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News & Insights

February 20, 2019

Turkish Central Bank Decreases Mandatory Reserve Requirements

Legal Alerts
Banking & Finance

Recent DevelopmentThe Central Bank of Turkey amended the Communiqué No. 2013/15 on Mandatory Reserves (the “Amendment”). The Amendment was published in the Official Gazette No. 30688 on February 16, 2019. What’s New? The Amendment decreased the mandatory reserve ratios for liabilities in Turkish Lira as below: Deposits and participation funds (except foreign banks deposits and […]

February 19, 2019

New Verification Obligations for Turkish Banks

Legal Alerts
Banking & Finance

Recent Development The Central Bank of Turkey amended the Capital Movements Circular. Pursuant to the amendment, in order to determine whether unidentified FX transfers made from abroad to a Turkish company’s account, for USD 50,000 or more, are in respect of the loans utilized by such company, Turkish banks are required to obtain the related […]

February 19, 2019

New Opportunity for Consumer Loan Restructuring

Legal Alerts
Banking & Finance

Recent Development The Banking Regulation and Supervision Agency added a provisional article on consumer loan restructuring to the Regulation on Banks’ Loan Transactions and the Regulation on Establishment and Activities of Financial Leasing, Factoring and Financing Companies. Pursuant to the provisional article, consumer loans whose principal and/or interest payments became overdue before February 10, 2019 […]

February 18, 2019

New Withholding Tax Liability on Online Advertising Services Clarified

Legal Alerts
Tax

Recent Development The Presidential Decree No. 476, published in the Official Gazette dated 19/12/2018, regulated that payments to the providers of advertising services provided through the Internet, or to those who act as an intermediary for the provision of this service, falls within the scope of the withholding tax liability, regardless of whether the payee […]

February 11, 2019

Turkish Composition – Stricter Than Ever

Legal Alerts
Dispute Resolution

Recent Development The Regulation on Composition Commissaries and Creditors’ Committee (“Commissary Regulation“) and the Documents to be Attached to the Composition Application (“Composition Application Regulation“) were promulgated on the Official Gazette on 30 January 2019. The Commissary Regulation regulates a mandatory training program for commissaries, whereas the Composition Application Regulation regulates the audit report assuring […]

January 25, 2019

TITCK Announces FX Payment Ban for Value Transfers

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (“TİTCK”) announced on January 8, 2019, that the agreements executed by marketing authorization holders with healthcare institutions and healthcare professionals for scientific events and value transfers cannot be concluded in any foreign currency or in a manner indexed to foreign currency, in accordance with the legislation […]

January 16, 2019

Turkey Publishes Import Communiqués for 2019

Uncategorized
International Commercial and Trade

Recent Development The Ministry of Trade (“Ministry“) published several import communiqués (“Communiqués“) regarding product safety and supervision in the Official Gazette No. 30641 on December 30, 2018. The Communiqués entered into force on January 1, 2019 and regulate the procedures and principles regarding the supervision of certain products’ compliance with import regulations. What’s New? The […]

January 15, 2019

Turkey Increases Fines for Consumer Law Violations in 2019

Legal Alerts
International Commercial and Trade

Recent Development Effective 1 January 2019, higher fines will be imposed for violations of the Law No. 6502 on the Protection of Consumers (“Consumer Protection Law“). The fines were increased according to the revaluation rate of 23.73%. In particular, the following violations will be subject to the fines mentioned below: Use of unfair terms or […]

January 14, 2019

New Criteria for Cooperatives’ Affiliates to Qualify as Public Companies

Legal Alerts
Capital Markets

Recent Development The Law No. 7159 Amending the Highway Traffic Law and Certain Other Laws (“Law“) was published and entered into force on December 28, 2018. The Law amends the criteria in the Capital Markets Law No. 6362 (“Capital Markets Law“) for cooperatives’ joint stock company affiliates to qualify as public companies. What’s New? Prior […]

January 14, 2019

Lease Certificate Issuances Facilitated for Participation Banks

Legal Alerts
Capital Markets

Recent Development The Law No. 7159 Amending the Highway Traffic Law and Certain Other Laws (“Law“) was published and entered into force on December 28, 2018. The Law provides exceptions to certain restrictions relating to the lease certificate issuances under the Capital Markets Law No. 6362 (“Capital Markets Law“) facilitating lease certificate issuances by participation […]

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