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News & Insights

January 2, 2019

BRSA Opens Regulation on Banking Information Systems for Public Consultation

Legal Alerts
Banking & Finance
IT & Communications

Recent Development The Banking Regulatory and Supervisory Authority (the “BRSA“) presented the Draft Regulation on Banks’ Information Systems and Electronic Banking Services (the “Draft Regulation”) for public consultation on 25 December 2018. The Draft Regulation, which will replace the Communiqué of 14 June 2007 on the Principles Applicable to Banks’ Information Systems Management, introduces the […]

December 28, 2018

Central Bank of Turkey Softens Borrowing Restrictions

Legal Alerts
Banking & Finance

Recent Development The Central Bank of Turkey amended the Capital Movements Circular (the “Amendment“). The Amendment introduces new exemptions to restrictions on FX borrowing and revolving loans borrowed from abroad. What’s New Prior to the amendment, Turkish residents (other than banks and financial institutions) were prohibited from utilizing revolving loans from abroad. However, under certain […]

December 27, 2018

Central Bank Reserve Requirements Softened

Legal Alerts
Banking & Finance

Recent Development The Central Bank of Turkey amended the Communiqué No. 2013/15 on Mandatory Reserves (the “Amendment”). The Amendment entered into force with its publication in the Official Gazette No. 30633 on December 22, 2018. What’s New Prior to the Amendment, banks and financing companies had to set aside reserves for the funds raised through […]

December 24, 2018

Clarified: Insurance, Reinsurance and Pension Agreements can be FX Denominated

Legal Alerts
Banking & Finance

Recent Development The amendments to the Decree No. 32 Regarding the Protection of the Value of the Turkish Currency published in the Official Gazette on September 13, 2018 introduced a ban on FX and FX-indexed payments for certain agreements between Turkish residents. The Ministry of Treasury and Economy (the “Ministry“) was authorized to provide exemptions […]

December 21, 2018

New Amendments on Composition Provisions Tighten Oversight of Composition Proceedings

Legal Alerts
Dispute Resolution

Recent Development The Turkish Parliament enacted a law amending the composition (tr. “konkordato,” a Turkish scheme of arrangement) articles in the Code of Enforcement and Bankruptcy in response to widespread abuse of the composition proceedings. The changes are effective as of the date of promulgation on the Official Gazette, 19 December 2018, with pending applications […]

December 21, 2018

Mediation Becomes Threshold Requirement for Commercial Cases

Legal Alerts
Dispute Resolution

Recent Development The Law on the Execution Proceedings for the Collection of Monetary Receivables Arising out of Subscription Agreements No. 7155 (”Law”) was published in the National Gazette on December 19, 2018. The Law regulates the mediation process as a threshold requirement for commercial cases to be heard as of January 1, 2019. What’s New? […]

December 20, 2018

New Withholding Tax Liability on Advertising Services Provided Online

Legal Alerts
Tax

Recent Development According to the Presidential Decree No. 476 published on the Official Gazette dated 19 December 2018 (“Presidential Decree“), payments made for advertising services provided through the Internet to the providers of this service or to those who act as an intermediary for the provision of this service will fall within the scope of […]

December 12, 2018

Turkey to Introduce a Marketing Authorization Requirement for Medicines Procured from Abroad

Legal Alerts
Healthcare

Recent Development According to Law No. 7151 on Amendment of Several Laws and Decree Laws Related to Healthcare published in the Official Gazette of 5 December 2018, the amendments introduced to Law No. 984 on Stores Selling Toxic and Active Chemical Substances Used in Pharmacies, Arts and Agriculture (“Law“) establish several requirements related to human […]

December 11, 2018

Turkey Publishes Amendment to Retail Trade Regulation

Legal Alerts
International Commercial and Trade

Recent Development The Ministry of Trade published an amendment to the Regulation on the Principles and Rules in Retail Trade (“Retail Trade Regulation“), which was published and entered into force on November 28, 2018. The amendment regulates new installment payment periods for mobile phones priced at TRY 3,500 or more. What’s new? The amendment to […]

December 10, 2018

Serving Through Electronic Notification Has Become Mandatory As Per The New Electronic Notification Regulation

Legal Alerts
Dispute Resolution

Recent Development The Electronic Notification Regulation (“Regulation“) has been published in the Official Gazette dated 6 December 2018. The Regulation regulates the principles and the procedure for the electronic notifications that will be made by authorities through Posta ve Telgraf Teşkilatı (“PTT“), the national post and telegraph directorate of Turkey, in accordance with Notification Law […]

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