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October 25, 2019

New Regulation on Evaluation and Classification of Cinema Films Published

Legal Alerts
IT & Communications

Recent Development The Ministry of Culture and Tourism (“Ministry“) published the Regulation on Procedures and Principles for the Evaluation and Classification of Cinema Films (“Regulation“) on October 22, 2019. The Regulation annuls the namesake regulation dated February 18, 2005 and introduces new rules on the evaluation, classification and screenings of cinema films. The regulation enters […]

October 25, 2019

Capital Markets Board Takes Action on an Unauthorized Public Offering

Legal Alerts
Capital Markets

Unauthorized Public Offering under Turkish Law As per the Capital Market Law No. 6362 (”CML“), a prospectus must be prepared and approved by the Capital Markets Board (the ”CMB”) for the public offering of capital market instruments. Under Article 109 of the CML, initiating a public offering without publishing a CMB-approved prospectus is defined as […]

October 23, 2019

Central Bank Limits Commissions Payable By Merchants

Legal Alerts
Banking & Finance

Recent Developments The Central Bank of the Republic of Turkey (the “CBRT“) amended the Communiqué on Deposit and Loan Interest Rates and Profit and Loss Participation Rates for Participation Accounts and Benefits Provided From Loan Transactions Other Than Interest (the “Amendment“). The Amendment was published on the Official Gazette No. 30920 dated October 16, 2019 […]

October 23, 2019

New Regulations Enacted Regarding Halal Accreditation Practice

Legal Alerts
Healthcare

Recent Development The Halal Accreditation Authority (“Authority”) enacted two of the three recently announced regulations. The Regulation on the Accreditation of Halal Conformity Assessment Entities and the Regulation on the Procedures and Principles of the Practice of the Advisory Board of the Halal Accreditation Authority were published on the Official Gazette on October 16, 2019. […]

October 21, 2019

Turkey Signs Singapore Convention on Cross-Border Mediations

Legal Alerts
Dispute Resolution

Recent developments On 7 August 2019, Turkey signed the United Nations Convention on International Settlement Agreements Resulting from Mediation (“Singapore Convention“), which aims to regulate the enforcement of cross-border settlement agreements resulting from mediation. The Singapore Convention is similar to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1956, […]

October 21, 2019

New Financial Restructuring Framework Agreement for SMEs

Legal Alerts
Banking & Finance

Recent DevelopmentThe Financial Restructuring Framework Agreement (“Previous FA“) drafted by the Banks Association of Turkey was revised to be divided into two separate framework agreements for large scale (the “Large Scale FA“) and small-scale (the “Small Scale FA“) debtors. What’s New? While the Large Scale FA will be applicable to the financial restructuring of debtors […]

October 17, 2019

Amendments to the Regulation on Commercial Advertisements and Unfair Commercial Practices

Legal Alerts
International Commercial and Trade

Recent Development The Ministry of Trade (“Ministry“) amended the Regulation on Commercial Advertisements and Unfair Commercial Practices (“Regulation“). The amendments revise advertisers’ obligations under the Regulation. What’s New? The Ministry introduced new obligations for advertisers regarding advertisements using marketing tools such as raffles, competitions and promotions for the provision of goods or services. In this […]

October 16, 2019

Amendments to the Communiqué on Healthcare Practices

Legal Alerts
Healthcare

Recent Developments The Social Security Institution (tr. “SGK“) amended the Social Security Institution Communiqué (“Communiqué“) on Healthcare Practices on October 9, 2019. Accordingly, the Healthcare Services Pricing Commission (“Commission“) published a decision in the Official Gazette on the same day pursuant to the amendments to the Communiqué. What’s New? The amendments to the Communiqué introduced […]

October 14, 2019

Share-Based Crowdfunding: An Alternative Method For Investors

Legal Alerts
Capital Markets

Recent Development The Capital Markets Board (the “CMB“) issued the long awaited Communiqué on Share-Based Crowdfunding (the “Communiqué“). We discussed the Communiqué’s draft in our client alert dated January 11, 2019. The Communiqué entered into force upon its publication in the Official Gazette No. 30907 dated October 3, 2019. What’s New? The Capital Markets Law […]

October 14, 2019

Turkish Data Protection Board Issues Decision on Local Branches and Liaison Offices of Foreign Legal Entities

Legal Alerts
IT & Communications

Recent Development The Turkish Data Protection Board (“Board”) evaluated the data controller status of the local branches and liaison offices of foreign legal entities in its recently published decision no. 2019/225 (“Decision”) dated July 23, 2019 and published on the Turkish Data Protection Authority’s (“Authority”) website on October 7, 2019. What Does the Decision Say?  […]