After decades of delay, on February 18, Turkey ratified the Council of Europe’s 1981 Strasbourg Convention for the Protection of Individuals with regard to Automatic Processing of Data. Background The start of 2016 has been marked by a flurry of legislative activity with respect to the protection of personal data in Turkey. While still debating […]
Recent development The Turkish Ministry of Customs and Trade seeks public comment on proposed new restrictions on retail discount campaigns, discount stores, and shopping festivals. What’s new? Further to the 2015 Retail Trade Law, the Ministry recently published its draft Regulation on the Principles of Retail Trade on its website. Under the draft regulation: • […]
Recent development In an effort to consolidate the brokerage firm market and improve supervision of over-the-counter (“OTC”) derivatives products and leveraged transactions, on January 14, 2016, the Capital Markets Board (“CMB”) introduced incentives to encourage investment and development banks to acquire brokerage firms by allowing the banks to act as intermediaries in share transactions, and […]
Recent development On February 8, 2016, the European Securities and Markets Authority (“ESMA“) announced that prospectuses approved by the Turkish Capital Markets Board (the “CMB“) can constitute valid prospectuses under the EU Prospectus Directive for the purposes of its approval by the home regulatory authority of a member state within the European Economic Area (the […]
Recent development The Undersecretariat of the Treasury has strengthened the protections of insurance agents in Turkey by increasing the authority of the Insurance Agents Executive Committee (“IAEC”), expanding the mandatory terms of agency agreements, and introducing significant changes to personnel affairs, governance and branch operations. The Treasury introduced these changes by amending its Regulation on […]
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 […]
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 […]
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, […]
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 […]
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 […]
