From: KILIÇ and Partners Law Firm Istanbul, The Latest Legal Developments in Turkey, EU, CIS: Azerbaijan, Russia, Turkmenistan and Ukraine
Competition Board Decree: Remanding of Files obtained at on site inspection, based on Attorney Client Privilege. Article 15 of the Competition Code numbered 4054 entitles the Competition Board to carry out on-site inspections of enterprises and if found necessary as a result of these inspections to obtain copies of corporate documents.
AMENDMENT TO THE REGULATION OF ENVIRONMENTAL IMPACT ASSESSMENT The Regulation Amending the Regulation on Environmental Impact Assessment (the “Amendment Regulation”) based on the Environment Code numbered 2872, was published in the Official Gazette on February 9, 2016, entering into effect on the same day. The significant amendments brought by the Amendment Regulation are summarized in the following list;
New Turkish Regulation on Consumer Loan Agreements Came Into Force. Consumers Are Armed with Concrete Rights. A New Era in Consumer Protection. Regulation on Consumer Loan Agreements (the “Regulation’’) came into force on 22 November 2015. The Regulation provides with a set of fine-tuned rules, regarding the form and the context of consumer loan agreements, as execution of new Consumer Law Numbered 6502
As of January 10th 2016, Companies will be allowed to use competitor names and or trademarks in comparative advertisements. Regulation Update: The effective date of Article 8/2 has been postponed. Please see footnote : The regulation on Commercial Advertisements and Unfair Commercial Practices (the “Regulation”), which permits comparative advertisements entered into force on January 10th, 2015, although the Regulation prohibited direct references to competitor names or trademarks
Electronic Address Requirement for Electronic Notification of Documents issued by Tax Authorities. The Tax Procedural Law General Communiqué No. 456 (“Communiqué”) published in Official Gazette No: 29458
Notarial Acts to be conducted in Electronic Environment with effect from March 01, 2016. The Regulation on Conducting Notarial Acts in the Electronic Environment (“Regulation”) was published in the Official Gazette on July 11, 2015, numbered 29413 and shall enter in to force March 01, 2016.
The Regulation on Mining Waste was published in Official Gazette Numbered 29417 on 15 July 2015. The Regulation on Mining Waste (“Regulation”) was published in Official Gazette numbered 29417 on 15 July 2015. The Regulation’s effective date is set as 15 July 2016.
Morgan Stanley ordered to pay $2.4M A Finra arbitration panel ordered Morgan Stanley to pay at least $2.4 million in the latest round of claims by clients of a former Mississippi broker who has repeatedly been accused of mishandling investments,
The Regulation Amending the Electricity Market Balancing and Settlement Regulation (“Amending Regulation”) which was published in the Official Gazette dated March 28th, 2015 and numbered 29309 come into force as of the date of July 1st,
KILIC & Partners advises that Federal Law No. 409-FZ "On Amendments to the Russian Federation Labour Code and Article 13 of the Federal Law
UBS will pay $2 million arbitration award An investor has won a $2 million arbitration award from UBS AG, the claim was based on his proxy fight against a health-care information systems company by calling a margin loan and selling almost 2.3 million shares that he had in the business.
Amendments to the Tax Refund Incentives on investments made in Turkey The Decree Amending the Incentives in Investments Decree (“Amending Decree”) was published in the Official Gazette on April 08, 2015. Amending Decree introduced new priority investment sectors and additional investment sectors. Moreover, it decreased the minimum investment amounts for certain investments.
ICC award – American Energy Group case The Arbitration Tribunal of the International Chamber of Commerce (ICC) International Court of Arbitration has rendered its Partial Final Award signed April 15, 2015 (Award) in the pending arbitration proceedings commenced by AEGG (The American Energy Group, Ltd) in April, 2012 against Hycarbex-American Energy, Inc. (Hycarbex), Hycarbex Asia Pte. Ltd. (Hycarbex Asia) and Hydro Tur, Ltd. (Hydro Tur).
Reform to the Regulations on Resource Utilization Support Fund Rate regarding imports to Turkey The Resource Utilization Support Fund (“RUSF”) is an amount that is being collected since 1988 via banks in Turkey at the utilization of both domestic and foreign credit facilities according to the cost of imported goods,
ICSID Arbitration Tribunal ordering Argentina to pay $405 million ICSID Arbitral Panel rendered a decision where Argentina has to pay US$405 million to the French company Suez, who saw their contract for water and drainage provision cancelled in 2006.
A Dutch Court Set Aside an Arbitration Award A Dutch court has ruled in its favour and set aside an arbitration award the jeweller was ordered to pay in 2013 related to its failed partnership with Swiss watchmaker Swatch Group AG.
Changes in the procedure of registration of branches and representative offices in Russia. KILIC & Partners would be happy to answer any questions that you may have and provide assistance in accreditation and re-registration of branches and representative offices of foreign legal entities in Russia in accordance with the new procedure.
EU – US - Transatlantic trade deal The EU-US trade deal intent to slash the low trade tariffs they share but also aim to harmonise regulations to an unprecedented degree. In light of the global financial crisis and recession, US has a standpoint, the American view the deal of the negotiators should also abandon the traditional de-regulatory agenda toward financial services that would promote mergers and acquisitions, creating new global conglomerates that would be “too big to fail.”