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December 12, 2016

New Guidelines on Microbiological Control of Cosmetic Products Tighten Criteria for Cosmetics Manufacturers

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (TİTCK) published on its website the Guidelines on Microbiological Control of Cosmetic Products Version 1.0 (the “Guidelines”, Kozmetik Ürünlerin Mikrobiyolojik Kontrolüne İlişkin Kılavuz Sürüm 1.0), based on the Cosmetics Law and the Cosmetics Regulation. What the Guidelines say With the purpose of ensuring the compliance of […]

December 12, 2016

Separate Legislation on Court Experts Enacted

Legal Alerts
Dispute Resolution

Recent Development The court experts system has long been plagued by a myriad of problems stemming from the courts’ application and lack of organizational structure. The widespread tendency among the courts of resorting to expert opinion in legal matters requiring court assessment, despite the prohibition in the Code of Civil Procedure, has long been a […]

December 2, 2016

Turkey to provide further clarification for the new project-based incentives for eligible investments

Legal Alerts
Tax

Recent Development As you may remember from our legal alert regarding Law on Supporting Investments on Project Basis and Amending Certain Laws and Decree Laws No. 6745 (“Law“), which was published in the Official Gazette on September  7, 2016, the Council of Ministers was authorized to provide tax incentives, support or donations on a project […]

November 22, 2016

Specify Your Court, Says Turkish Supreme Court

Legal Alerts
Banking & Finance

Recent development The 11th Civil Chamber of the Turkish Supreme Court ruled in several instances that general references to foreign courts (e.g., “English courts”) are null and void, as they do not sufficiently specify the competent court. Background and decision Under the Turkish International Private and Procedure Law (the “Law“), parties to an agreement containing […]

November 14, 2016

Turkey Sovereign Fund – Details Revealed

Legal Alerts
Capital Markets

Recent development As previously reported, Turkey has established its Sovereign Wealth Fund (Türkiye Varlık Fonu) (the “Sovereign Fund“) and the Turkish Sovereign Wealth Fund Management Incorporation (Türkiye Varlık Fonu Yönetimi Anonim Şirketi) (the “Asset Manager“), its asset management company. On November 9, the Council of Ministers’ decree regarding the Asset Manager’s operating principles(“Decree“) was published […]

November 9, 2016

Çanakkale Bridge Tender Announced

Legal Alerts
EMI

Recent development The much anticipated tender for the Kınalı-Savaştepe Motorway Project’s Malkara-Çanakkale section – including the 1915 Çanakkale Bridge Project – has been announced by the Highways Department (“KGM“). Pursuant to the announcement published in the Official Gazette on October 26, 2016, bidders can submit their bids between January 19-26, 2017. Tender Highlights Key takeaways […]

October 31, 2016

Redefinition of Movable Pledge Seeks to Boost Collateralization for Commodity Financing

Legal Alerts
Banking & Finance

Recent Development Pledge over movable assets (menkul rehni) has long been perceived as an impractical method for collateralization as the perfection of it required the transfer of the physical possession (zilyetlik) of the pledged asset to the pledgee. Neither the lenders nor the borrowers accepted such transfer of possession as it would be impractical for […]

October 28, 2016

Turkey Presents Two Draft Communiqués on E-Commerce

Legal Alerts
Trade & Commerce

Recent development The Ministry of Customs and Trade (the “Ministry”) published on its website two draft communiqués regarding “safety stamp” applications and notification obligations in e-commerce. The Ministry granted public institutions and organizations, professional organizations, associations and unions the opportunity to comment and provide feedback on the two draft communiques. What’s new? Based on Law […]

October 27, 2016

New Regulation on Renewable Energy Resource Areas Seeks to Generate Investments and Sustainability

Legal Alerts
EMI

Recent development Recent amendments to the Electricity Market Law on June 4, 2016, introduced the general framework for the regulation of renewable energy resource areas (“RERA“). On October 9, 2016, the Ministry of Energy and Natural Resources (the “Ministry“) issued the Renewable Energy Resource Areas Regulation (the “Regulation“) superseding the previous one and providing the […]

October 19, 2016

State of Emergency Extended in Turkey

Legal Alerts

Recent Development Turkey experienced an attempted coup by a faction of the military on the night of July 15, 2016. After the attempted coup, the Council of Ministers announced a three month state of emergency starting on July 21, 2016. The Council of Ministers decided to extend this term for another three months, effective October […]

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