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News & Insights

September 6, 2018

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 cosmetic sector market surveillance and inspection conducted between April and June 2018. What Do the Results Say? The TİTCK’s Cosmetics Supervision Department detected unsafe and non-compliant cosmetic products as a result of its cosmetic market surveillance and inspection conducted […]

September 5, 2018

Amendment on the Regulation on Commercial Advertisement and Unfair Commercial Practices: The Misleading Commercial Practices has been Extended

Legal Alerts
Intellectual Property
International Commercial and Trade

A new article addressing the current currency fluctuations on consumer sales prices is introduced to the “Misleading Commercial Practices” section of the Regulation on Commercial Advertisement and Unfair Commercial Practices’ (“Regulation”) Annex titled “Examples of Unfair Practices” (“Annex”).

September 3, 2018

Data Protection Authority Announces Starting Dates for Registration Obligation

Legal Alerts
IT & Communications

Recent Development

The Data Protection Authority (“Authority”) announced the starting dates for the obligation to register with the Data Controllers Registry (“VERBİS”).

August 18, 2018

Turkey Revises Pricing Rules on Medicinal Products for Human Use

Legal Alerts
Healthcare

Recent Development The Turkish Council of Ministers recently published a decision regarding the amendments to the pricing rules on medicinal products for human use (“Pricing Decision“). The Pricing Decision provides that the monetary value of 1 euro in Turkish lira used in the pricing of medicinal products for human use in 2018 cannot exceed 15% […]

August 17, 2018

BRSA Continues to Facilitate Financial Restructuring

Legal Alerts
Banking & Finance

Recent Developments The Banking Regulatory and Supervisory Authority (“BRSA”) issued the Regulation on the Restructuring of Debts Owed to the Financial Sector (“Regulation”), which entered into force with its publication in the Official Gazette dated August 15, 2018 and numbered 30510. What’s New? Pursuant to the Regulation, debtors’ obligations to banks, leasing companies, factoring companies […]

August 17, 2018

CMB Temporarily Reduces Leverage Ratios for TRY Transactions

Legal Alerts
Capital Markets

Recent Development On August 15, 2018, the Capital Markets Board (“CMB”) published an announcement temporarily reducing the leverage ratio from 10:1 to 1:1 for FX market transactions where the Turkish lira (“TRY“) is on one side of the parity. The decision is effective between August 16, 2018 and September 3, 2018. What’s New? To protect […]

August 17, 2018

Loan Classifications Modified In Favor of Financial Restructuring

Legal Alerts
Banking & Finance

Recent Development The Banking Regulatory and Supervisory Authority (“BRSA“) amended the Regulation on Principles and Procedures Regarding the Classification of Loans and Reserves Set Aside for Such Loans (“Regulation”). The amendment entered into force with its publication in the Official Gazette No. 30510 on August 15, 2018. What’s New? Restructured loans are classified as and […]

August 16, 2018

Credit Card Installment Payment Plans Ceilings Updated

Legal Alerts
Banking & Finance

Recent Development The Banking Regulatory and Supervisory Authority (“BRSA”) and the Ministry of Trade updated the debit and credit card installment limits for purchases. The amendment to the Regulation on Bank Cards and Credit Cards (“Regulation”) and the amendment to the Regulation on Principles and Rules in Retail Trade (“Retail Trade Regulation”) entered into force […]

August 16, 2018

Turkish Banks Able to Acquire Shares More Easily

Legal Alerts
Banking & Finance

Recent Development The Banking Regulation and Supervision Agency (“BRSA“) has amended the Regulation on Bank Transactions Subject to Authorization and Indirect Shareholding (“Regulation”) with the regulation published in the Official Gazette No. 30509 on August 14, 2018 and entered in the force on the same date (“Amendment“). The BRSA joined the Capital Markets Board (“CMB“) […]

August 16, 2018

Added Fiscal Burdens on US Products

Legal Alerts
International Commercial and Trade

Following the recent developments, the Decision of the President of the Republic of Turkey regarding added fiscal burdens on import of certain products originating from the United States was published in the Official Gazette dated August 15, 2018 and No. 30510 (“Decision”). The Decision calls for added fiscal burdens on 22 separate categories of items […]

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