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July 11, 2016

Turkey to introduce a new Tax Draft Law to improve the investment environment

Legal Alerts
Tax

Recent Development In an effort to turn Turkey into an attractive investment center, the government prepared a comprehensive draft law addressing major tax issues. On June 24, 2016, the government submitted to the Turkish Parliament for adoption the draft entitled the “Law Amending Certain Laws to Improve the Investment Climate” (Draft Law). What the Draft […]

July 1, 2016

Despite questions, SWIFT messages are valid and enforceable in Turkey

Legal Alerts
Banking & Finance

Background More than 10,000 financial institutions and corporations in over 200 countries use the Society for Worldwide Interbank Financial Telecommunication (“SWIFT“) to execute international money transfers, making it an integral part of global cross border banking transactions. Despite its widespread use, banks outside Turkey frequently question whether SWIFT can be used to enter into a […]

June 29, 2016

Turkey to grant new tax amnesty for Turkish residents’ assets abroad

Legal Alerts
Tax

Recent development As a part of the global move toward greater transparency in tax reporting and collection, in recent years Turkey has accelerated work on the automatic exchange of information with the tax authorities of other countries within the scope of common reporting standards. With this increasing transparency, a tax amnesty for undeclared assets abroad […]

June 24, 2016

Turkey further increases government discretion in the regulation of electronic communications

Legal Alerts
IT & Communications

Electronic communications providers in Turkey subject to new obligations and procedures Recent developments On June 11, 2016, the Information Technologies and Communications Authority (the “ITC Authority”) thoroughly amended the Authorization Regulation in the Electronic Communications Sector, introducing new obligations for current and prospective electronic communications providers. The amendments, almost all of which are effective immediately, […]

April 27, 2016

Turkey moves to reduce motor vehicle insurer losses

Legal Alerts
Banking & Finance

Recent development As part of the government’s agenda to make financial institutions more profitable, on April 26, 2016, amendments to the Highway Traffic Law were enacted to help reduce insurer losses from motor vehicle third-party insurance (“MTPL Insurance”) products through standardized compensation calculations, permitting insurer costs to be more accurately projected. Additionally, injured parties must […]

April 25, 2016

Turkey enters a new era for protection of intellectual property rights

Legal Alerts
Intellectual Property

The adoption of a single, comprehensive law to replace Turkey’s patchwork of decrees governing intellectual property has long been discussed. After decades of delay, on April 6, 2016, with the submission of the final draft of the “Law on Industrial Property”[1] to the Turkish parliament, efforts to adopt a new law to protect intellectual property […]

April 19, 2016

Turkey to integrate its financial market infrastructure with the European Union

Legal Alerts
Capital Markets

Recent development Continuing Turkey’s ongoing effort to harmonize its capital markets rules with international market standards, on March 23, 2016, the Turkish Capital Markets Board (the “CMB“) adopted a resolution recognizing that Takasbank’s central counterparty (“CCP“) activities comply with the Financial Market Infrastructure Principles (“FMIP“) of the Committee on Payment and Market Infrastructures of the […]

April 5, 2016

Turkey to mitigate insurer losses from mandatory motor vehicle insurance

Legal Alerts
Banking & Finance

In an effort to reform the unprofitable mandatory motor vehicle third-party insurance (“MTPL Insurance“) sector, Turkish policymakers are expected to adopt measures, such as standardized compensation calculation methods and authorization of the Treasury to set the rules for compensation payable under MTPL insurance claims. MTPL Insurance generates significant losses for non‑life insurers operating in Turkey, […]

April 5, 2016

Turkey finally adopts data protection law

Legal Alerts
IT & Communications

After almost a decade of legislative struggles, on March 24 the Turkish Parliament finally adopted the Law on the Protection of Personal Data (the “New Law”). The New Law is Turkey’s first specific set of parliamentary level rules addressing data protection concerns in all sectors. Background It continues to be a big year from a […]

March 25, 2016

Turkey significantly changes rules for unlicensed energy generation

Legal Alerts
EMI

Recent developments The Energy Market Regulatory Authority (“EMRA“) issued an amendment to the Regulation on Unlicensed Energy Generation (the “Regulation“) and the Communiqué on Implementation of Unlicensed Energy Generation (the “Communiqué“) (together, the “Amendment“) on March 23, 2016. The long awaited draft Amendment was first published on EMRA’s website in December 2015, and included restrictions […]

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