Legal Newsletter Q1/2015

Read below the latest legal developments in Turkey. This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors. To discuss how these developments affect your business interests please contact Fethi Pekin, Managing Partner. Email: fpekin@pekin-pekin.com

 

BANKING & FINANCE

Annex 1 of the Regulation on Measurement and Evaluation of Capital Adequacy of Banks has been amended

Following an amendment to paragraph 59 of Annex 1 to the Regulation on Measurement and Evaluation of Capital Adequacy of Banks (the "Regulation on Capital Adequacy") receivables of banks arising from consumer loans other than (i) housing loans; (ii) loans extended to persons who are receiving their retirement pensions via banks as a result of a protocol executed by and between the bank and the Social Security Institution and for the time frame that the payment of the pension through the bank continues and (iii) cash loans extended via credit cards for the purchase of goods and services are included amongst the risk weighted items. Limbs (i) to (iii) who have a remaining maturity of 12 to 24 month has been allocated 150% risk weight while those with a remaining maturity of over 24 months has been allocated 200% risk weight. Prior to the amendment, only the receivables of banks arising from consumer loans other than vehicle and housing finance loans were included amongst the risk weighted items.

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More Banking & Finance Articles available online:

Communiqué (No: 2015/2) Amending Communiqué on Reserve Requirements (No: 2013/5)

Amendment to the Regulation on Procedures and Principles for Determination of Qualifications of Loans and Other Receivables by Banks and Provisions to be Set Aside

Regulation on the Procedures and Principles Regarding Factoring Companies

Regulation on Distance Contracts Regarding Financial Services

Amount to be paid by Banks upon presentment of a dishonoured check has been increased

Regulation on Procedures and Principles Regarding the Financial Crimes Investigation Board Electronic Notification System

 

CAPITAL MARKETS

Issuances of International Institutions

The Capital Markets Board (the “CMB”) has published the Communiqué No. VII-128.4.a, which amends the Communiqué on Foreign Capital Market Instruments, Depositary Receipts and Foreign Investment Funds (the “Amendment”) (O.G. January 22, 2015, 29244). With the Amendment, the principles to be applied regarding the sale or trading of non-equity capital market instruments owned by the international institutions in which the Turkish public institutions such as Republic of Turkey Prime Ministry Undersecretariat of Treasury or Republic of Turkey Central Bank are members or shareholders, have been regulated in detail. The issuances to be made in this scope have been facilitated.

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More Capital Markets Articles available online:

Prohibition at Capital Increases

Limitation to the Scope of Significant Transactions

New Requirement for Non-Publicly Held Companies Subject to Takeovers

A New Exemption Regarding Tender Offers

Liquidity Requirement for the Brokerage Firms

Investor Compensation Center

 
 
 

CORPORATE

Consumer Goods & Retail

New Regulation on Commercial Advertisement and Unfair Commercial Practices

Regulation Regarding Commercial Advertisement and Unfair Commercial Practices (O.G. January 10, 2015, 29232) (the “Regulation”) has been published by the Ministry of Customs and Trade in order to be effective as of the date of publication except for Article 8 which shall be effective as of one year upon publication, whereas the previous regulation (O.G. June 14, 2003, 25138) has been abolished on the same date. The Regulation includes more detailed provisions such as advertisements regarding children, implicit advertisements and written and oral visuals in advertisements.  Furthermore, the regulation has also covered the subject of unfair commercial practices regarding customers in Articles 28 and further.

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More Corporate Articles available online:

New Law Regarding the Regulation of Retail Trade

A New Comsumer- friendly Regulation Regarding Subscription Agreements has been introduced

The Regulation Regarding Contracts Executed Outside of Workplace has been introduced

Energy & Natural Resources

No More Independent Auditors in the Energy Market

Intellectual Property

Accuracy of the Documents Submitted via Online Methods

Others

 
 

DISPUTE RESOLUTION

The Communique Regarding the Tariff of Fees in the International Arbitration

The Communique Regarding the Tariff of Fees in International Arbitration (the “Communique”) was published in the Official Gazette dated March 4, 2015, numbered as 29285 and entered into force on March 15, 2015.

Pursuant to Article 1, the provisions of the Communique shall apply in cases where the parties and the arbitral tribunal cannot agree on the determination of the fees or if the arbitration agreement does not contain any provisions concerning the determination of the fees or if no reference has been made by the parties in this respect to the established international rules or institutional arbitration rules.

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EMPLOYMENT AND SOCIAL SECURITY

The Social Security Circular regarding the Requests made in order to benefit from the Social Security Premium Supports Retroactively

Social Security Circular No. 2015/10 (the “Circular”) has been published by the Social Security Institution Social Security Premiums General Directorate on March 18, 2015. Under the Circular; it is stated that after an employer benefits from a specific social security premium support by choosing the respective Code number in relation to such support and preparing monthly premium and service document, such  employer will not be able to change the social security premium that he has benefited before with a different support. Upon the publication of the Circular, the requests to be made by employers in that direction will be rejected by the Social Security Institution.

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More Employment Articles available online:

The Social Security Treaty between Turkey and Korea has been approved

The Announcement of Social Security Institution in relation to Social Security Premium Supports granted to Employers for their Disabled Employees

The Social Security Circular regarding the Lower and Upper Limits of Earnings that are subject to the Social Security Premium

 
 
 
 
     
This legal newsletter has been prepared for informational purposes only; it has not been prepared for advertising purposes or with the intention of creating an attorney-client relationship. It does not seek to provide information on all legal developments in Turkey with the quarter specified. None of the information contained in this legal newsletter shall constitute legal advice or anything akin thereto. To unsubscribe email the Editor: newsletter@pekin.pekin.com
 
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