Appeal Court Rules: Right of Innocent Passage of Foreign Flag Vessels in Turkish Straits Should Be Respected:

It is almost a year since the New Turkish Commercial Code (“TCC”) came into force on 1st July, 2012 providing fundamental changes and solutions to problems that caused difficulties in the past.

New Communiqué on Real Estate Investment Companies:

The Capital Markets Board of Turkey (“CMB”) has recently published a new Communiqué On The Principles Regarding Real Estate Investment Companies (III-48.01) (“Communiqué”).

The New Postal Services Law Paves the Way for the Private Companies to Engage in Postal Service Activities:

The New Postal Services Law Numbered 6475 (“Law”) has been published in the Official Gazette dated May 23, 2013 and numbered 28655.

New Regulation on Incorporation and Activities of Financial Leasing, Factoring and Finance Companies:

A new Regulation on Principles Regarding the Incorporation and Activities of Financial Leasing, Factoring and Finance Companies (“Regulation”) has entered into force as of April 24, 2013.

New General Aviation Regulation (SHY-6B) on Non-Commercial Aviation Activities:

A new General Aviation Regulation (SHY-6B) numbered 28647 (“Regulation”) relating to non-commercial aviation activities and regulating the licensing principles applicable to the non-commercial aviators as well as the procedures and standards they are subject to came into force on May 14, 2013.

New Railway Law Ends the State Monopoly Over Railways and Enables Operations by the Private Sector:

The Law on Liberalization of Turkish Railway Transportation Numbered 6461 ("Law No 6461") has been published in the Official Gazette and is now in full force and effect as of May 01, 2013.

Most Recent Amendments to the Turkish Commercial Code (11 April 2013):

The Law Numbered 6455 Regarding Amendments to the Customs Law and Other Laws and Statutory Decrees (“Law No 6455”) entered into force on 11 April 2013 amending some provisions under the Turkish Commercial Code numbered 6102 (“TCC”).

Spousal Consent Letter Requirement Finally Loosened:

The omnibus bill including the new regulations relating to spousal consent letter requirement in connection with personal sureties and guarantees has finally been passed by the Parliament.

Independent Audit Under the Turkish Commercial Code and the Newly Published Decree:

Auditing of companies has become a significant issue in a globalizing world.

D&O Liability Insurance Under the New Turkish Commercial Code:

Directors and officers are increasingly exposed to investigations, regulatory enforcement actions and lawsuits which press demand for Directors and Officers Liability Insurance (D&O Insurance).