Legal Newsletter 2/2017

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

Q2/2017 Amendment to the Regulation in relation to the Transactions of Banks Subject to Prior Authorization and Indirect Shareholding in Banks

The Banking Regulation and Supervision Agency has amended the Regulation on Outsourcing of Support Services by Banks (published in the Official Gazette dated November 5, 2011 and numbered 28106) (the “Outsourcing Regulation”) on March 4, 2017 with immediate effect. Prior to the amendment, the Outsourcing Regulation envisaged that the (i) collection, (ii) counting, (iii) distribution and (iv) delivery services in relation to negotiable instruments can only be conducted by companies incorporated and operating pursuant to the Law on Private Security Services (Law No. 5188) (published in the Official Gazette dated June 26, 2004 and numbered 25504).

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More Banking & Finance Articles available online:

Q2/2017 Amendment to the Regulation on Financial Holding Companies

Q2/2017 Council of Ministers Decree Regarding Payments which can be Made in Turkish Lira within Free Zones (Decree No. 2017/10051)

CORPORATE

Q2/2017 GENERAL CORPORATE

  • The Communiqué on Payments Made by Joint Stock Companies and Limited Companies In Accordance with the Law No. 4054 (Communiqué No. 2017/4) (published in the Official Gazette dated March 31, 2017 and numbered 30024) has been amended by a Communiqué which has been published in the Official Gazette dated April 25, 2017 and numbered 30048. Pursuant to the amendment, the fees obtained for the incorporation and capital increase procedures can be obtained by “The Union of Chambers and Commodity Exchanges of Turkey” and the payment receipts can be issued by the said authority.
  • Amendments to the Application Regulation on Service Procurement Tender (“Regulation”) has been published in the Official Gazette dated June 29, 2017 and numbered 30109.

    Article 31 of the Regulation which covers the submission of the documents has been amended. As per the amendment, the official documents which are in the scope of the Convention Abolishing the Requirement for Attestation of the Foreign Public Documents shall be exempted from attestation of The Consulate of the Republic of Turkey or the Ministry of Foreign Affairs of the Republic of Turkey. In addition, as per the amendments, in case there is an agreement between the Republic of Turkey and other States or between other States that contains provisions governing the signature, stamp or seal of the documents, the attestation of the documents issued in these countries may be made in accordance with the provisions of the agreement or contract.
  • Amendments to the Application Regulation on Consultancy Service Procurement Tender (“Regulation”) has been published in the Official Gazette dated June 29, 2017 and numbered 30109.

    Article 30 of the Regulation which covers the submission of the documents has been amended. As per the amendment, the official documents which are in the scope of the Convention Abolishing the Requirement for Attestation of the Foreign Public Documents shall be exempted from attestation of The Consulate of the Republic of Turkey or the Ministry of Foreign Affairs of the Republic of Turkey. In addition, as per the amendments, in case there is an agreement between the Republic of Turkey and other States or between other States that contains provisions governing the signature, stamp or seal of the documents, the attestation

More Corporate Articles available online:

Q2/2017 Transportation, Logistics & Defense

Q2/2017 Consumer Goods & Retail

Q2/2017 Telecommunications, Media & Technology

Q2/2017 Industrial Property

Q2/2017 Energy & Natural Resources

CAPITAL MARKETS

Q2/2017 Amendment on the Guideline on Material Events

Guideline on Material Events issued under the Communiqué on Material Events No. II-15.1 has been amended by the Capital Markets Board (“CMB”) decision dated May 15, 2017 and numbered 21/732.

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DISPUTE RESOLUTION

Q2/2017 Procedure to be followed concerning divorce judgments

Registration of divorce judgment of Turkish citizens divorced abroad had been a serious problem in Turkey since it requires action for recognition or enforcement of foreign court judgments before Turkish courts. However, The Ministry of Justice and Abroad Turkish Citizens and Relative Communities concluded a work in order to solve this problem. The solution is not limited with only Turkish citizens but also covers all foreigners divorced abroad.

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EMPLOYMENT

Q2/2017 Restructuring of Public Receivables followed by Social Security Institution

The Law regarding the Restructuring of Certain Receivables and Amendments on Certain Laws and one Statutory Decree (Law No. 7020) (published in the Official Gazette dated May 27, 2017 and numbered 30078) (“Restructuring Law”) entered into force on the date of its publication. Public Receivables falling under the scope of Restructuring Law: The following public receivables which are related to March 2017 and the previous periods and which have not been paid until the publication of Restructuring Law will be subject to the restructuring.

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More Employment Articles available online:

Q2/2017 Insurance Premium Incentive for the Employment of Social Assistance Recipients

Q2/2017 Announcement regarding the Utilization of Minimum Wage Support for Workplaces Signing Collective Labour Agreement

Q2/2017 Circular on the Restructuring of Social Security Institution Receivables

Q2/2017 Amendment to the Regulation on Vocational Training for the Employees working in the Hazardous and Most Hazardous Occupations

Q2/2017 Circular regarding the Amendments on the Implementation of General Health Insurance and Restructuring of General Health Insurance Receivables

Q2/2017 The Ratification of Social Security Treaty between Turkey and Belgium

Q2/2017 The Ratification of Social Security Treaty between Turkey and Hungary

Q2/2017 The Ratification of Social Security Treaty between Turkey and Tunisia

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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