Legal Newsletter 3/2017

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 This latest roundup provides insight on the latest amended and repealed laws and regulations affecting different sectors.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

Q3/2017 Communiqué on Uniform Accounting Plan and Prospectus Thereof

The Banking Regulation and Supervision Agency has introduced the Communiqué on Uniform Accounting Plan and Prospectus Thereof (published in the Repetitive Official Gazette dated September 20, 2017 and numbered 30186) (the “Communiqué”) in order to ensure uniformity with respect to the accounting and financial reporting processes of banks and the financial statements prepared by the same. The Communiqué enters into force on January 1, 2018 and abolishes the Communiqué on Uniform Accounting Plan and Prospectus Thereof (published in the Repetitive Official Gazette dated January 26, 2007 and numbered 26415). The Communiqué is applicable to the deposit banks and the development and investment banks incorporated in Turkey.

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More Banking & Finance Articles available online:

Q3/2017 Amendment to the Regulation on the Accounting Practices and Financial Statements of Financial Leasing, Factoring and Financing Companies

Q3/2017 Amendment to the Regulation on Outsourcing of Valuation Services by Banks and Authorization and Activities for Entities to Provide Valuation Services to Banks

Q3/2017 Introduction of the Regulation on Sale of Receivables of State-Owned Banks and Their Financial Institution Subsidiaries to Asset Management Companies

Q3/2017 Amendment to the Communiqué on Financial Statements to be Disclosed by Banks and Statements and Footnotes Related Thereto

Q3/2017 Amendment to the Regulation on Procedures and Principles for Determination of Qualifications of Loans and Other Receivables by Banks and the Provisions to be Set Aside

Q3/2017 Amendment to the Regulation on the Own Funds

 

CORPORATE

Q3/2017 GENERAL CORPORATE

  • The Communiqué on Electronic Commerce Information System and Notification Liabilities has been published in the Official Gazette dated August 11, 2017 and numbered 30151 (the “Communiqué”).
    The scope of this Communiqué is to regulate the registration and notification principles related to the electronic commerce made by service providers who conduct sales or provide service or goods via network, intermediary service providers and all other real and legal persons stated in this Communiqué. Such service providers shall be obliged to register to electronic commerce information system (the “ECIS”) and fulfil the required notifications which have been mentioned in this Communiqué.
    The service providers that should be registered to ECIS have been listed as follows;

    • Service providers that operate over their own electronic commercial platform
    • Intermediary service providers
    • Service providers that do not operate electronic commercial business in Turkey while being located in Turkey but enter into agreements or take order via other service providers which are located abroad

More Corporate Articles available online:

Q3/2017 Transportation, Logistics & Defense

Q3/2017 Real Estate & Construction

Q3/2017 Pharmaceutical

Q3/2017 Industrial Property

Q3/2017 Energy & Natural Resources

Q3/2017 Industrial Manufacturing & Service Industries

CAPITAL MARKETS

Q3/2017 Amendment on the Decree No. 32 Regarding the Protection of the Value of Turkish Currency

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

Q3/2017 Amendment on the Appeal Periods

Periods for appeal regarding civil law cases and criminal law cases have been amended by the Law Amending Certain Laws for the Purposes of Resolving the Issues Arising from the Operation of Reginal Courts of Justice and Regional Administrative Courts (“Law No. 7035”) (published in Repetitive Official Gazette dated August 5, 2017 and numbered 30145).
Accordingly, the periods for appeal stated under the Article 291 of the Criminal Procedure Law (published in Official Gazette dated December 4, 2004 numbered 5271) and under the Article 361 of the Civil Procedure Law (published in Official Gazette dated February 4, 2011 and numbered 6100) have been amended.

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EMPLOYMENT

Q3/2017 Approval of the Social Security Treaty between Turkey and Belgium

The Decree of Council of Ministers (Decree No. 2017/10679) on the Social Security Treaty between Turkish and Belgium governments was published in the Official Gazette dated September 28, 2017 and numbered 30194.

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More Employment Articles available online:

Q3/2017 Announcement regarding the Work Permits of Foreigners working in Free Trade Zones

Q3/2017 Amendment to the Regulation Regarding the Subcontractors

Q3/2017 Amendment to the Working Time Regulation in relation to the Labor Law

Q3/2017 Amendment to the Regulation on Overtime and Extra Hours in relation to the Labor Law

Q3/2017 Approval of the Social Security Treaty between Turkey and Tunisia

Q3/2017 Approval of the Social Security Treaty between Turkey and Hungary

Q3/2017 Amendments on the Paid Annual Leave Regulation

 

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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