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News & Insights

January 19, 2016

Turkey tightens monitoring of capital outflows

Legal Alerts
Banking & Finance

Recent development In an ongoing effort to better monitor and control the capital flows out of Turkey, on December 30, 2015, the Undersecretariat of the Treasury updated its procedures on (i) the export of Turkish lira exceeding TRY 25,000 (approx. USD 8,200), and (ii) the export of foreign currency exceeding the equivalent of EUR 10,000, […]

January 18, 2016

Turkey extends incentives in electricity sector

Legal Alerts
EMI

Recent development A number of changes to the Turkish electricity market were enacted by a decision of the Council of Ministers Decision No. 2015/8317, dated December 14, 2015, and various decisions of the Energy Market Regulatory Authority (“EMRA”) in December 2015. These decisions introduced significant changes such as the extension of incentives under the Electricity […]

January 18, 2016

Turkey changes electricity market licensing procedures

Legal Alerts
EMI

Recent development On December 23, 2015, the Energy Market Regulatory Authority (“EMRA“) amended the Electricity Market License Regulation. While some of the amendments only clarify existing rules, others bring significant changes for pre license applications, license holder obligations, and pre-license amendments. What the Regulation says Amendments related to the pre-license applications: • Applicants must now […]

January 15, 2016

Turkey aligns its prospectus rules with EU standards

Legal Alerts
Capital Markets

Recent development On January 12, 2016, the Capital Markets Board (the “CMB”) introduced new disclosure requirements to its equity offering prospectus format and specified disclosure requirements regarding taxation and material agreements to obtain equivalency from the European Securities and Markets Authority: • Institutions preparing expert reports (e.g., audit reports, valuation reports and rating reports) must […]

January 13, 2016

Turkey to relax rules for payment services and e-money

Legal Alerts
Banking & Finance

Recent development On December 26, 2015, the Banking Regulation and Supervision Agency (the “BRSA”) amended the Regulation on Payment Services, Electronic Money Issuance, Payment Institutions and Electronic Money Institutions, relaxing certain requirements foreseen for companies providing payment services and e-money issuance (“Institutions”). What the BRSA did • Institutions are no longer obligated to appoint a […]

January 12, 2016

Turkey restricts animal testing for cosmetics

Legal Alerts
Healthcare

Recent development Effective January 15, the use of animals to test cosmetic products in Turkey will be restricted. Background Globally, there is a continuing trend of introducing policies to limit animal testing of cosmetics by prohibiting the sale of products tested on animals. The European Union has prohibited the sale of any cosmetic or personal […]

January 8, 2016

Turkey postpones rule to permit advertisers to refer to competitors by name

Legal Alerts
Intellectual Property

Recent development In our client alert of October 2015, we announced upcoming reforms that would have, for the first time in Turkey, allowed advertisers to suggest the superiority of their products and services using direct references to a competitor’s trademark or name beginning from January 10, 2016. However, in the Regulation on the Amendment of […]

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