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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?  […]

October 1, 2019

Interest Can Be Granted in Increased Claim Requests

Legal Alerts
Dispute Resolution

Recent Development The Grand General Assembly of the Court of Cassation for Jurisprudential Unification issued its Decision No. 2017/8, 2019/3 and dated May 24, 2019 (“Jurisprudence Unification Decision”), which was published in the National Gazette on September 27, 2019. According to the Jurisprudence Unification Decision, if a party to a lawsuit submits a petition requesting […]

September 27, 2019

Savings Deposit Insurance Extended

Legal Alerts
Banking & Finance

Recent Developments The Savings Deposit Insurance Fund (the “SDIF”) amended the Regulation on Deposits and Participation Funds Subject to Insurance and Premiums Collected by The Savings Deposit Insurance Fund (the “Amendment”). The Amendment entered into force upon its publication in the Official Gazette No. 30899 dated September 25, 2019. What’s New? Before the Amendment, the […]