Legal Newsletter 3/2016  
 

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

Q3/2016 Regulation on Postponement of Transactions within the Prevention of Laundering of Crime Proceeds and Financing of Terrorism and Amendment to General Communiqué of Financial Crimes Investigation Board No: 13

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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More Banking & Finance Articles available online:

Q3/2016 Amendment to the Regulation on Measurement and Evaluation of Capital Adequacy of Banks

Q3/2016 Amendment to the Regulation on Accounting Practices and Financial Statements of Financial Leasing, Factoring and Finance Companies

Q3/2016 Amendment to the Regulation on Establishment and Principles for Establishment and Operations of Financial Leasing, Factoring and Finance Companies

Q3/2016 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

Q3/2016 Amendment to the Regulation on Credit Transactions of Banks

Q3/2016 Amendment to the Regulation on Bank Cards and Credit Cards

Q3/2016 Amendment to the Communiqué on Mandatory Reserves

 
 
 

CORPORATE

GENERAL CORPORATE

Amendments to the Regulation on Private Hospitals have been issued by the Ministry of Health (published in the Official Gazette dated May 27, 2012 and numbered 28305) have been published in the Official Gazette dated August 25, 2016 and numbered 29812. This amendment removed the “Planning and Employment Commission.” Evaluations previously made by this commission regarding mergers and hospital constructions shall be concluded by Ministry of Health from now on. If private healthcare institutions and private hospitals regardless of their locations request to merge within the latter one, this application shall no longer be directed to abovementioned commission. As per this amendment, Ministry of Health evaluates the applications based on planning principles.

The Law Related to Making Amendments on Some Laws in order to Improve Investment Environments (the “Amendment Law”) has been published in the Official Gazette dated August 9, 2016 and numbered 29796. Pursuant to the Amendment Law, if determined by court decision and stated by people authorized to represent or by liquidator during the company’s liquidation process or by a creditor that the cooperation and cooperative are deeply in debt, the company is filed for bankruptcy. People authorized to manage and represent shall request postponement of bankruptcy by submitting a recovery project. Recovery project shall demonstrate concrete and real sources, precautions and how the management expenses and working capital will be met. It must be submitted to court with interim balance. Request for postponement of bankruptcy is assumed to be not proved if lists and documents are not completed within two weeks, and as a result the requesting company will be filed for bankruptcy. If the court finds the recovery project serious and convincing, it will decide on postponement of bankruptcy. If the court ascertains that the company or cooperative is not deep in debt, it shall decide on refusal of request for postponement. Otherwise, it shall decide on bankruptcy of the company or cooperative. .

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Q3/2016 ENERGY & NATURAL RESOURCES

Q3/2016 TELECOMMUNICATIONS, MEDIA & TECHNOLOGY

Q3/2016 EMPLOYMENT

Q3/2016 INSURANCE

Q3/2016 CONSUMER GOODS & RETAIL

Q3/2016 TRANSPORTATION, LOGISTICS & DEFENCE

Q3/2016 REAL ESTATE

 
 
 

CAPITAL MARKETS

Q3/2016 Establishment of an Arbitral Tribunal before the Turkish Capital Markets Association for Off-Exchange Disputes

In order to protect the interests of investors more efficiently and to satisfy compensation claims swiftly, the framework regarding the implementation of Customer Disputes Arbitral Tribunal before the Turkish Capital Markets Association (“Arbitral Tribunal”) has been finalized and it has been resolved by the Capital Market Board that the applications regarding the disputes arising from off-exchange transactions between investment institutions and their customers shall be made to the Turkish Capital Markets Association.

The disputes shall be settled by the independent Arbitral Tribunal consisting of 3 (three) members, and the parties may raise an objection to the decision of the Arbitral Tribunal before the Capital Market Board within the scope of the relevant provisions with their justifications within 10 (ten) business days upon the notification of such decision.

 
 
 

DISPUTE RESOLUTION

Q3/2016 Amendments in the Cheque Law

The Law regarding the Amendment of Several Laws for the Improvement of Investment Environment was published in the Official Gazette dated August 09, 2016 and numbered 29796 (Law No. 6728) (the “Law No. 6728”). Under this Law, amendments were made to Cheque Law (Law No.5941) (published in the Official Gazette dated December 20, 2009 and numbered 27438) (the “Cheque Law”). The motive behind these amendments was to enhance the trust and the confidence in cheques since in recent years there has been a decline in this payment method which is considered as a remarkable payment method in business life.

In order to increase the trust and the confidence in cheques, the criminal liability is introduced again for the drawers of dishonored cheques which is considered as the most remarkable amendment made to the Cheque Law under Law No. 6728.

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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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