Recent Development

Turkey introduced its new domestic and national eSIM technology on December 24, 2020. The Minister and the Deputy Minister of Transport and Infrastructure and the President of Information Technologies and Communication Authority (“ITCA“) presented the new technology to the public.

Recent Development

The Regulation on Authorization Certificate Given to Copyright Collecting Societies (“Regulation“), prepared by the Ministry of Culture and Tourism, entered into force as of January 1, 2021. The Regulation annuls the Regulation on Authorization Certificate Given by Owners of Intellectual and Artistic Works dated September 4, 1986. As per the Regulation, the owners of intellectual and artistic works, affiliated beneficiaries and other financial beneficiaries should submit an authorization certificate in accordance with the principles of the Regulation and the conditions determined by copyright collecting societies in order to become a member of the society.

Recent Development

The amendment introduced to the Capital Movements Circular on December 21, 2020 (“Amendment”) extends the scope of PPP exception that applies to the FX loan ban.

Recent Development

The Banking Regulation and Supervision Agency (“BRSA“) previously introduced temporary measures to weather the negative impacts of the COVID-19 pandemic on the banking sector. The BRSA issued a statement on December 8, 2020 that they extended the duration of some of these measures and ended others.

The Turkish Medicine and Medical Devices Authority (“TİTCK”) updated Guidelines for Clinical Trial Applications on December 4, 2020. TİTCK also published a new Circular on Registration of Technical Technical Service Providers and Relevant Technical Personnel, and a new announcement on Medical Devices Sold in Pharmacies on December 11, 2020. Please click on the relevant link below for our specific note regarding recent developments:

Recent Development

The Banking Regulatory and Supervisory Authority amended the Regulation on the Outsourced Services Procured by Banks on December 11, 2020.

Recent Development

With the amendment introduced to the Capital Movements Circular on December 8, 2020, the Republic of Turkey's Ministry of Treasury and Finance introduced a new exception to the FX loan ban which applies to Turkish residents who have no FX income.

The Energy Market Regulatory Authority published its decision dated 3 December 2020 in the Official Gazette on 8 December 2020. The Decision determines the general quality indication rates applicable for electricity distribution and authorized supply companies quoted on the stock exchange. The general quality indication is a variable used as a performance incentive in the formula of revenue cap, which is utilized as a basis in the calculation of tariffs.

New Developments The Competition Authority published the Draft Communiqué on Commitments for Preliminary Investigations and Investigations on Anticompetitive Agreements, Concerted Practices, Decisions and Abuse of Dominant Position on its website on November 27, 2020. The Draft Communiqué aims to limit anti-competitive damages and save time and resource costs in detailed examination processes required for extensive competition investigations. Opinions, suggestions and evaluations on the Draft Communiqué may be submitted to the Competition Authority until December 28, 2020. 

Recent Development

In its decision no. 2020/1714 - 2020/2652 dated October 2, 2020, the 15th Civil Chamber of the Court of Cassation rendered that if a dispute subject to arbitration proceedings involves a foreign element, an agreement executed between two Turkish parties in a foreign language does not violate the Law No. 805 on the Compulsory Use of Turkish in Economic Enterprises.