It is the spirit and not the form of law that keeps justice alive.

Earl Warren

PUBLICATIONS

NEW COMMUNIQUE ON THE INTEREST FREE BANKING IN TURKEY

On 14 September 2019, Banking Regulation and Supervision Agency has issued the Communiqué on Compliance with the Principles and Standards of Interest Free Banking, whose purpose is to set forth the principles and procedures of the “interest free banking” for the participation banks, development and investment banks providing finance in Turkey (the “Communique”).

Practice Areas:
#Banking and Finance Law

Tags:
#developmentbanks #interestfreebanking #islamicfinance #bankingandfinance
CONSUMER PRICE INDEX ANNUAL AVERAGE CHANGE REPLACES THE PRODUCER PRICE INDEX FOR RENT INCREASES

After the introduction of the Presidential Decree No. 85 prohibiting the determination of rental fees based on foreign currency for certain lease agreements a few months ago, the producer price index (PPI), which is the cap for rent increases, is now replaced with “twelve-month average change in consumer price index” with the passing of the Omnibus Bill No. 7161. The said bill was published in the Official Gazette on January 18^th, 2019 and amended Article 344 of the Turkish Code of Obligations. According to the Omnibus Bill No. 7161, this change will be applicable starting from January 1, 2019.

Duygu ÖZMEN

Lawyer

Practice Areas:
#Real Estate Law
MANDATORY MEDIATION FOR CERTAIN TYPES OF COMMERCIAL DISPUTES

The Law No. 7155 on the Procedure for Initiating Enforcement Proceedings based on Monetary Receivables Arising from Subscription Agreements (the “Law No. 7155”) was published in the Official Gazette dated 19.12.2018 and numbered 30630. Apart from laying down the provisions regarding the enforcement proceedings to be initiated based on receivables arising from subscription agreements, the Law No. 7155 contains a number of articles that amend other laws, one of which is the Turkish Commercial Code No. 6102.

Ergin MİZRAHİ

Lawyer

Practice Areas:
#Litigation

Tags:
#commercial code
REGULATION ON DETERMINATION OF INVESTMENT ZONES

The Ministry of Industry and Commerce (“Ministry”) published their Regulation on Determination of Investment Zones (“Regulation”) in the Official Gazette dated 01.12.2018 and numbered 30612. The Regulation has been drafted in accordance with the Decree on the Presidential Organization published in the Official Gazette dated 10.07.2018 and numbered 30474 (“Decree”), in which the duties and authorities of the Ministry and its directorates are laid out. The Regulation entered into force on the date of its publication. The purpose of the Regulation is to determine the suitable places beforehand in order to accelerate the establishment process of organized industrial zones, technology development zones, free zones, industrial areas; and to determine the procedures and principles for building the infrastructure of such areas to be deemed suitable.

A. Deniz ALTINAY

Lawyer

Practice Areas:
#Administrative Law #Foreign Investment Law #Commercial Law, Corporate Law, Business Law
CHANGES TO THE ZONING AMNESTY COMMUNIQUE AND THE NEAR DEADLINE FOR APPLICATIONS FOR ZONING AMNESTY

The Ministry of Environment and Urbanization has made changes to the zoning amnesty (imar barışı) to resolve certain ambiguities that were commonly voiced by the applicants and also brought new changes to calculation method of structure registration certificate fee for certain kinds of real properties. One of the recent changes which is the structure registration certificate fee applicable for zoning violations structures such as shopping centers, hotels, factories will be determined based on the area in violation and such area will be limited to 1000 sqm, if no area or an area that is equal or less than 1000 sqm is created as a result of the violation. The new communique also makes it clear that more than one structure registration certificate can be issued for those structures that consist of more than one independent units while previously only a single structure registration certificate could be issued.

Duygu ÖZMEN

Lawyer

Practice Areas:
#Construction Law

PUBLICATIONS

NEW COMMUNIQUE ON THE INTEREST FREE BANKING IN TURKEY

CONSUMER PRICE INDEX ANNUAL AVERAGE CHANGE REPLACES THE PRODUCER PRICE INDEX FOR RENT INCREASES

MANDATORY MEDIATION FOR CERTAIN TYPES OF COMMERCIAL DISPUTES

REGULATION ON DETERMINATION OF INVESTMENT ZONES

CHANGES TO THE ZONING AMNESTY COMMUNIQUE AND THE NEAR DEADLINE FOR APPLICATIONS FOR ZONING AMNESTY

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