Camphor in cosmetics products. Widely used in sunscreens, hand and body creams, as well as anti-aging products, 3-Benzylidene Camphor is a type of UV filter which has been found to pose a threat to human health. Background On July 28, 2015, the […]

February 3, 2016

Turkey requires electronic copies of labels on energy efficient household appliances

Legal Alerts
Trade & Commerce

Recent developments In an effort to harmonize Turkish energy labeling standards with those of the European Union, on December 16, 2015, the Turkish Ministry of Science, Industry and Technology published communiqués on energy labeling for certain household appliances requiring the suppliers of lamps, televisions, air conditioners and vacuum cleaners as well as household ovens, refrigerators, […]

January 28, 2016

Turkish filing fees to enforce arbitral awards increased to nearly 7% of total award

Legal Alerts
Dispute Resolution

Background Until recently, Turkish courts had differing practices as to the amount of the court filing fee payable to enforce arbitral awards. Some court clerks required payment of a nominal fixed fee, whereas others required payment of a fee equal to a percentage of the claim. Consequently, a creditor wishing to enforce an arbitral award […]

January 26, 2016

Turkey permits state court interim attachments before enforcement of arbitral awards

Legal Alerts
Dispute Resolution

Recent development While Turkey’s International Arbitration Law No. 4686 has long permitted Turkish courts to grant interim relief before or during arbitral proceedings, the law was silent as to whether this was permitted once a final award had been rendered by the arbitral tribunal but before it became enforceable by Turkish execution offices. A Turkish […]

January 26, 2016

Turkey increases certain bank reserve ratios

Legal Alerts
Banking & Finance

Recent development In an effort to increase macro-prudential supervision of banks, on January 9, 2016 the Central Bank of Turkey introduced new reserve requirements for banks holding borrower funds of investment and development banks in Turkey and increased the reserve requirements for deposits held outside of Turkey. The changes will be effective from the maintenance […]

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