Recent Measures to Support Financial Stability in Turkey
The Banking Regulation and Supervision Authority (the “BRSA”) and the Central Bank of the Republic of Turkey (the “Central Bank”) introduced certain legislative changes, to support financial stability and sustain the effective functioning of markets, following the plunge in the value of Turkish Lira.>
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 …
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Recent Amendments to Environmental Impact Assessment Regulation
On 26 May 2017, the Environmental Impact Assessment Regulation has been amended to shorten the time frames for environmental impact assessment (“EIA”) process and to extend the scope of EIA requirement for solar and wind power projects.
Establishment of the Natural Gas Spot Market in Turkey
In line with the government’s objectives to make Turkey a regional hub for natural gas trading, a natural gas spot market has been established by the Natural Gas Organized Wholesale Market Regulation published in the Official Gazette on 31 March 2017.
Draft Amendments to the License-Exempt Electricity Generation Legislation
On 27 January 2017, the Turkish Energy Market Regulatory Authority (“EMRA”) published draft amendments to the license-exempt electricity generation legislation (“Draft Legislation”) on its website for opinions and comments of the public.
Implementation Regulations of the Movable Pledge Law
The Regulations implementing the recent Movable Pledge Law (“Movable Pledge Law” or “Law“), namely the Regulation on the Perfection and Enforcement of Movable Pledge in Commercial Transactions, the Regulation on the Movable Pledge Registry, and the Regulation on the Valuation of Movable Assets in Commercial Transactions (collectively, the “Regulations“), have been issued and become effective …
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New Industrial Property Law
The Industrial Property Law abrogating the patchwork of decrees that governed intellectual and industrial property rights has been published in the Official Gazette and entered into force on January 10, 2017.
Privatization of Domestic Coal-Fired Power Plants in Turkey
The privatization tender of Çayırhan-2 coal reserve area and the construction of a coal-fired power plant project (“Çayırhan-2 Project”) was concluded on February 6, 2017, which has been the first of the new wave of privatization of coal reserves and construction of lignite coal-fired power plants in Turkey in line with the recent incentives regarding …
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Important Changes to the Electricity Market Licensing Regulation
On February 24, 2017, the Energy Market Regulatory Authority (“EMRA”) published a Regulation (“Amending Regulation”) containing important changes to the Electricity Market Licensing Regulation (“Licensing Regulation”), including the removal of the share transfer restriction at the pre-license period for transfers to foreign companies and foreign-capital companies, and changes related to the Renewable Energy Resource Areas …
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The New ICC Arbitration Rules
As of 1 March 2017, the new Arbitration Rules of the International Chamber of Commerce (“New ICC Rules”) have come into effect and superseded the former version of the ICC arbitration rules, which have been in effect since 2012.