Legal Newsletter 2/2016  
 

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

Q2/2016 BRSA has introduced the Regulation on Accessibility of Banking Services

TThe Banking Regulation and Supervision Agency (the “BRSA”) has issued the Regulation on Accessibility of Banking Services (published in the Official Gazette dated June 18, 2016 and numbered 29746) which introduces the principles and procedures for making bank services suitable for handicapped costumers.

The regulation presents the general principles on accessibility of banking services, ATM Machines; the access of orthopedically handicapped costumers and visually handicapped costumers; accessibility of the services provided in branches, accessibility of the services provided in online banking, accessibility of the services provided with POS Machines and accessibility of the services provided with credit/bank cards. The regulation has a temporal provision as well about complying with the rules. The temporal provision requires banks to ensure their services and systems adapt the clauses till January 1, 2018; and indicates that the systems and services presented after the date of effect (January 1, 2017) must comply with this regulation.

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Q2/2016 The BRSA has introduced the Regulation on Procedure and Principles for Qualifications of Loans and Provisions to be Set Aside

Q2/2016 BRSA has introduced the Regulation on Procedures and Principles Related Banks’ Precious Metal Commerce

Q2/2016 Amendment to the Regulation on Principles of the Establishments and Operations of Financial Leasing, Factoring and Finance Companies

Q2/2016 Amendment to the Regulation on the Procedures and Principles Related Determining the Qualities of Credits and the Other Assets and the Reserves to be Saved by the Banks

Q2/2016 Amendment to the Regulation on the Resources of Banks

Q2/2016 Amendment to the Regulation on the Measures for the Prevention of Money Laundering and the Financing of Terrorism

 
 
 

CORPORATE

GENERAL CORPORATE

Q2/2016 Personal Data Protection Law

The Personal Data Protection Law (Law No. 6698) (published in the Official Gazette dated April 7, 2016 and numbered 29677) has been entered into force recently which is the first specific legislation in the terms of personal data protection following the formal acceptance of Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data (“Convention”) by the Turkish Government. The Personal Data Protection Law is based on the EU Directive 95/46/EC therefore the objective of Data Protection Law is to protect fundamental rights and freedoms of persons especially the privacy rights and to determine the obligations of the real and legal persons who process the personal data and procedures and principles to be respected during the process of personal data similar to the EU Directive. However, it should be noted that certain definitions varies from the directive although in general the gist of the Directive and the Law is similar. For instance, according to the 95/46/EC, explicit consent of the data subject is required only for sensitive personal data whereas according to the Personal Data Protection Law explicit consent of the data subject is required for fair processing of both personal data and sensitive personal data. Accordingly, the particle outcome of such small differences may be important for certain sectors where the personal data is required to be processed frequently. It is advisable, for the data processor to use application forms or standard documentation, in signing up a new customer or clients under which the purpose of obtaining such information are indicated..

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Q2/2016 Amendment to the Regulation on Grant of Game of Chance License and Regulation and Supervision of the Activities Subjected to License

Q2/2016 Turkish Electricity Market Regulation

Q2/2016 Amendments to the Regulation on Payments of Wage, Bonus, Gratuity and other Like-for-Like Claims Through Banks

Q2/2016 New Electricity Market Regulation

Q2/2016 Employment

 
 
 

CAPITAL MARKETS

Q2/2016 Communiqué on the Amendment to the Communiqué on Principles Of Investment Funds

A Communiqué on the Amendment to the Communiqué on Principles Of Investment Funds (“Communiqué”) has been published in the Official Gazette dated June 23, 2016 and numbered 29751 and has been put in effect at the same date.

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DISPUTE RESOLUTION

Q2/2016 Establishment of Regional Courts of Appeal

The Law regarding the Establishment, Duties and Authorities of Courts of First Instance and Regional Courts of Appeal was published in the Official Gazette dated October 07, 2004 and numbered 25606 (Law No. 5235) (the “Law No. 5235”). Despite the Law No. 5235 in effect, its enforcement has been postponed for 12 years, to July 20, 2016 due to several inadequacies faced in establishment of Courts and appointment of judges. The Law No. 5235 has introduced the establishment of Regional Courts of Appeal which implements Regional Appeal, a new legal institution in the Turkish Legal System.

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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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