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Legal Newsletter Q2/2015

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

 

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BANKING & FINANCE

First Licences issued by the Central Bank of the Republic of Turkey for Payment Services and Clearing Systems

The Central Bank of the Republic of Turkey (the “Central Bank”) issued a number of licences on June 12, 2015 (published in the Official Gazette dated June 19, 2015 and numbered 29391) to various companies that will be operating as payment services and/or clearing systems companies.
Istanbul Takas ve Saklama Bankası A.Ş. (known as Takasbank) was granted a license as a system operator to operate the “Stock Market Clearance System” which has been established for clearance and settlement of the transactions taking place in the stock market and developing enterprises market within Borsa Istanbul A.Ş. (“Istanbul Stock Exchange”) and the “Debt Instruments Market Clearance System” which has been established for clearance and settlement of the transactions taking place in the debt instruments market of the Istanbul Stock Exchange.

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More Banking & Finance Articles available online:

Amendment to the Decree No.32 regarding the Protection of the Value of Turkish Currency

BRSA has introduced the Regulation on Independent Auditing in Banks

Amendment to the Communiqué on Reserve Requirements (No:2013/15)

Regulation on Housing Finance Agreements and the Regulation on Consumer Loan Agreements have been introduced

Amendment to the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions and Electronic Money Institutions

Required Reserves to be Allocated by Financial Leasing, Factoring and Finance Companies have been amended

Regulation regarding the Principles on the Incorporation and Operations of Financial Leasing, Factoring and Finance Companies has been amended

 

 

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CAPITAL MARKETS

The Guide Regarding Investment Services, Activities and Investment Institutions

The Communiqué No. III-37.1 on the Principles on Investment Services and Activities and Ancillary Services and the Communiqué No. III-39.1  on the Principles of Establishment and Activities of Investment Institutions regarding the capital market activities of intermediary institutions and banks has become effective from July 1, 2014. “The Guide Regarding Investment Services, Activities and Investment Institutions” ( the “Guide”) regarding the above mentioned Communiqués was accepted and updated as Principle Decision of the Capital Market Board (“CMB”) dated May 14, 2015.

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More Capital Markets Articles available online:

A New Financial Instrument: Shares of Investment Companies with Variable Capital

 

 

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CORPORATE

Energy & Natural Resources

A New Regulation on Waste Management Entered into Force

The Regulation on Waste Management has been published by the Ministry of Environment and Urban Planning in the Official Gazette dated April 2, 2015 and numbered 29316. The purpose of this Regulation is to determine the general procedures and principles for providing waste management in a manner that no harm is given to the environment and general health of the people from the moment the wastes have been formed until they have been disposed. Moreover, decreasing the formation of wastes, providing waste management in ways such as reuse, recycling and recovery of the wastes and providing the production and market surveillance and inspection of the products within the scope of the Regulation which cause danger to the environment and the general public health.

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New Regulation on Hydraulic Structure Audit Services

Supply and Sale Restrictions on the Petroleum Market Have Been Amended

Required Certificates for Fertilizer Production Have Been Amended

Insurance

Obligatory Personal Accident Insurance for Mine Workers

A New Regulation on Insurance and Reinsurance Broker Has Been Published

Real Estate

Permits Regarding Utilization of Forestry Lands for Exceptional Sectorial Facilities Has Been Amended

Amendment to the Application Regulation of Article 16 of Forestry Law

General Corporate

Sampling and Inspection Fees Have Been Amended

Scope of the Insurance Liability for Hazardous Substances Has Been Amended

 

 

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DISPUTE RESOLUTION

THE CONSTITUTIONAL COURT RULED: "BEING A WELL-KNOWN TRADEMARK IN THE CONTEXT OF ARTICLE 6bis OF THE PARIS CONVENTION DOES NO LONGER CONSTITUTE AN ABSOLUTE GROUND FOR REFUSAL OF REGISTRATION".

As is known, under Turkish legislation, provisions on protection of trademarks are regulated by the Decree-Law numbered 556 (Published in the Official Gazette dated June 27, 1995 and numbered 22326).

In that regard, pursuant to the abolished Article 7/I(i) of the Decree-Law, if a written sign subject of trademark registration application was a well-known trademark in the context of Article 6bis of the Paris Convention that has not been authorized by its owner, it was an absolute ground for refusal of registration meaning that the Turkish Patent Institute would ex officio take into consideration this issue without need for an objection and would refuse the registration of the relevant sign as a trademark.

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EMPLOYMENT AND SOCIAL SECURITY

Communique regarding the New Situation for Dangerous and More Dangerous Jobs

Upon the new Communique of Professional Competency Board in relation to Professional Competence Certificate (published in the Official Gazette dated May 25, 2015 and No. 29366), persons who work in dangerous and more dangerous professions, such as

  • Aluminum/Steel Welder
  • Natural Gas Maintenance and Management Operator
  • Construction Dyer
  • Automotive Technician/ Electro Technician/ Assembler/

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Certain Changes on Working Hours and Numbers of Occupational Safety Specialists

Recent Changes Brought by No.6645 Ominous Bill

 

 

 

 

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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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