Legal Newsletter 4/2015  
 

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

BRSA introduces the Regulation on Principles Regarding Repo and Reverse Repo Transactions of Banks

The Banking Regulation and Supervision Agency (the “BRSA”) has issued the Regulation on Principles Regarding Repo and Reverse Repo Transactions of Banks (published in the Official Gazette dated December 6, 2015 and numbered 29554) (the “Repo Regulation”) which introduces new rules applicable to repo and reverse repo transactions of banks.

The scope of the Repo Regulation includes the repo and reverse repo transactions executed (i) among banks or (ii) between a bank and a real person or a legal entity. The Repo Regulation does not apply to (i) open market repo and reverse repo transactions executed between banks and the Central Bank of the Republic of Turkey (T.C. Merkez Bankası) (the “Central Bank”) and (ii) repo and reverse repo transactions executed between banks and financial institutions as foreign over-the-counter (OTC) market transactions under a special netting agreement or an international repo framework agreement. 

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More Banking & Finance Articles available online:

Capital Markets Board introduces the Communiqué on Principles Regarding Repo and Reverse Repo Transactions of Intermediary Institutions (III-45.2)

Amendment to the Regulation on Establishment and Principles for Establishment and Operations Of Financial Leasing, Factoring and Finance Companies and Regulation on Credit Transactions of Banks

Amendment to the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions and Electronic Money Institutions

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

Amendment to the Communiqué on Document and Record Orders regarding the Investment Services and Activities and Ancillary Services

Amendment to the Communiqué on Required Reserves

 
 
 

CORPORATE

ENERGY

Regulation on Implementation of the Organized Industrial Zones

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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Retail Energy Sale

Electricity Facilities Projects

Commencement Date of the Implementation Regarding the Authorization Certificate

Arrangement of Distribution System Investments and Supervision of the Realizations in the Plans in Electricity Market

Investment Incentives

Penalties for Petroleum Market

Penalties for Natural Gas Market

Operating without license on Liquefied Petroleum Market and Electricity Market

Operating without license on Electricity Market Law

Time Extension for Encouragements

Regulation on Electricity Market License

Regulation on Technical Evaluation of Applications on Electricity Production based on Wind Sources

More Corporate Articles available online:

IP

Trademark Regulation

The Implementation of the Decree-Law Regarding the Protection of Industrial Designs

The Implementation of the Decree-Law Regarding the Protection of Patents

REAL ESTATE

Type Zoning Regulation on Planned Areas

Regulation on Implementation of the Organized Industrial Zones

PHARMACEUTICALS, HEALTHCARE & BIOTECHNOLOGY

The Recall Regulation

PHARMACEUTICALS, HEALTHCARE & BIOTECHNOLOGY

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

CONSUMER GOODS & RETAIL

Administrative Fines regarding Consumer Protection

The Regulation on Approval and Registration Procedure of Nutriment Enterprises

GENERAL CORPORATE

Procedures and Principles of the General Assembly Meetings

Independent Audit Regulation

Type Zoning Regulation on Planned Areas

 

Others – All Sectors

  • An amendment to the Regulation Regarding Implementation of the European Convention on Patent in Turkiye has been published in the Official Gazette dated November 26, 2015 and numbered 29544 by the Turkish Patent Institute.

 
 
 

COMPETITION

Administrative Penalties

The administrative penalty imposed under the Article 16 of the Law Regarding the Protection of Competition (Law No.4054) for merger or acquisition transactions subject to approval and realized without the approval of the Competition Board and for situations where incomplete, false or misleading information or documents are provided, or information or documents are not provided within the determined duration or at all and on-site investigation held by the Competition Board is obstructed or made difficult, has been amended by the Communiqué published in the Official Gazette dated December 25, 2015, and numbered 29573, which entered into effect on January 1, 2016. Accordingly, the penalty to be determined pursuant to the Article cannot be less than TL 17,700.

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DISPUTE RESOLUTION

Monetary Thresholds Regarding the Jurisdiction of Consumer Arbitral Committees Have Been Increased

The Communiqué on Increasing the Monetary Thresholds Provided under Article 68 of the Consumer Protection Law and Article 6 of the Consumer Arbitral Committees Regulation (the “Communique”) was published in the Official Gazette dated December 20, 2015 and numbered 29568 and entered into force on January 01, 2016. As per the Communiqué, consumers are obliged to apply to the consumer arbitral committees for disputes arising from the purchase of goods or services other than for commercial or professional purposes in the event the subject matter of the dispute is in accordance with the below thresholds provided under Article 3;

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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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