The Ministry of Treasury and Finance of the Republic of Turkey (the "Ministry") and one of the biggest international central securities clearing and settlement houses, Euroclear Bank ("Euroclear") announced on 9 June 2020 that an agreement was reached to make Turkey's local government bond market euroclearable.
Earlier this year in April 2020, the Turkish Parliament enacted an Omnibus Law1 that restricted companies from distributing dividends exceeding 25% of the net profit pertaining to the 2019 financial year. This temporary restriction will be in force until 30 September 2020. In an effort to provide further guidance on the implementation principles of this restriction as well as introducing certain exemptions, the Ministry of Trade published the Communiqué2 on the Procedures and Principles of the Implementation of Temporary Article 13 of the Turkish Commercial Code on 17 May 2020 (the "Communiqué").
Despite enactment of the Data Protection Law of Turkey on 7 April 2016 (the "DPL") and secondary legislation, cross-border data transfer has been one of the major controversial data privacy issues in Turkey. Given the significance of cross-border data transfer for operations of multinational corporations, market players has long sought a streamlined mechanism to transfer personal data abroad. On 10 April 2020, the Data Protection Authority of Turkey (the "Authority") announced that data processors would be able to adopt binding corporate rules ("BCRs") for transferring personal data to their affiliates outside Turkey.
The Central Bank issued a guideline on the implementation of new rules in respect of the commercial banking fees (the "Guideline") and clarified the scope and applicable exemptions on the recently introduced restrictions under the Communiqué on Fees Payable to the Banks by Commercial Clients (No. 2020/4) (the "Communiqué").
On 10 February 2020, the Central Bank of the Republic of Turkey (the "Central Bank") published the Communiqué on Fees Payable to the Banks by Commercial Clients (No. 2020/4) (the "Communiqué"). The Communiqué authorises the Central Bank to set forth limits and determine caps applicable to the fees chargeable by Turkish banks from their corporate and commercial clients, in a bid to ensure transparency and foreseeability of costs in the Turkish banking sector.
The Presidential Decree No. 2279 on the Suspension of Execution and Bankruptcy Proceedings (the "Presidential Decree") has been published in the Official Gazette dated 22 March 2020 and numbered 31076 as part of the Turkish Government's plan to keep the spread of Covid-19 disease at bay.
As the Coronavirus (Covid-19) outbreak continues to spread, Ministry of Trade (the "Ministry") introduced certain privileges to avoid or suspend physical gatherings for the general assembly meetings of joint stock companies and limited liability companies.
As the Coronavirus (Covid-19) outbreak continues to spread, businesses face a range of issues. What are the key risks and legal considerations for employers?
As the Coronavirus (Covid-19) outbreak continues to spread, entities are implementing an increasing number of measures to prevent contamination of their premises and amongst their staff all over the world. These measures sometimes require them to collect, analyse and share information about individuals, but it does raise data protection challenges. What types of personal data can be collected, and how? Can it be shared with other entities?
A draft law has been submitted to the Turkish Parliament on 17 February 2020 (the "Draft Law") which proposes amendments to several laws regarding, amongst others, renewable energy, mining, criminal offences, civil registry services (nüfus hizmetleri), individual pension system, foundations and associations. While the Draft Law covers a variety of subjects, there are three notable amendments to the renewable energy legislation:
On 6 February 2020, a bill that introduces significant structural changes to the Banking Law (Law No. 5411) (the “Banking Law”) and Capital Markets Law (Law No. 6362) (the “Capital Markets Law”) of Turkey was submitted to the Turkish Parliament (the “Draft Law”). The Draft Law proposes significant improvements to the legal framework applicable to project bond issuances in Turkish capital markets and Turkish securitisation and debt funds, such as the introduction of security trustees, and adopts new rules that will enable a wider investor base to provide financing directly to Turkish projects.
The long-awaited draft bill regarding the Amendments to the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the "Amending Law on Payment Services") has recently been enacted by the Grand National Assembly of Turkey. The amendment meets the need to consolidate payment practices and ensures compliance with the EU’s Payment Services Directive 2 (the "PSD2").
The Data Protection Board of Turkey recently clarified the implementation of data privacy rules and has extended the deadline for compulsory registration with the data controllers' registry (VERBIS).