Recent Development The Regulation on Composition Commissaries and Creditors’ Committee (“Commissary Regulation“) and the Documents to be Attached to the Composition Application (“Composition Application Regulation“) were promulgated on the Official Gazette on 30 January 2019. The Commissary Regulation regulates a mandatory training program for commissaries, whereas the Composition Application Regulation regulates the audit report assuring […]
Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK”) announced on January 8, 2019, that the agreements executed by marketing authorization holders with healthcare institutions and healthcare professionals for scientific events and value transfers cannot be concluded in any foreign currency or in a manner indexed to foreign currency, in accordance with the legislation […]
Recent Development The Ministry of Trade (“Ministry“) published several import communiqués (“Communiqués“) regarding product safety and supervision in the Official Gazette No. 30641 on December 30, 2018. The Communiqués entered into force on January 1, 2019 and regulate the procedures and principles regarding the supervision of certain products’ compliance with import regulations. What’s New? The […]
Recent Development Effective 1 January 2019, higher fines will be imposed for violations of the Law No. 6502 on the Protection of Consumers (“Consumer Protection Law“). The fines were increased according to the revaluation rate of 23.73%. In particular, the following violations will be subject to the fines mentioned below: Use of unfair terms or […]
Recent Development The Law No. 7159 Amending the Highway Traffic Law and Certain Other Laws (“Law“) was published and entered into force on December 28, 2018. The Law amends the criteria in the Capital Markets Law No. 6362 (“Capital Markets Law“) for cooperatives’ joint stock company affiliates to qualify as public companies. What’s New? Prior […]
Recent Development The Law No. 7159 Amending the Highway Traffic Law and Certain Other Laws (“Law“) was published and entered into force on December 28, 2018. The Law provides exceptions to certain restrictions relating to the lease certificate issuances under the Capital Markets Law No. 6362 (“Capital Markets Law“) facilitating lease certificate issuances by participation […]
Recent Development The Capital Markets Board (“CMB”) presented the Draft Communiqué on Share-Based Crowdfunding (“Draft Communiqué”) for public consultation on January 3, 2019. Share-based crowdfunding regulates the raising of funds from the public in exchange for company shares through crowdfunding platforms. The Draft Communiqué introduces rules and procedures regarding crowdfunding platforms, the operations of the […]
Recent Development The awaited Article 8/2 of the Regulation on Commercial Advertisement and Unfair Commercial Practices (“Regulation“), which allows advertisers to make direct references to their competitors’ names, brands, logos and other distinctive signs was postponed several times since October 2015. However, the provision was annulled before entering into force with the Regulation Amending the […]
Recent Development The Regulation Amending the Regulation on Commercial Advertisement and Unfair Commercial Practices was published in the Official Gazette on December 28, 2018. A new article introduced to the Regulation on Commercial Advertisement and Unfair Commercial Practices (“Regulation“) titled “The Advertisement of Foods to be Eaten in Moderation” restricts the advertisements of these products. […]
Recent Development The Data Protection Authority (“Authority“) announced that registration with the Data Controllers Registry (“VERBİS“) is now open for second group data controllers. What Does the Announcement Mean? According to the Authority’s announcement on 2 January 2019, second group data controllers can now register with VERBİS beginning on 1 January 2019. Second group controllers […]
