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September 25, 2019

New Developments in Interest-Free Banking

Legal Alerts
Banking & Finance

Recent Developments The Banking Regulatory and Supervisory Authority (the “BRSA”) published the Communiqué on Compliance with the Principles and Standards of Interest-Free Banking (the “Communiqué”). The Communiqué entered into force with its publication in the Official Gazette No. 30888 dated September 14, 2019. What’s New? The Communiqué regulates principles and procedures for participation banks and […]

September 25, 2019

Code of Ethics for Professional Accountants Published

Legal Alerts
Compliance

Recent Developments The Code of Ethics for Independent Auditors (Including Independence Standards) (“Code of Ethics“) entered into force after publication in the Official Gazette dated 22 September 2019 and No. 30896. The first version of the Code of Ethics entered into force in 2015 and was updated in 2017. The Code of Ethics published in […]

September 23, 2019

TİTCK Announces Updates and Improvements for ÜTS

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK“) announced its update of the Product Tracking System (“ÜTS“) on September 10, 2019. The TİTCK improved the update processes for cosmetics products on the ÜTS based on the cosmetics companies’ requests and to ensure satisfaction in the cosmetics sector. What’s New? Cosmetics companies will be […]

September 20, 2019

BRSA Tells Banks to Reclassify $8.1 Billion Debt as NPL

Legal Alerts
Banking & Finance

Recent Development The Banking Regulatory and Supervisory Authority (the “BRSA“) issued a press release on 17 September 2019 on the financial structure review and impact analysis recently conducted. A Brief Sector Analysis The BRSA’s financial structure review revealed that TRY 46 billion worth of loans should be classified as NPLs.  These NPLs belong mostly to […]

September 18, 2019

Guidelines on Suspicious Transaction Reporting Updated

Legal Alerts
Banking & Finance
Compliance

Recent Developments The Financial Crimes Investigation Board (the “FCIB”) updated the Banks’ Guidelines on Suspicious Transaction Reporting (the “Guidelines“). What’s New? The crime categories and the reference table have been updated. The crimes of corruption; unlicensed payment and e-money services; failure to declare a transaction conducted on behalf of a third party; cigarette, alcohol and […]

September 17, 2019

New Amendments to the Financial Restructuring Regulation

Legal Alerts
Banking & Finance

Recent Developments The Banking Regulatory and Supervisory Authority (the “BRSA”) amended (the “Amendment”) to the Regulation on the Restructuring of Debts Owed to the Financial Sector (the “Regulation“). The Amendment entered into force with its publication on the Repeating Official Gazette No. 30886/1 dated September 12, 2019. What’s New? The Amendment brings the Regulation in […]

September 3, 2019

Turkish Lira Reference Interest Rate Launched

Legal Alerts
Banking & Finance

Recent Developments Borsa İstanbul A.Ş. (“Borsa Istanbul“) created the Turkish lira overnight reference interest rate (“TLREF“). What’s the TLREF? In July of 2017, Andrew Bailey, the chief executive of the UK Financial Conduct Authority (the “FCA“), announced in a speech that after 2021 the FCA would no longer use its power to compel panel banks […]

September 2, 2019

Last Days for VERBIS Registration

Legal Alerts
IT & Communications

Pursuant to Article 16 of the Law No. 6698 on the Protection of Personal Data (“Law”), real or legal persons processing personal data must register with the Data Controllers’ Registry (tr. VERBIS) before processing personal data. According to the Personal Data Protection Board’s decision numbered 2018/88, the following data controllers must register with VERBIS by […]

August 28, 2019

Amendments to the General Communiqué on National Estate

Legal Alerts
Real Estate

Recent Developments Communiqué No. 391 on Amendments to the General Communiqué on National Estate No. 331 (“Communiqué No. 391“) of the Ministry of Environment and Urban Planning (“Ministry“) was published on August 21, 2019 in the Official Gazette No. 30865. Communique No. 391 introduced several amendments to General Communique on National Estate No. 313 (“General […]

August 26, 2019

Mandatory Reserve Rates Changed

Legal Alerts
Banking & Finance

Recent Development The Central Bank of Turkey (“CBT”) amended the Communiqué No. 2013/15 on Mandatory Reserves (“Amendment”). The Amendment entered into force upon its publication in the Official Gazette No. 30864 dated August 20, 2019, but will be effective as of August 9, 2019. What’s New? The Amendment decreased the mandatory reserve ratios for banks […]