What are the primary sources of law, regulation and practice relating to corporate governance? Is it mandatory for listed companies to comply with listing rules or do they apply on a ‘comply or explain’ basis?
The Turkish Commercial Code (TCC) dated 13 January 2011 (Law No. 6102) entered into force on 1 July 2012. The TCC has important objectives, such as ensuring transparency, adopting corporate governance standards and introducing internationally accepted auditing and…
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Legal Interest Rate
According to Article 1 of the Law No. 3095 on Legal Interest and Default Interest (“Law No. 3095”), interests to be paid as per Turkish Code of Obligations and Turkish Commercial Code, shall be made at an annual rate of 12%, unless a different contractual rate is agreed. The president is authorized to adjust this rate on a monthly basis, and to reduce it by up to 10% or increase it up to one time.
The legal interest rate was 9% since January 1, 2006…
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Pharmaceuticals that are not authorized in Türkiye or authorized but not available on the market shall be procured from abroad as per a special authorization and on a case by case basis (Named Patient Program-NPP). This supply can be conducted by public institutions approved by the Ministry of Health that are defined as Foreign Pharmaceutical Suppliers (Suppliers) and currently constitute of the Social Security Institution and the Turkish Pharmacists Association. The…
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While the relevant article regulating the transfer of authority to examine the requests for revocation of trademarks to the Turkish Patent and Trademark Office (“the Office”) was not yet entered into force and there were still a level of uncertainty concerning the procedure, the first development in this regard took place on October 23, 2023 when the Office published and opened the “Draft Regulation for Amendment of the Regulation on the Implementation of the Industrial…
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Article 18/A of the Law No. 6325 on Mediation in Civil Disputes ("Mediation Law") stipulates that, should the mediation process end due to one of the party’s failure to attend the first meeting without a valid excuse, that party shall be liable for all litigation costs, regardless of whether they partially or fully succeed in the subsequent lawsuit. In addition to that, no attorney fee shall be awarded to such party. The Constitutional Court recently examined…
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Within the framework of the amendments to the Turkish Personal Data Protection Law (the “Law”), which will come into force on 1 June 2024, the draft regulation on cross-border data transfer was being expected and has now published by the Turkish Personal Data Protection Authority (the “DPA”) for commentary from public in general.
For consideration of data controllers and data processors, major issues set forth under the draft regulation are as follows:
Cross-Border Transfers…
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We love iconic movies, animated TV series, comics, cartoons, and platform games, and enjoy making them a part of our daily life, perhaps by drinking a cup of coffee with a mug bearing a Hogwarts logo or wearing pyjamas featuring Mickey Mouse. They are not just fictional works but also symbols with a cultural effect and commercial value. This often leads to unauthorised use of the titles and characters of these copyrighted works and any other associated signs, both at a…
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Under Turkish law, the rules governing the collection of trial fees are regulated by the Law of Fees No. 492 (Law no. 492) and the applicable fees are under Tariff 1 of the Law no. 492. Article 4 of Law no. 492 also explicitly refers to Tariff 1 in terms of the fees applicable in the actions for enforcement of foreign judgments stating that the applicable fee will be determined according to the value, type and nature of the verdict.
The general rule under Tariff 1 is when the…
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The Decision Amending the Decision on Determination of Companies Subject to Independent Auditing ("Amendment Decision") was published in the Official Gazette dated April 6, 2024.
The Amendment Decision provides significant changes to the independent auditing thresholds compared to the Decision on Determination of Companies Subject to Independent Auditing, which was put into effect by Presidential Decree No. 6434 and applied until January 1, 2024 ("Decision"). Accordingly…
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*The Artificial Intelligence (“AI”) Act was approved by the members of the European Parliament on March 13, 2024. Although the AI Act does not include a direct regulation in regard to copyrights, it is seen that the obligations imposed on AI providers in Article 53 are intended to prevent copyright infringements.
Generative AI models such as ChatGPT, BERT, LaMDA, DALL-E2, which enable the creation of original content by processing data such as text, image and sound, are now…
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On April 4, 2024, the Industry Report on Medical Devices, prepared by the Turkish Medicines and Medical Devices Agency ("Agency") to present the current state of the market together with recent developments in the medical device industry, was published on the Agency’s website.
The Industry Report on Medical Devices includes assessments of global developments in the medical device industry, statistical information on the Turkish market, and explanations of the current…
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With the amendment made to the Communiqué on the Decree numbered 32 Regarding the Protection of the Value of the Turkish Currency (the "Communiqué"), effective as of April 21, 2022, for buyers residing in Türkiye, except for vehicle sale contracts, in the event that there is an agreement in the sale of goods contracts that all payments under the contract are to be made in foreign currency or indexed to foreign currency, it was regulated that these obligations must be…
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