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News & Insights

February 8, 2016

Turkey increases manufacturer compliance requirements for children’s products

Legal Alerts
Trade & Commerce

Recent development The Turkish Ministry of Customs and Trade recently published on its website a draft communiqué on Compliance with the Standards for Some Products. Products such as pacifiers (dummies), baby bottles, toothbrushes, bicycles for toddlers, city and touring bicycles, fixed and folding cots, folding chairs and tables, louver and roller blinds, buoyant aids and […]

February 4, 2016

Turkey restricts use of widely used cosmetics ingredient

Legal Alerts
Healthcare

Recent development Effective February 18, 2016, Turkey now prohibits the use of 3-Benzylidene Camphor in cosmetics products. Widely used in sunscreens, hand and body creams, as well as anti-aging products, 3-Benzylidene Camphor is a type of UV filter which has been found to pose a threat to human health. Background On July 28, 2015, the […]

February 3, 2016

Turkey requires electronic copies of labels on energy efficient household appliances

Legal Alerts
Trade & Commerce

Recent developments In an effort to harmonize Turkish energy labeling standards with those of the European Union, on December 16, 2015, the Turkish Ministry of Science, Industry and Technology published communiqués on energy labeling for certain household appliances requiring the suppliers of lamps, televisions, air conditioners and vacuum cleaners as well as household ovens, refrigerators, […]

January 28, 2016

Turkish filing fees to enforce arbitral awards increased to nearly 7% of total award

Legal Alerts
Dispute Resolution

Background Until recently, Turkish courts had differing practices as to the amount of the court filing fee payable to enforce arbitral awards. Some court clerks required payment of a nominal fixed fee, whereas others required payment of a fee equal to a percentage of the claim. Consequently, a creditor wishing to enforce an arbitral award […]

January 26, 2016

Turkey permits state court interim attachments before enforcement of arbitral awards

Legal Alerts
Dispute Resolution

Recent development While Turkey’s International Arbitration Law No. 4686 has long permitted Turkish courts to grant interim relief before or during arbitral proceedings, the law was silent as to whether this was permitted once a final award had been rendered by the arbitral tribunal but before it became enforceable by Turkish execution offices. A Turkish […]

January 26, 2016

Turkey increases certain bank reserve ratios

Legal Alerts
Banking & Finance

Recent development In an effort to increase macro-prudential supervision of banks, on January 9, 2016 the Central Bank of Turkey introduced new reserve requirements for banks holding borrower funds of investment and development banks in Turkey and increased the reserve requirements for deposits held outside of Turkey. The changes will be effective from the maintenance […]

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 […]

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