Recent Development According to Law No. 7151 on Amendment of Several Laws and Decree Laws Related to Healthcare published in the Official Gazette of 5 December 2018, the amendments introduced to Law No. 984 on Stores Selling Toxic and Active Chemical Substances Used in Pharmacies, Arts and Agriculture (“Law“) establish several requirements related to human […]
Recent Development The Ministry of Trade published an amendment to the Regulation on the Principles and Rules in Retail Trade (“Retail Trade Regulation“), which was published and entered into force on November 28, 2018. The amendment regulates new installment payment periods for mobile phones priced at TRY 3,500 or more. What’s new? The amendment to […]
Recent Development The Electronic Notification Regulation (“Regulation“) has been published in the Official Gazette dated 6 December 2018. The Regulation regulates the principles and the procedure for the electronic notifications that will be made by authorities through Posta ve Telgraf Teşkilatı (“PTT“), the national post and telegraph directorate of Turkey, in accordance with Notification Law […]
Recent Development The Draft Law on Amendment of Certain Laws and Decrees Having the Force of Law (“Draft Law”), submitted to the Precedency of the Grand National Assembly of Turkey, proposes amendments to certain laws, including Financial Leasing, Factoring and Financing Companies Law No. 6361 (“Law”) and decrees having the force of law. What’s New? […]
Recent Development The Regulation on Radio Devices and Systems Exempt from Frequency Allocation (“Exemption Regulation“) entered into force by publication in the Official Gazette No. 30608 on 27 November 2018. As a result of the introduction of the Exemption Regulation, the Regulation on Short Range Radio Devices (SRD) and the Regulation on Private Radio Systems […]
Recent Development Amendments to the Financial Restructuring Framework Agreement (the “Framework Agreement“), which was drafted by the Turkish Banks Association (the “TBA“) within the scope of the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the “Regulation“), were distributed to banks and other financial institutions to be executed. The Banking Regulatory and […]
Recent Development The Capital Movements Circular introduced further flexibilities for FX borrowing restrictions. What’s New? Prior to the recent amendment, Turkish resident companies were not entitled to lend FX loans to their Turkish-resident affiliates. With the amendment, the proceeds of such FX loans can be provided in FX to the extent that the loan transaction […]
Recent Development On November 22, 2018, the Revenue Administration published the Stamp Tax Circular No. 22 (“Circular”) on its official website which clarifies the stamp tax application of the agreements to be converted into Turkish Lira within the scope of the Presidential Decree No. 85 published in the Official Gazette on September 13, 2018. What […]
Recent Developments In our previous legal alert dated November 5, 2018, we announced that the Banking Regulatory and Supervisory Authority (the “BRSA”) distributed to the members of the Turkish Banks Association (the “TBA“) a draft amendment to the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the “Regulation“). The amendment entered into […]
Recent Development The Capital Markets Board (“CMB”) amended the Communiqué on Disclosure of Material Events No. II-15.1 (“Communiqué”). The amendments entered into force with the publication on the Official Gazette dated November 17, 2018 and No. 30598. What’s New? The amendment to the Communiqué on February 13, 2018 provided that if a person’s ownership in […]
