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January 4, 2019

Cosmetics Safety: Turkey Continues Cracking Down on Unsafe and Non-Compliant Cosmetic Products

Legal Alerts
Healthcare

Recent Developments The Turkish Medicines and Medical Devices Agency (“TİTCK”) recently announced the results of its cosmetics sector market surveillance and inspection conducted between June and September 2018. What Do the Results Say? The TİTCK’s Cosmetics Supervision Department published the list of unsafe and non-compliant cosmetics products detected during the third quarter of 2018. Of […]

January 3, 2019

New Exemption to Mandatory Tender Offer Requirement

Legal Alerts
Mergers & Acquisitions

Recent Development The Capital Markets Board (the “CMB“) amended the Tender Offer Communiqué No. II-26.1 (the “Communiqué“) and the amendment entered into force immediately upon its publication in the Official Gazette No. 30643 dated January 2, 2019. What’s New? In principle, a person or persons acquiring the management control of a public company are required […]

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 […]

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