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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Quarterly Update on Anti-Dumping Cases in Turkey (December 2017)

January 2018 - EU & Competition. Legal Developments by ELIG, Attorneys-at-Law .

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In Turkey, the authority to initiate dumping or subsidy examinations, upon complaint or, where necessary, ex officio, is given to the Ministry of Economy ("Ministry"). Within the scope of this authority, the Ministry announces its decisions with the communiqués published on the Official Gazette.

Crowdfunding Legislation Introduced in Turkey

I - Introduction

On December 5th, 2017, with the Omnibus Bill No. 7061 published on the Official Gazette, the Capital Markets Law No. 6362 ("Law") is amended in a way to pave the way for the financing tool "crowdfunding" in Turkey. As per the changes introduced under Articles 3, 4, 16, 35/A and 99 of the Law, Turkey is now one of the few countries which governs crowfunding in its domestic legislation. The Turkish Capital Markets Board ("Board") is now authorized to regulate crowdfunding and license crowdfunding platforms in accordance with the legislation. The Board is also authorized to enact the secondary legislation for crowdfunding.

The idea behind the amendment is encouraging investment in start-ups by way of building a bridge between small-scaled funders and start-ups through online crowdfunding platforms.

Our article hereby summarizes how crowdfunding works and the principles under the Law.

Launch of the Legislative Framework for Interest-Free Insurance Systems

Within the context of the 10th Development Plan of the Ministry of Development and the 64th Government Program, aiming to develop interest-free finance mechanisms, the Banking Regulation and Supervision Agency is currently working to finalize a draft bill regulating the interest-free financing principles under a single roof. As part of such initiative, the Regulation on Principles and Procedures relating to Participation Insurance (the “Regulation”) was published in the Official Gazette on September 20, 2017. The Regulation has entered into force 3 months following its publication; i.e., on December 20, 2017.

DOJ Makes the Pilot Program Permanent and Announces FCPA Corporate Enforcement Policy

December 2017 - EU & Competition. Legal Developments by ELIG, Attorneys-at-Law .

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The US Department of Justice ("DOJ") had announced a pilot program[1] ("Pilot Program") on April 5, 2016, which created new mitigation opportunities for companies that (i) voluntarily self-disclosed, (ii) cooperated fully, and (iii) took timely and appropriate remedial actions in FCPA matters that fell within the Fraud Section's mandate. The Pilot Program was to remain in effect for 1 year, starting from the day of its announcement. On March 10, 2017, the Acting Assistant Attorney General, Kenneth A. Blanco, announced in a speech that the Pilot Program would continue in full force until the DOJ reached a final decision on whether to extend it, and what revisions, if any, should be made to it.[2] The evaluation period of the Pilot Program ended on November 29, 2017, when Deputy Attorney General Rod Rosenstein announced the new FCPA Enforcement Policy ("Policy"), which effectively makes the Pilot Program permanent with some revisions. According to Deputy Attorney General Rosenstein, the FCPA Unit received 30 voluntary disclosures during the time period that the Pilot Program was in force, as opposed to 18 voluntary disclosures that were received during the previous 18-month period. The Policy has been incorporated into the United States Attorneys' Manual in order to "be readily understood and easily applied by busy prosecutors" as opposed to being promulgated in memorandum format.[3]

[1] For more information regarding the Pilot Program, please see ELIG's previous article at: http://www.mondaq.com/turkey/x/490980/White+Collar+Crime+Fraud/DOJ+Launches+FCPA+Pilot+Program+For+Voluntary+SelfDisclosure+What+Does+It+Offer

[2]See https://www.justice.gov/opa/speech/acting-assistant-attorney-general-kenneth-blanco-speaks-american-bar-association-national

[3] See https://www.justice.gov/opa/speech/deputy-attorney-general-rosenstein-delivers-remarks-34th-international-conference-foreign

Effects of State of Emergency Law in Turkey On Prison Sentences Under Criminal Execution Laws

December 2017 - Crime. Legal Developments by ADMD Law Office .

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With the Statutory Decree No.671 dated August 17, 2016, and the recent changes with Regulations No.29987 and No.29824 on Regulation Regarding an Amendment on Placement to Open Punishment Execution Facilities effecting execution of the Law No.5275 on Punishment Execution Law has introduced significant changes.

Disputes on Health-Related Commercial Advertisements under Consumer Law

Introduction

The Law on Protection of Consumers No. 6502 (the "Law") is published in the Official Gazette on November 28, 2013 and entered into force on May 28, 2014. Article 1 of the Law specifies the purpose of the Law as "to take measures that protect the health, safety and the economic interests of the consumer ... in order to inform and educate the consumers in accordance with public interest". Regulation and supervision of advertisements are considered as necessary tools to protect consumers. Therefore the Law includes detailed provisions on advertisements, which are supported by the secondary legislation, i.e. the Regulation on Commercial Advertisement and Unfair Commercial Practices (the "Regulation").

2017 FCPA Enforcement Actions and Highlights

November 2017 - EU & Competition. Legal Developments by ELIG, Attorneys-at-Law .

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Overall, this was a less active year in terms of Foreign Corrupt Practices Act ("FCPA") enforcement actions, at least when compared to 2016. In 2017, the Department of Justice ("DOJ") took a total of 9 enforcement actions and the Securities and Exchange Commission ("SEC") took a total of 7 enforcement actions. Therefore, we observe that the DOJ has been more active than the SEC in terms of the number of enforcement actions this year. So far in 2017, we have witnessed only 2 declinations within the scope of the Pilot Program,[1] as opposed to 5 declination decisions in 2016.

[1] The pilot program provides companies with the opportunity to receive declination decisions, in case these companies meet the conditions put forth in "The Fraud Section's Foreign Corrupt Practices Act Enforcement Plan and Guidance."

Competition Board grants exemption to Tyre Industrialist Association's waste management plan

November 2017 - EU & Competition. Legal Developments by ELIG, Attorneys-at-Law .

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The Competition Board recently published its reasoned decision on the Tyre Industrialist Association's application for an exemption for its Waste Management Strategies and Implementation Plan for Worn-out Tyres 2016 to 2020.

Regulation on Erasure, Destruction or Anonymization of Personal Data

Regulation on Erasure, Destruction or Anonymization of Personal Data: First Prong of the Secondary Legislation

I. Introduction

The Regulation on Erasure, Destruction or Anonymization of Personal Data ("Regulation") is published on the Official Gazette of October 28, 2017 and will enter into force as of January 1, 2018. Regulation has been issued based on Article 7 of the Law No. 6698 on Protection of Personal Data ("DPL"). The article stated that personal data shall be erased, destroyed or anonymized by the data controller ex officio or upon the demand of the data subject, in the event that the reasons for which it was processed are no longer valid but left the principles and procedures regarding erasure, destruction and anonymization of personal data to be determined by a regulation. The regulation was issued later then contemplated by the DPL, as the DPL provided that all regulations will be put into force by the Personal Data Protection Authority ("Authority") within a year as of publication of the law (i.e. until April 7, 2017).

MANDATORY MEDIATION SYSTEM IN TURKISH EMPLOYMENT DISPUTES BETWEEN EMPLOYERS AND EMPLOYEES

October 2017 - Employment. Legal Developments by ADMD Law Office .

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Law No. 7036 Code of Labor Courts (‘Law’) published in the Official Gazette No. 30221 dated October 25, 2017; introduced fundamental changes in the settlement of labor disputes and abrogated the previous law on the subject Law No. 5521. The radical changes implemented with the Law No. 7036 are summarized below.

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