Legal Newsletter 3/2015  
 

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

 

 
 
 

BANKING & FINANCE

Ratios for Statutory Reserves have been amended

Pursuant to the Communiqué numbered 2015/5 (published in the Official Gazette dated August 29, 2015 and numbered 29460) issued by the Central Bank of the Republic of Turkey (the “Central Bank”) amending the Communiqué on the Statutory Reserves (published in the Official Gazette dated December 25, 2013 and numbered 28862) (the “Statutory Reserves Communiqué”), the ratios for the statutory reserves that shall be allocated by banks against the risks they are exposed to in relation to transactions conducted in foreign currency have been amended as follows:

Read More

More Banking & Finance Articles available online:

Amendment to the Liquidity Coverage Ratios

Amendment to the Communiqué on Financial Statements to be Publicly Disclosed by Banks as well as Explanations and Footnotes therein

Definition of Cumulative Deposits have been amended

 

 
 
 

CAPITAL MARKETS

A New Communiqué Regarding Record Keeping and Documentation:

The Capital Market Board (the “CMB”) has published the Communiqué on Principles Regarding Record Keeping and Documentation in Investment Services and Activities and Ancillary Services (Communiqué No. III-45.1) (the “Communiqué”) (O.G. January 22, 2015, 29244) in order to be put in effect as of October 1, 2015 without prejudice to several articles which are provisioned to be applicable as of the date of publication of the Communiqué. 

Read More Online

 
 
 

CORPORATE

TELECOMMUNICATIONS, MEDIA & TECHNOLOGY

Regulation on Commercial Communication and Commercial Electronic Messages has been published

Regulation on Commercial Communication and Commercial Electronic Messages (published in the Official Gazette dated July 15, 2015 and numbered 29417) has been issued by the Ministry of Customs and Trade. This Regulation covers the terms and conditions regarding the obligation to provide information about commercial communication by electronic communication devices and restrictions on commercial electronic messages.

Read More Online

More Corporate Articles available online:

TRANSPORTATION, LOGISTICS & DEFENCE

A New Regulation on the Registration of Railway Vehicles

INSURANCE

Capital Requirements regarding Insurance, Reinsurance Companies and Pension Companies

ENERGY

A New Electricity Market Rates Regulation

Regulation on Granting New Production Licenses for Plants in the Electricity Market During Their Construction Has Been Abolished

Regulation on Electricity Market Consumer Services has been Amended

Others – All Sectors

  • A new Communiqué has been published in the Official Gazette dated August 25, 2015 and numbered 29456 in order to abolish the Communiqué on Electricity Market Retail Sales Agreement (published in the Official Gazette dated August 31, 2003 and numbered 25215).
  • A new regulation on Advertising Activities of Medicinal Products for Human Use has been published in the Official Gazette dated July 3, 2015 and numbered 29405.
  • Cabinet Decree on Pricing of Medicinal Products for Human Use has been published in the Official Gazette dated July 10, 2015 and numbered 29412.
  • A new regulation on Carriage of Hazardous Substances by Railway has been published in Official Gazette dated July 16, 2015 and numbered 29418.
  • A new regulation on Tunnel Management has been published in Official Gazette dated August 4, 2015 and numbered 29435.
  • A new regulation on Service Provider and Intermediary Service Providers at Electronic Commerce has been published in Official Gazette dated August 26, 2015 and numbered 29457.
 
 
 

DISPUTE RESOLUTION

Regulation on Service Providers and Intermediary Service Providers in Electronic Commerce

Regulation on Service Providers and Intermediary Service Providers in Electronic Commerce (“Regulation”) was published in the Official Gazette dated August 26, 2015 and numbered 29457 and will enter into force on its publication date.

Read More Online

 
 
 

Employment

The Severance Pay Threshold Increased as of September 1, 2015.

The severance pay threshold increased to 3.828,37 TL to be applied between the dates September 1, 2015 and December 31, 2015.

The threshold for Social Security Premium and Unemployment Insurance Premium and Social Security Support Premium Applicable as of July 01, 2015 for Incomes Constituting Basis

The monthly upper limit for social security premium shall be applied as TL 8.277,90 between July 01, 2015 and December 31, 2015 period.

 

 
 
 
 
     
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