Recent Development The Personal Data Protection Board (“Board“) published its decision (“Decision”) dated January 24, 2019 and numbered 2019/10 on its website. The Decision concerns the principles and procedures regarding data breach notification. Accordingly, data controllers must notify the Board of data breaches within 72 hours at latest and without any delay. What Does the […]
Recent Developments The Ministry of Trade (the “Ministry“) recently announced the results of its product safety inspections conducted in 2018. 18 millions products were deemed unsafe the Ministry. What Do the Results Say? The Ministry published the list of unsafe/non-compliant products detected during 2018. Of 1.6 billion products inspected based on the product risk analysis, […]
Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK”) published the Draft Guideline for Phase 1 Clinical Trial Research Centers (“Guideline”) on January 28, 2019. The Guideline provides guidance for sponsors, investigators and research centers regarding phase 1 clinical trials and audits conducted by the TİTCK. What’s New? Pursuant to the Regulation on Clinical […]
Recent DevelopmentThe Central Bank of Turkey amended the Communiqué No. 2013/15 on Mandatory Reserves (the “Amendment”). The Amendment was published in the Official Gazette No. 30688 on February 16, 2019. What’s New? The Amendment decreased the mandatory reserve ratios for liabilities in Turkish Lira as below: Deposits and participation funds (except foreign banks deposits and […]
Recent Development The Central Bank of Turkey amended the Capital Movements Circular. Pursuant to the amendment, in order to determine whether unidentified FX transfers made from abroad to a Turkish company’s account, for USD 50,000 or more, are in respect of the loans utilized by such company, Turkish banks are required to obtain the related […]
Recent Development The Banking Regulation and Supervision Agency added a provisional article on consumer loan restructuring to the Regulation on Banks’ Loan Transactions and the Regulation on Establishment and Activities of Financial Leasing, Factoring and Financing Companies. Pursuant to the provisional article, consumer loans whose principal and/or interest payments became overdue before February 10, 2019 […]
Recent Development The Presidential Decree No. 476, published in the Official Gazette dated 19/12/2018, regulated that payments to the providers of advertising services provided through the Internet, or to those who act as an intermediary for the provision of this service, falls within the scope of the withholding tax liability, regardless of whether the payee […]
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 […]
