Legal Newsletter 1/2017

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

Q1/2017 Amendment to the Outsourcing Regulation

The Banking Regulation and Supervision Agency has amended the Regulation on Outsourcing of Support Services by Banks (published in the Official Gazette dated November 5, 2011 and numbered 28106) (the “Outsourcing Regulation”) on March 4, 2017 with immediate effect. Prior to the amendment, the Outsourcing Regulation envisaged that the (i) collection, (ii) counting, (iii) distribution and (iv) delivery services in relation to negotiable instruments can only be conducted by companies incorporated and operating pursuant to the Law on Private Security Services (Law No. 5188) (published in the Official Gazette dated June 26, 2004 and numbered 25504).

Read More

More Banking & Finance Articles available online:

Q1/2017 Amendment to the Communiqué on Credit Risk Reduction Techniques

Q1/2017 Amendment to the Communiqué on Financial Statements to be Disclosed by Banks and Statements and Footnotes Related Thereto

Q1/2017 Amendment to the Regulation on Calculation of Liquidity Coverage Ratio of Banks

Q1/2017 Regulation on Outsourcing of Valuation Services by Banks and Authorization and Activities of Entities to Provide Valuation Services to Banks

CORPORATE

Q1/2017 GENERAL CORPORATE

  • Article 1530 of Turkish Commercial Code (Law No. 6102) has been amended and the amendment has been published in the Official Gazette dated January 2, 2017 and numbered 29936. As per the amended article, annual interest rate to be applied to the late payments in case the default interest rate has not been determined by the agreement or whether it is determined but such article is invalid, the applicable annual interest rate shall be 10.75% and minimum reimbursement amount to be requested for the expenses regarding collection of receivables shall be TL 150,000.
  • The Regulation on the Licenses regarding Workplace Opening and Operating (the “Regulation”) (published in the Official Gazette dated August 10, 2005 and numbered 25902) has been amended. Accordingly, pursuant to the amendment to Article 5 of the Regulation, the liquid and gas cylinder tube distribution centers and retail stores and their depots where the tubes are stored shall have the necessary camera recording system for the detection of entry into and departure from the places in order to obtain a workplace opening and operating license.
  • The Regulation for Implementation of Electronic Tenders (published in the Official Gazette dated February 25, 2011 and numbered 27857) has been amended. The amendment covers the application regarding issuance of letters of guarantee and sample documents for applications.

More Corporate Articles available online:

Q1/2017 Transportation

Q1/2017 Consumer Goods & Retail

Q1/2017 Intellectual Property

Q1/2017 Employment

Q1/2017 Energy & Natural Resources

COMPETITION

Q1/2017 Payment of Competition Authority Fee in Company Incorporations and Share Capital Increases

Pursuant to the Regulation on Payments to be made by Joint Stock and Limited Companies (published in the Official Gazette dated October 1, 2004 and numbered 25600) (the “Regulation”), companies were required to pay a contribution fee in the amount of 4/10,000 of the share capital of the company to be incorporated and 4/10,000 of the increased share capital amount to the bank account of Competition Authority. As per the Communiqué No. 2017/4 (published in the Official Gazette dated March 31, 2017 and numbered 30024) (the “Communiqué No. 2017/4”) issued by the Competition Board, such contribution is now required to be paid to the trade registries during the registration procedure of company incorporations or share capital increases. The Regulation has been abolished on March 31, 2017, the date on which the Communiqué No. 2017/4 has entered into force.

More Competition Articles available online:

Q1/2017 Amendment to the Communiqué on Mergers and Acquisitions Subject to Approval of the Competition Board (the “Communiqué No. 2010/4”)

Q1/2017 New Block Exemption Communiqué with respect to Vertical Agreements in Motor Vehicle Sector (the “Communiqué No. 2017/3”)

CAPITAL MARKETS

Q1/2017 Amendment to the Communiqué on Principles Regarding Investment Services, Activities and Ancillary Services

The Capital Markets Board has amended certain provisions of the Communiqué on Principles Regarding Investment Services, Activities and Ancillary Services (published in the Official Gazette July 11, 2013 and numbered 28704) (“Communiqué”) on February 10, 2017 with immediate effect.

Pursuant to amended Article 27 of the Communiqué the leverage ratio decreased from 100:1 to 10:1 in leveraged transactions and the initial margin requirement for leveraged transactions has been increased from TL 20,000 to TL 50,000 (or its equivalent in foreign currency).

More Capital Markets Articles available online:

Q1/2017 Amendment to the Communiqué Regarding Debt Instruments

DISPUTE RESOLUTION

Q1/2017 Amendment to the Commercial Advertisement and Unfair Commercial Practices Regulation

The Regulation on Commercial Advertisement and Unfair Commercial Practices, which is the primary resource under which companies willing to advertise in Turkey have to abide by, has been amended through a new regulation published in the Official Gazette dated January 4, 2017 and numbered 29938. A number of changes have been introduced through the new regulation. One of the key changes the regulation has brought concerns the burden of proof. The amendment requires that all advertisements need to be proven of their truth through “scientific data”. Previously, the content of advertisement and its statements were required to be proven with scientific reports. These reports could be obtained from various organizations, independent accredited institutions and/or universities. The amendment requires that only comparative advertisements need to be proven of their truth through documents obtained from such institutions. However, when deemed necessary this requirement can also apply to non-comparative advertisements.

Read More

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
ARTICLES | ABOUT | PRESS | CONTACT | MARKETING
PEKIN & PEKIN 10 Lamartine Caddesi Taksim 34437 Istanbul Turkey | Tel: +90 212 313 3500 | www.pekin-pekin.com