Turkish Parliament Finally Takes Step to Regulate Shopping Malls and Retail Trade:

Turkey’s history of shopping malls go back as early as 1988 and the country saw a shopping mall boom since early 2000s.

The Council of Ministers Introduces Important Changes to Incentives in Certain Investments:

The Council of Ministers has implemented some changes to its decree dated June 06, 2012 regarding state incentives which will be provided to certain investments (“Decree”) through its decree published in the Official Gazette dated April 08, 2015 (“Amending Decree”).

State to Act as Guarantor for Build-Operate and Transfer Projects:

The Council of Ministers has recently issued a Regulation on Liability Undertakings to be Performed by the Undersecretariat of Treasury (“Regulation”).

Istanbul Set to Become the Next Hub for Global Arbitration?:

The long-awaited Law on Istanbul Arbitration Center (“the Law”) has been passed on November 20, 2014 and entered into force on January 1, 2015.

Three State-Owned Banks are Set to Establish Islamic Finance Units:

With more than 600 institutions worldwide and with estimated $ 1.4 trillion Sharia-compliant assets in 2014, Islamic Finance (“participation banking”) market in Turkey keeps growing and such growth is likely to continue in the future.

Government Introduces New Environmental Assessment Regulation:

Despite all debates in the parliament between the ruling AK Party and the opposition parties, the new environmental assessment regulation has been published in the Official Gazette dated November 25, 2014 and numbered 29186 (“Regulation”).

Parliament Finally Approves E-Commerce Law:

The Law on Electronic Commerce (“the Law”) which has been pending for approval by the Turkish Parliament for the past 3 years has finally been passed on October 23, 2014. However, the Law will enter into force as of May 1, 2015.

Borsa Istanbul Is Ready to Offer Its Shares to the Public:

The Decree on the initial public offering (“IPO”)of Borsa Istanbul Anonim Sirketi (Istanbul Stock Exchange Market) (“Borsa Istanbul”) shares issued by the Council of Ministers has been published in the official gazette on November 14, 2014.

New Changes Brought to the Environmental Permission and Licenses in Accordance With the Turkish Environmental Law:

The Ministry of Environment and Urban Planning has recently issued a Regulation on Environmental Permission and Licenses (“the Regulation”), rendering the previous regulation dated April 29, 2009 (“the Repelled Regulation”) obsolete. The Regulation will be in force as of November 1, 2014.

The Turkish Constitutional Court Rules on Controversial Omnibus Bill Provisions:

Our Client Alert dated September 2014 entitled “The New Omnibus Bill Entered into Force” identified and explained the provisions implemented by the New Omnibus Bill (“Omnibus Bill”).