Legal Updates

Circular numbered 2021/6 (1911) (“Circular”) by Ministry of Environment and Urbanism General Directorate of Land Title Registry and Cadastre (“General Directorate”) Department of Real Estate Valuation on the procedures and principles about the valuation reports prepared for transactions where foreigners are a party have been promulgated on 15.09.2021 (“Announcement”), on the official website of the General Directorate. Provisions of the Circular came into force starting from the date of 20.09.2021.

The Decisions of the Information and Communication Technologies Authority on the Prohibition of Placing Advertisements on Social Network Providers that Do Not Fulfill the Obligation to Appoint and to Announce Representatives ("ICTA Decisions") have been published in the Official Gazette dated 19 January 2021 and numbered 31369 and entered into force on the date of publication.

Stay updated with the latest legal updates , insights and analysis in Turkey prepared by Moral & Partners Compliance Team.

The Regulation on Nonuse of Crypto Currencies in Payments by Central Bank of the Republic of Turkey (“CBRT“) was published in the Official Gazette dated 16 April 2021 and numbered 31456 (the “Regulation”). The Regulation will enter into force as of 30 April 2021.

“De minimis” principle has already been implemented in the decisions of the Competition Board (the “Board”). However, “de minimis” application is regulated within a legal framework with the amendments to the Law No. 4054 on the Protection of Competition (the “Competition Law”) and the secondary legislation.

This legal update introduces the values regarding pricing of medicinal products for human use in Turkey.

The “Economic Reform Action Plan”, which includes responsible and relevant authorities, regulations to be conducted and calendar of the actions specified within the scope of the “Economic Reform Package” announced by the President on 12.03.2021, has been published on the official website of the Turkish Treasury and Finance Ministry on 23.03.2021.

The Regulation on Remote Work ("Regulation") has been published in the Official Gazette dated 10 March 2021 and numbered 31419 and entered into force on the date of its publication. e

Decision of the President of the Republic dated 8 March 2021 and numbered 3592 ("Decision") has been published in the Official Gazette dated 9 March 2021 and numbered 31418 and entered into force on the date of publication.

The Law Amending the Law on Leasing, Factoring and Financing Companies ("Law") and Other Laws ("Omnibus Law") has been published in the Official Gazette dated 7 March 2021 and numbered 31416. The provisions of the Omnibus Law entered into force on the date of publication. The Omnibus Law, in a nutshell, provides for regulations on savings finance companies, along with other laws.

The “Human Rights Action Plan” (“Action Plan”) was shared with the public at the Human Rights Action Plan Presentation Meeting on 2 March 2021 by the Presidency of the Republic.

“Preliminary Sector Study Report on the Fast-Moving Consumer Goods Retail Sector in Turkey” (the “Report”) issued by the Competition Authority (the “Authority”) was published on 5 February 2021 in the official website of the Authority. The Report on the fast-moving consumer goods (“FMCG”) retailing sector, which is one of the main lines of the country and the world economy, is a pre-notification of new coming regulations.

The Omnibus Bill numbered 7263 has been published on the Official Gazette dated 3 February 2021 and numbered 31384 (the “Omnibus Bill”) and has entered into force as of its publication date.

The UK-Turkey Free Trade Agreement (the “FTA”) was signed on 29 December 2020 as Turkey’s Minister for Trade, Ruhsar Pekcan and UK’s International Trade Secretary Liz Truss met on a video call. The FTA came into effect as of 1 January 2021.