In the summer of 2018, CEE Legal Matters reported that Turkey’s Garanti Bank had issued its first-ever Gender Bonds. The bonds, valued at USD 75 million and issued in partnership with the Women Entrepreneurs Opportunity Facility launched by the IFC through its Banking on Women Program, and Goldman Sachs 10,000 Women initiative, are meant to finance small enterprises and companies owned or managed by women in Turkey.
The Presidential Decree dated September 12, 2018, on the Amendment of Decree No. 32 on the Protection of the Value of the Turkish Lira (“New Decree”), introduced significant restrictions on the use of foreign currencies in certain agreements between Turkish residents. Below, we explain the scope of the New Decree and discuss possible issues and problems that may arise in relation to the implementation of the New Decree. We also assess the potential effects of the Communiqué (2018/32-51) on the Amendment of the Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Lira (2008/32-34) (“Communiqué”), which was published in the Official Gazette on October 6, 2018, and lists the exceptions to the restrictions imposed by the New Decree.
The Capital Markets Board (“CMB”) issued an announcement on September 27, 2018, on its website and addressed the much-disputed status of digital tokens and Initial Coin Offerings (“ICO”). In this announcement, the Capital Markets Board stated that it does not regulate or supervise ICOs, and also noted that it does not regulate or supervise most practices in which blockchain technologies are being used, such as cryptocurrency offerings and token offerings.
“The Regulation on the Amendments to the Regulation on the Implementation of the Turkish Citizenship Law” (the “Amending Regulation”) has been published in the Official Gazette dated 19 September 2018 and numbered 30540 and entered into force as of its publication date. Along with the publication of the Amending Regulation, the financial and investment criteria to acquire the Turkish citizenship have been reduced.
A. Introduction: The Competition Board (“Board”) has recently published its reasoned decision in its reassessment of the Turkish Pharmacists Association (Türk Eczacıları Birliği) (“TPA”) case, following the annulment decision rendered by the 13th Chamber of the High State Court (“High State Court”). The High State Court’s ruling was made as a result of the TPA’s appeal against the Board’s earlier decision concerning the TPA’s practices, which examined allegations that the TPA had fixed pharmacies’ purchasing terms and conditions in non-market circumstances. Pursuant to the investigation, the Board found that the TPA had violated Article 4 of the Law No. 4054 on the Protection of Competition (“Law No. 4054”), and imposed an administrative monetary fine corresponding to 3% of the TPA’s revenues for the 2009 fiscal year.
“The Communiqué on the Decree No. 32 on the Protection of the Value of Turkish Currency regarding Export Proceeds (The Communiqué No. 2018-32/48) (the “Communiqué”) has been published in the Official Gazette dated 4 September 2018 and numbered 30525. The Communiqué has entered into force as of its publication date and shall remain in effect for six (6) months starting from its publication date.
"The Communiqué on the Procedures and Principles for the Issuance of Building Registration Certificates" (the "Communiqué"), which closely concern citizens, has been published in the Official Gazette dated 6 June 2018 and numbered 30443 and came into force starting from the publishing date in order to eliminate the contradictions to the zoning legislation in our country where real estate is regarded as the number one safety investment instrument.