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