The Legal 500

Proposed amendments on pending ‘Draft Turkish Banking Law’: Is it constituting a hindrance for new comers to the market?

Dispute resolution and settlement procedures are becoming increasingly important in this time of global financial crisis, particularly in the commercial field. Consequent to the need for specialized legal counsel to prevent further disputes by structuring investments and partnerships appropriately, post-transactional litigation advice and insight into Turkish procedural law applicable to dispute resolution have become more relevant to foreign investors in Turkey. This article provides a general overview of the Turkish judiciary's structure, as well as a summary of the fundamental principles of Turkish civil procedure.

As part of the process of adapting to EU legislation, Turkey made it a national goal to complete harmonization studies with more flexible audiovisual rules by the end of 2009. To this end, the Radio & Television Supreme Council (“RTUK”) prepared a draft broadcasting law (“Draft Law”) to replace the current broadcasting Law on Establishment of Radio and Television Enterprises and Their Broadcasts (“Broadcasting Law”). To a significant extent, the Draft Law was inspired by the EU Audiovisual Media Services Directive 2007/65/EC (“Directive”), a less detailed but more flexible and modernized regulation that covers all audiovisual media services, meaning traditional television (linear service) and video-on-demand (non-linear services). In this regard, the Draft Law introduces new terminology, notions and concepts and revises certain provisions in line with the Directive. It is currently pending before the Turkish Parliament.

The definition of “whistleblowing” in the Thesaurus of the International Labour Organization (ILO) is: “The reporting by employees or former employees of illegal, irregular, dangerous or unethical practices bty employers.” To protect both private and public-sector whistleblowers from occupational harm such as dismissal, suspension, demotion, forced or refused transfers, ostracism, reprisals, threats, or petty harassment, an increasing number of countries are adopting legislation on whistleblowing procedures. The global corruption-monitoring organization Transparency International has described whistleblowing as a 4-stage process :

Suretyship is a kind of security commonly used in business transactions in order to protect creditors from damages providing that debtor fails to fulfill obligations. It is a unilateral contract by which the surety undertakes the obligation of the debtor for the payment of the debt. According to Turkish law, suretyship contracts are subject to the provisions set out in Articles 483-504 of the Turkish Code of Obligations (“TCO”).

This newsletter covers the following: Banking & Finance - Capital Markets - Corporate - Tax - Dispute Resolution - Telecommunications, Media & Technology

The latest quarterly Pekin & Pekin Legal Newsletter has been published. Outlining key developments in the past three months, the newsletter is an essential source of concise information for those outside of Turkey keeping track of legislative changes. This quarter looks at the new Cheque Law, REITS, new rates of taxation and important regulatory developments in the energy and telecoms sector.

Proposed amendments on pending ‘Draft Turkish Banking Law’: Is it constituting a hindrance for new comers to the market?

The “Regulation on the Permits and Licenses required under the Environment Law” (Environment Permit and License Regulation), introduced in April 2009, sets forth the procedures under the Environment Law for obtaining the permits and licenses for activities listed in Annexes 1 and 2. Under this Regulation:

The lease – the leading option for real property investors in Turkey – has a strong competitor these days: the right of construction. Factors such as the nature of the site, the purpose of the investment and the investment fund help investors to determine the appropriate transaction type. But apart from assessing these commercial and financial concerns, a comparison of the respective benefits of the lease agreement (right in personam) and right of construction agreement (right in rem) from a legal perspective can help in making the right investment, in the right place, with the right kind of real estate transaction.

Decree with Force of Law No. 556 (“Trademark Decree”), prepared and issued by the Council of Ministers in accordance with Directive 89/104 EEC of European Council and European Community Regulation (EC) No 40/94 on Trademarks, introduced the formal protection of trademarks in Turkey.