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January 11, 2019

CMB Opens Share-Based Crowdfunding Communiqué for Public Consultation

Legal Alerts
Capital Markets

Recent Development The Capital Markets Board (“CMB”) presented the Draft Communiqué on Share-Based Crowdfunding (“Draft Communiqué”) for public consultation on January 3, 2019. Share-based crowdfunding regulates the raising of funds from the public in exchange for company shares through crowdfunding platforms. The Draft Communiqué introduces rules and procedures regarding crowdfunding platforms, the operations of the […]

January 10, 2019

Regulation That Allowed Advertisers to Make Direct References Annulled Before Entering into Force

Legal Alerts
Intellectual Property

Recent Development The awaited Article 8/2 of the Regulation on Commercial Advertisement and Unfair Commercial Practices (“Regulation“), which allows advertisers to make direct references to their competitors’ names, brands, logos and other distinctive signs was postponed several times since October 2015. However, the provision was annulled before entering into force with the Regulation Amending the […]

January 10, 2019

Turkey Limits Advertisement of Foods to be Eaten in Moderation

Legal Alerts
Intellectual Property

Recent Development The Regulation Amending the Regulation on Commercial Advertisement and Unfair Commercial Practices was published in the Official Gazette on December 28, 2018. A new article introduced to the Regulation on Commercial Advertisement and Unfair Commercial Practices (“Regulation“) titled “The Advertisement of Foods to be Eaten in Moderation” restricts the advertisements of these products. […]

January 9, 2019

VERBİS Registration Now Open for Second Group Data Controllers

Legal Alerts
IT & Communications

Recent Development The Data Protection Authority (“Authority“) announced that registration with the Data Controllers Registry (“VERBİS“) is now open for second group data controllers. What Does the Announcement Mean? According to the Authority’s announcement on 2 January 2019, second group data controllers can now register with VERBİS beginning on 1 January 2019. Second group controllers […]

January 8, 2019

“Mandatory Mediation” Not Mandatory For Parties Who Choose Arbitration

Legal Alerts
Dispute Resolution

Recent Development According to the Law No. 7155, which was published in the Official Gazette on December 19, 2018, parties must undergo mandatory mediation prior to filing commercial cases for monetary claims (see our legal alert dated December 21, 2018). The Law No. 7155 added a provision to the Law on Mediation in Civil Disputes […]

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 […]

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