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News & Insights

December 7, 2018

Clarified: Intragroup Lending Is Not Criminal

Legal Alerts
Banking & Finance

Recent Development The Draft Law on Amendment of Certain Laws and Decrees Having the Force of Law (“Draft Law”), submitted to the Precedency of the Grand National Assembly of Turkey, proposes amendments to certain laws, including Financial Leasing, Factoring and Financing Companies Law No. 6361 (“Law”) and decrees having the force of law. What’s New? […]

December 7, 2018

The Regulation on Radio Devices and Systems Exempt from Frequency Allocation Enters Into Force

Legal Alerts
IT & Communications

Recent Development The Regulation on Radio Devices and Systems Exempt from Frequency Allocation (“Exemption Regulation“) entered into force by publication in the Official Gazette No. 30608 on 27 November 2018. As a result of the introduction of the Exemption Regulation, the Regulation on Short Range Radio Devices (SRD) and the Regulation on Private Radio Systems […]

December 6, 2018

Amendments to Financial Restructuring Framework Agreement

Legal Alerts
Banking & Finance

Recent Development Amendments to the Financial Restructuring Framework Agreement (the “Framework Agreement“), which was drafted by the Turkish Banks Association (the “TBA“) within the scope of the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the “Regulation“), were distributed to banks and other financial institutions to be executed. The Banking Regulatory and […]

November 28, 2018

Intragroup Lending Facilitated

Legal Alerts
Banking & Finance

Recent Development The Capital Movements Circular introduced further flexibilities for FX borrowing restrictions. What’s New? Prior to the recent amendment, Turkish resident companies were not entitled to lend FX loans to their Turkish-resident affiliates. With the amendment, the proceeds of such FX loans can be provided in FX to the extent that the loan transaction […]

November 26, 2018

The Revenue Administration Clarified Stamp Tax Implications of the Agreements to be converted into Turkish Lira

Legal Alerts
Tax

Recent Development On November 22, 2018, the Revenue Administration published the Stamp Tax Circular No. 22 (“Circular”) on its official website which clarifies the stamp tax application of the agreements to be converted into Turkish Lira within the scope of the Presidential Decree No. 85 published in the Official Gazette on September 13, 2018. What […]

November 22, 2018

Significant Amendments to Financial Restructuring – International Banks Back in the Game!

Legal Alerts
Banking & Finance

Recent Developments In our previous legal alert dated November 5, 2018, we announced that the Banking Regulatory and Supervisory Authority (the “BRSA”) distributed to the members of the Turkish Banks Association (the “TBA“) a draft amendment to the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the “Regulation“). The amendment entered into […]

November 20, 2018

Disclosure Regime Simplified

Legal Alerts
Capital Markets

Recent Development The Capital Markets Board (“CMB”) amended the Communiqué on Disclosure of Material Events No. II-15.1 (“Communiqué”). The amendments entered into force with the publication on the Official Gazette dated November 17, 2018 and No. 30598. What’s New? The amendment to the Communiqué on February 13, 2018 provided that if a person’s ownership in […]

November 19, 2018

New Exemptions to FX Payment Ban

Legal Alerts
Banking & Finance

Recent Development The Ministry of Treasury and Economy amended the FX payment ban exemptions. The amendments were published in the Official Gazette dated November 16, 2018. What’s New? In addition to the exemptions provided under the communiqué dated October 6, 2018, the following agreements will be exempted from the FX payment ban: Agreements regarding the […]

November 16, 2018

CMB Facilitates Alternative Financing Through Securitization

Legal Alerts
Capital Markets

Recent Development The Capital Markets Board (“CMB”) amended the Communiqué on Asset-Backed and Mortgaged-Backed Securities No. III-58.1 (“AMBS Communiqué”) and the Communiqué on Covered Bonds No. III-59.1 (“Covered Bonds Communiqué”). The amendments entered into force with their publication in the Official Gazette dated November 11, 2018 and with No. 30592. What’s New? Pursuant to the […]

November 15, 2018

TİTCK Publishes Batch Release Guideline

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK“) published the Batch Release Guideline (“Guideline“) on October 31, 2018. The Guideline provides instructions for companies that will apply to the TİTCK to obtain batch certificates and permissions. What’s New? Pursuant to the Regulation on Manufacturing Sites for Medicinal Products for Human Use (“Regulation“), companies […]

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