Recent Development The Central Bank of Turkey amended the Capital Movements Circular. What Do the Amendments Say? As explained in our Client Alert dated February 19, 2019, Turkish banks are required to obtain the receiving company’s written declaration as well as the substantiating information and documents in order to determine whether unidentified FX transfers made […]
The concept of “financial restructuring” was introduced in Turkey following the country’s currency crisis in the summer of 2018. Financial restructuring, defined as revising a debtor’s financial structure and redetermining its financial strategy, became the major agenda item for Turkish financial institutions. Regulators intervened immediately and began working to create a legal framework for restructuring. […]
Recent Development The Turkish Data Protection Board (“Board“) published three decisions regarding its approach to personal data breaches on its website on July 3, 2019. What Are the Decisions? The Board’s first decision concerns a data breach in a transportation company’s systems. The data controller did not take the necessary measures to prevent the breach […]
Recent Development The 19th Criminal Chamber of the Court of Cassation resolved the contradictory approach of different criminal chambers of regional appellate courts on the criminal liability of legal entity representatives for issuing checks that were dishonored during composition proceedings in its decision dated 10 June 2019 and No. 2019/23974-2019/9339 (“Decision”). In its decision, the […]
Recent Developments The Regulation on Personal Health Data (“Regulation“), prepared by the Ministry of Health on the basis of the Law No. 6698 on Personal Data Protection (“Law“), was published in the Official Gazette No. 30808 on June 21, 2019. The Regulation annuls the Regulation on Processing and Ensuring the Privacy of Personal Health Data […]
Recent Development The Presidential Decree No. 1266 (“Decree“), published in the Official Gazette dated June 29, 2019 and No. 30816, redetermined the delay interest rate within the scope of Article 51 of the Law No. 6183 on the Collection Procedure of Public Receivables. What Does the Decree Say? According to the related article, a monthly […]
Recent Developments The Turkish Medicines and Medical Devices Agency (“TİTCK”) published the Guidelines for Phase 1 Clinical Trial Research Centers (“Guidelines”) on June 24, 2019. The Guidelines provide 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 Trials […]
Recent Developments The regulation published in the Official Gazette on June 22, 2019, introduced certain amendments to the Regulation on the Principles and Rules Applicable to the Retail Trade (“Retail Trade Regulation“). The amendment regulates new installment payment periods for certain products and partly lifts the ban on installment payments for jewelry sales. What’s New? […]
Recent Developments The Ministry of Trade (“Ministry“) published the Communiqué on the Import of Devices with Electronic Identity and the Communiqué on the Export of Devices with Electronic Identity (“Communiqués“) in the Official Gazette No. 30805 on June 18, 2019. The Communiqués regulate the procedures and principles regarding the Information Technologies and Communication Authority’s (“ITCA“) […]
Recent Development The Supreme Court General Assembly of Civil Chambers on the Unification of Decisions ruled in its decision dated October 19, 2018 and No. 2017/9 E. – 2018/10 K. that employers are not required to obtain employees’ defenses before terminating their employment agreements for just cause if the employees’ illness-related absenteeism is longer than […]
