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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.
- Pekin & Pekin
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Proposed amendments on pending ‘Draft Turkish Banking Law’: Is it constituting a hindrance for new comers to the market?
- D & D Law Firm
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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:
- Hergüner Bilgen Özeke
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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.
- Hergüner Bilgen Özeke
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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.
- Hergüner Bilgen Özeke
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Since 2007, the Turkish government has been working on a mediation model for the settlement of disputes. The Draft Law on Mediation of Civil Disputes (the "Draft Law") is currently pending for the review by the justice sub-commission of the Turkish Parliament. Following the review of the sub-commission, the Draft Law will be voted on in Parliament in order to be enacted.
- Paksoy
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Market competition is regulated in Turkey by the Competition Law enacted on 7 Decem-ber 1994. The regulatory authority is the Competition Authority and the decision-mak-ing body is the Competition Board. The Com-petition Law has three pillars: (i) agreements, decisions and practices preventing, distort-ing or restricting competition in markets for goods and services; (ii) abuse of dominance by the undertakings dominant in the market; and (iii) the control of mergers and acqui-sitions that could lead to the creation or strengthening of a dominant position.
- Paksoy
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On 2 September 2009, the Turkish Capital Markets Board (the “CMB”) promulgated a new set of rules on tender offers relating to public companies. The new tender offer rules replaced the earlier CMB regulation on the matter, and introduced important changes on mandatory offers, terms of offers, minimum offer value, payment of consideration, voluntary offers, rules, procedures and principles to be complied with, and so on.
- Paksoy
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Foreign judgments including the ones from arbitration courts or tribunals become recognizable under Turkish law via separate judgment of the Turkish Courts called ‘recognition and enforcement decisions’(in Turkish the procedure is named ‘tenfiz’). Following such decisions by Turkish Courts, the foreign judgment or arbitral award becomes enforceable in Turkey as a Turkish Court decision and any monetary debt may be collected accordingly through execution filings dependent on the execution (bailiff) offices of the Courts.
- ADMD Law Office
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Slowly but surely, financial law in Turkey is moving toward global standards. Turkish banks are currently in the midst of implementing new cash pooling policies, following amendments passed last year to the foreign exchange regulations. In line with the newly legalised practice of physical pooling, Turkish companies are now able to transfer via banks cash funds abroad for investments or to conduct commercial activities through a newco, partnership or branch, allowing for the reciprocal flow of funds.
- Pekin & Pekin