Legal Newsletter 1/2016  
 

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

Q1/2016 Regulation on Systemically Important Banks

The BRSA has issued the Regulation on Systemically Important Banks (published in the Official Gazette dated February 23, 2016 and numbered 29633) (the “Systemically Important Banks Regulation”) which introduces rules applicable to systemically important banks (the “SIB”).

The scope of the Systemically Important Banks Regulation includes (i) the determination of the SIBs, (ii) the requirements of Additional Tier II Capital to be maintained as a systemic bank add-on for the SIBs and other liabilities that the SIBs are required to fulfill and (iii) the procedure and principles with respect to the transactions to be performed in case of the failure of the Additional Tier II Capital requirements by the SIBs.

Pursuant to the Systemically Important Banks Regulation, The SIBs are defined as the banks of which the general score related to its systemic importance, calculated according to Article 4 of the Systemically Important Banks Regulation, is higher than the systemic importance threshold score (minimum score used to determine whether a bank is systemically important or not). According to Article 4 of the Systemically Important Banks Regulation, determination of the systemic importance of banks shall be made based on the indicated approach and for this approach, the criteria of size, correlativity, complexity and non-substitutability and indicators and sub-indicators of such criteria shall be considered.

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More Banking & Finance Articles available online:

Q1/2016 Amendment to the Regulation on Own Funds

Q1/2016 Amendment to the Regulation on the Principles of Authorization and Activities of Rating Agencies

Q1/2016 Amendment to the Regulation on Measurement and Evaluation of Capital Adequacy of Banks

Q1/2016 Amendment to the Regulation on Calculation of Liquidity Coverage Ratio of Banks

Q1/2016 Amendment to the Regulation on Accounting Practices and Financial Statements Of Financial Leasing, Factoring and Finance Companies

Q1/2016 Amendment to the Regulation on the Principles of Incorporation and Activities of Asset Management Companies

Q1/2016 Amendment to the Regulation on the Evaluation Phase of the Internal Systems and Internal Capital Adequacy of Banks

Q1/2016 Amendment to the Regulation on the Measurement and Evaluation of Liquidity Adequacy of Banks

Q1/2016 Amendment to the Decree No.32 regarding the Protection of the Value of Turkish Currency

Q1/2016 Amendment to the Communiqué on the Credit Risks Reduction Techniques

Q1/2016 Amendment to the Communiqué on Printing Forms of Checkbooks, on Amounts which the Banks are Obliged to Pay to the Holders and on Notification and Announcement of Prohibition Decisions on Check Issuance and Opening Check Accounts

Q1/2016 Amendment to the Communiqué on Financial Statements to be Disclosed by Banks and Statements and Footnotes Related Thereto

Q1/2016 Amendment to the Communiqué on Calculation of Credit Risk Principal Amount with the Internal Rating Approach

Q1/2016 Amendment to the Communiqué on Public Announcement with regards to Risk Management of Banks

Q1/2016 Amendment to the Communiqué on Calculation of Market Risk and Risk Measurement Models and Evaluation of Risk Measurement Models

 
 
 

CORPORATE

GENERAL CORPORATE

Q1/2016 Amendment to the Decree of the Council of Ministers No.2012/4213

Certain provisions of the Regulation on Implementation of Organized Industrial Zones (published in the Official Gazette dated 22 August 2009 and numbered 27327) have been amended by the Ministry of Science, Industry and Technology. This Regulation sets forth procedure for the determination of the attendees that will be elected to the committee of enterprising. In addition, the non-transferable duties and authorities of the general assembly and the committee of enterprising have been regulated.

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Q1/2016 Environment

Q1/2016 Customs Regulation

INSURANCE

Q1/2016 Regulation on Insurance Agents

CONSUMER GOODS & RETAIL

Q1/2016 Regulation on Shopping Centers

ENERGY

Q1/2016 Petroleum Market License

Q1/2016 Energy Efficiency Law

Q1/2016 Electricity Market Licensing Regulation

Q1/2016 Electric Power Production without License

EMPLOYMENT

Q1/2016 Amendments to Labor Code

 

 
 
 

CAPITAL MARKETS

Q1/2016 Amendments on Investment Services and Activities Legislation

The Communiqué Regarding Principles on Investment Services and Activities and Ancillary Services No. III-37.1 and Communiqué on Principles of Establishment and Operation of the Investment Institutions No. III-39.1 has been amended by the CMB on January 14, 2016 (O.G. January 14, 2016, 29593). With such amendments the items below entered into force:

In order to encourage brokerage firms to conduct investment banking activities, investment and development banks are now allowed to make transactions on shares in Borsa Istanbul, provided that they take over an existing brokerage firm of the relevant banks.

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Q1/2016 Amendments Regarding Share Prospectus Formats and Regulatory Manuals

Q1/2016 Amendments on the Money Laundering and Financing of Terrorism Legislation

 

 
 
 

COMPETITION

Q1/2016 Amendment to the Communiqué on Right of Access and Protection of Trade Secrets

The Communiqué on Right of Access and Protection of Trade Secrets (Communiqué No.: 2010/3) published in the Official Gazette dated April 8, 2010 and numbered 27556 has been amended by a Communiqué dated January 31, 2016 and numbered 29610. Pursuant to the amendment, relevant undertakings should now completely fill the “Access to File Request Form” attached to the Communiqué in order to claim the confidentiality of information provided to/obtained by the Competition Board during the implementation of the Law on the Protection of Competition.

Q1/2016 Amendments to the Communiqué on the Application Procedures for Infringements of Competition (Communiqué No. 2012/2) and the Communiqué Concerning the Mergers and Acquisitions Subject to Approval of the Competition Board (Communiqué No. 2010/4)

Q1/2016 A New Block Exemption Communiqué on Research and Development Agreements

 

 
 
 

DISPUTE RESOLUTION

Q1/2016 Constitutional Court’s Decision Regarding the Partial Annulment of Article 20 of the Code of Civil Procedure Numbered 6100

Published in the Official Gazette dated February 23, 2016 and numbered 29633, the Constitutional Court partially annulled Article 20 of the Civil Procedural Law (Law No. 6100) (Published in the Official Gazette dated February 4, 2011 and numbered 27386) (“CPL”) regulating “the procedure with respect to the decision of incompetence or non-jurisdiction”.

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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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