Regulations Within the Scope of the Law on Movable Pledge for Commercial Transactions
The regulations that are set out below which will determine the application of the Law on Movable Pledges for Commercial Transactions (“Law”) numbered 6750 have entered into force on 1.1.2017 after their publication in the Official Gazette dated 31.12.2016 and numbered 29935:Regulation on the Establishment of Right of Pledge and Exercise of Rights After Default (“Regulation on Right of Pledge”), Regulation on the Valuation of Movables within Commercial Transactions (“Regulation on Valuation”), Regulation on the Pledged Movable Registry (“Regulation on Registry”).Our explanations regarding these regulations are set out below: I. Regulation on Right of Pledge Regulation on Right of Pledge regulates
Regulation on Maritime Trade Supervision Services and the Implementation Directive
The Regulation on Maritime Trade Supervision Services (“Regulation”) was published in the Official Gazette on 16.12.2016 which was prepared by the Ministry of Transport, Maritime Affairs, and Communications. The Regulation will enter into force on 16.06.2017 accordingly real and legal persons that provide maritime supervision services shall be required to obtain a certificate of operation. Supervision Services and Certificate of Operation Within the Regulation, supervision service is defined as controlling, surveillance, measurement, and documentation services which require commercial or technical expertise within the scope of maritime trade and that are undertaken on sea, vessel, cargo, coast facility or between the relationships among
Amendments on the Commercial Advertising and Unfair Commercial Practices Regulation
Amendments were made on the Commercial Advertising and Unfair Commercial Practices Regulation (“Regulation”) which were published in the Official Gazette of 4 January 2017 and numbered 29938. The Regulation was prepared in 2015 for the following purposes pursuant to the Law on the Protection of Consumers numbered 6502:To define the principles that should be adhered by the advertisers, advertising agencies, medium corporations and all persons, establishments and corporations related to advertising, To define the procedures of review that will be undertaken within the scope of these principles, Protecting the consumers against the unfair commercial practices.All kinds of commercial advertising and
Acquisition of Turkish Citizenship by Purchasing Real Estate or Making Capital Investment
The amendment to the Article 20 of the Regulation on the Enforcement of the Turkish Citizenship Law which sets forth the (exceptional) acquisition of Turkish citizenship was published in the Official Gazette dated 12 January 2017 and numbered 29946. The amendment sets out the acquisition of Turkish citizenship via specific methods such as acquisition of property, making capital investment or generating employment. With the amendment, which entered into force on 12 January 2017, foreign citizens may acquire Turkish citizenship by a proposal of the Ministry of Interior and the Decision of the Council of Ministers provided that at least one of
(TURKISH) 680 Sayılı KHK’da Medya Hizmet Sağlayıcıları ve Sanal Ortamda İşlenen Suçlarla İle İlgili Düzenlemeler
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Default Interest Rate That Will Be Applied in 2017
The default interest rate that will be applied in 2017 has been determined by the Central Bank via the Communique on the Determination of the Default Interest Rate for Late Payments for the Provision of Goods and Services which was published in the Official Gazette of 02.01.2017, numbered 29936. As per the Communique, if the default interest rate is not set forth within the contract or the related terms are deemed invalid, the interest rate shall be 10,75 per annum for late payments to the creditor for the provision of goods and services as per the Article 1530 of the Turkish
The Eligible Consumer Limit Is Determined As 2400 kWH for 2017.
By the decision of EMRA dated 22.12.2016, amendments were made to the Law numbered 4628 and the Regulation on Electricity Market Consumer Services to set forth the eligible consumer limit as 2400 kWH for 2017. The decision was published on the Official Gazette on 27.12.2016 and the amendment will be applied starting from 01.01.2017. Accordingly, 8.4 million subscribers shall be able to benefit from the decreased limit provided that their monthly electricity consumption is equal to at least 82 TL.
Protection of Trademarks Within International Contracts
One of the most important matters with regards to international contracts signed by companies such as distribution, dealership, corner, etc., is the protection provisions concerning the products and trademarks. As within these contracts the companies usually are required to provide rights partially or fully to the persons or companies authorised by them with regards to use of the trademark due to commercial reasons such as granting distributorship, product supply, opening a store, product marketing, etc. The matters that should be taken into consideration within this scope are set out below. The rights regarding the use of the trademark should be defined
Turkish Sovereign Wealth Fund
Sovereign wealth fund may be defined as a state-owned investment fund or an entity that is typically created by governments with budgetary surpluses for mainly capital preservation and/or investment return purposes.Since 2005 at least 40 sovereign wealth funds were created globally and Turkey joined among these countries such as Canada, China, Japan, US and Qatar in 2016 by enacting the Law numbered 6741 on the Establishment of the Turkish Sovereign Wealth Fund Management Incorporation (“Law”).The Law was published in the Official Gazette dated 26.08.2016 and numbered 29813. The Law sets out that the Turkish Sovereign Wealth Fund Management Incorporation (“Company”)
New Law on Movable Pledges Will Enter into Force on 1 January 2017
The Law on Movable Pledge for Commercial Transactions (“Law”) was published in the Official Gazette on 28.11.2016 which will repeal the current Commercial Enterprise Pledge Law numbered 1447 and be in effect as of 1 January 2017. The Law aims to extend the use of moveable pledge without delivery as a security, to widen the scope of the movables that are subject of this pledge, to ensure publicity of movable pledge and to facilitate access to financing by providing alternative methods for foreclosure of movable pledges. The Regulation which will determine the procedures and principles for various matters within the scope of