On July 20 2016 regional appellate courts were established and a new three-tier court system started to be applied for first-instance judgments. Under the three-tier system, first-instance judgments can be appealed before the regional appellate courts where compliance with laws, as well as merits of the case, are examined and – if necessary – a second trial is conducted. In principle, regional appellate court decisions can be appealed before the Court of Cassation.
Due to the…
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Market reforms and big-ticket investments in the construction and energy sectors, especially nuclear and renewable energy, have provided enormous market opportunities for Turkey’s insurance sector. A maturing SME sector, the rise of trade credit products and health insurance have all opened new possibilities for the sector. Meantime, the reinsurance market has grown at about 20% in local currency terms in 2015 even as currency pressures have exerted a negative impact. Even…
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The Turkish Patent and Trademark Office (the Office) published the Regulation on the Code of Conduct and Discipline of Patent and Trademark Attorneys on May 18, 2017, following the entry into force of the Industrial Property Code on January 10, 2017.
Article 30/A of the Law of the Establishment and Functions of the Turkish Patent and Trademark Office no. 5000, which was introduced by Article 182 of the IP Code, sets forth that disciplinary sanctions shall be exercised against…
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Blockchain technology has the potential to become as important as the Internet and its effects could be revolutionary. Conversely, cryptocurrencies are seen as disruptive by many market players. While the number of holders of cryptocurrencies has been increasing, the growth of this new field has resulted in numerous questions and much debate.
Cryptocurrencies were introduced to the Turkish market on July 20 2013 under Law on Payment and Security Settlement Systems, Payment…
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According to the Insurance Association of Turkey, there are currently 61 active insurance companies incorporated in Turkey consisting of 37 non-life insurers, 19 Life and Pension insurers, four life insurers and one reinsurer. Reinsurance cover is mostly provided to Turkish insurance companies by foreign reinsurers whereas Milli Reasürans A.Ş (“Milli Re”) i.e the sole local reinsurer in the market has a market share of 27% in 2017.
Despite the fact that ceding companies in…
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The Regulation on Employee Inventions, Inventions Realised within Higher Education Institutions and Inventions Arisen from Projects Supported by Public Authorities entered into force on September 29 2017.
Under the regulation, if an employer demands a full or partial right to an employee invention, reasonable compensation and an award should be paid to the employee. The regulation sets out rules for calculating reasonable awards – in particular, in addition to compensation…
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