Mayis2017

Various Legislative Amendments

Amendment to the Decree on Government Assistance for Investments

The Decree on Government Assistance for Investments numbered 2012/3305 dated 15 June 2012 which was published in the Official Gazette numbered 28328 and dated 19 June 2012 (the “Decree on Government Assistance for Investments”), regulates the procedures and principles to be implemented by the Ministry of Economy of Turkey in order to support various investments by way of different incentive systems and supporting elements.

Nisan2017

Industrial Property Law

The Industrial Property Law numbered 6769 (the “Law”) has been published in the Official Gazette dated 10 January 2017. The Law abolishes Decree Law on Protecting Patent Rights numbered 551 (“DL/551”), Decree Law on Protecting Industrial Designs numbered 554 (“DL/554”), Decree Law on Protecting Geographical Marks numbered 555 and Decree Law on Protecting Trademarks numbered 556 (“DL/556”). Additionally, The Regulation on the Application of the Industrial Property Law (the “Regulation”) has been published in the Official Gazette dated 24 April 2017 and entered into force on the same day.

Mart2017

Various Legislative Amendments

Amendment to the Electricity Market License Regulation

The Electricity Market License Regulation published in the Official Gazette dated 2 November 2013 and numbered 28809 (the “License Regulation”) has been amended with the amendment adopted by the Energy Market Regulatory Authority published in the Official Gazette numbered 29989 on 24 February 2017 (the “Licence Regulation Amendment”).

Subat2017

Turkish Wealth Fund

Turkish Wealth Fund Management Company (i.e. Türkiye Varlık Fonu Yönetimi A.Ş.) (“TWFM”) was recently established with the law numbered 6741 dated 19 August 2016 (the “Law”) in order to manage the Turkish Wealth Fund (i.e. Türkiye Varlık Fonu) (“TWF”), the Republic of Turkey’s (“Turkey”) very first sovereign wealth fund.

Eylul2016

Latest Various Regulation Amendments

Amendment regarding “Postponement of Bankruptcy demands initiated before State of Emergency”

The Decree Law on taking particular measures in the scope of state of emergency dated 15 August 2016 and numbered 673 (“Decree Law 673”) has been published in the Official Gazette dated 1 September 2016 and numbered 29818.

Haziran2016

Amendments to the Laws on Natural Gas and Electricity and Legislative Highlights on the Regulation of Accessibility of the Banking Services

Amendments to the Laws on Natural Gas and Electricity

The Law Amending the Electricity Market Law and certain other laws (“Amendment Law”) has been published in the Official Gazette on 17 June 2016 introducing certain amendments to various Turkish energy market regulations, including notably the Natural Gas Market Law and the Electricity Market Law.

Legislative Highlights

The Regulation on Accessibility of the Banking Services has been published on 18 June 2016 (“Regulation”) to be in force on 1 January 2017 aiming to provide ‘most disabled-friendly banking’ which sought to assure equal service standards to disabled customers in banking services.

Mayis2016

Changes in the Unlicensed Electricity Generation Regulation

The Regulation on the Unlicensed Electricity Generation in the Electricity Market numbered 28783 and published in the Official Gazette dated 2 November 2013 regulating the terms of unlicensed electricity generation (the “Regulation”) has been amended with the amendment adopted by the Energy Market Regulatory Authority (the “EMRA”) and published in the Official Gazette on 23 March 2016 (the “Amendment”).

Nisan2016

Data Protection in Light of Recently Passed Personal Data Protection Law

The Personal Data Protection Law No. 6698 (the “Law”) has finally entered into force. As most of the interested parties are well aware, the Turkish authorities have been working on the draft law on the protection of personal data for a very long time in order to align Turkey’s domestic laws with European Union (“EU”) directives which Turkey indeed needs to procure compliance with as part of the acquis communautaire for its expected membership to the EU. In this respect, long lasting draft of the Law has been enacted and entered into force on 7 April 2016 and takes EU Directive numbered 95/46 as basis.

Mart2016

Borrowing Practices of Municipalities in Turkey

Borrowing Practices of Municipalities in Turkey

In recent years, the municipal needs such as infrastructure, health care and education services have increased in parallel with rapid urbanization which has caused the municipalities to find new resources through borrowing in order to resolve the delays and failures in municipal services. As to the legal framework, the principles and procedures in relation to the internal and external borrowing of the municipalities are regulated under the laws and the secondary legislation thereof, mainly including the Law No. 5393 Municipality Law (the “Municipality Law”), the Law No. 4749 Law on Public Finance and Debt Management (the “Finance and Management Law”) and the Regulation on Principles and Procedures Regarding External Financing within the Scope of Law No. 4749 (the “External Financing Regulation”) of the Undersecretariat of Treasury of Turkey (the “Treasury”).

Subat2016

Changes in the Banking Regulations

In order to align Turkish banking legislation with Basel principles, the Banking Regulation and Supervision Agency of Turkey (“BRSA”) amended certain regulations and communiqués entering into force on March 31, 2016. Two of such regulations which have been published in the Official Gazette recently are summarized below:

Ocak2016

Changes in the Electricity Market License Regulation

The Electricity Market License Regulation numbered 28809 and published in the Official Gazette dated 2 November 2013 regulating the terms of pre-license and license and the rights and obligations of the pre-license and license holders (the 'License Regulation') has been amended with the amendment adopted by the Energy Market Regulatory Authority (the 'EMRA') and published in the Official Gazette on 23 December 2015 (the 'Amendment'). The Amendment has brought some significant changes to the License Regulation.

Aralik2015

Upcoming Changes in Debt Instruments Legislation

A draft amendment (the 'Draft Amendment') to the Debt Instruments Communiqué numbered II-31.1 and published in the Official Gazette dated 7 June 2013 and numbered 28670 (the “Debt Instruments Communiqué”) was published by the Capital Markets Board (the “CMB”) on 27 November 2015. Should the Draft Amendment is adopted by the CMB in its current content; the significant changes on the Debt Instruments Communiqué will be as follows:

Kasim2015

Corporate Governance Overview of Publicly Held Companies

Governance in any context reflects the value system of the society in which it operates. Corporate governance is a system of law and sound values based on principles of fairness, transparency, accountability and responsibility. By adopting principles of good corporate governance, especially in developing countries, companies can often reduce their vulnerability to financial crises, command higher valuations, improve their profitability, and gain better access to foreign capital than their poorly governed peers, as demonstrated by the World Bank.

Eylul2015

An Overview on the Recent Developments in e-Commerce Legislation in Turkey

The improvements in technology and the increased usage of electronic devices resulted in significant developments globally in the e-commerce market which enables customers easily to meet their needs through an online platform, without coming face to face with the service providers. Above mentioned developments brought a positive impact in the development of Turkish e-commerce life as well and an urgent need for the existence of a legislation regulating the e-commerce world came up.