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”).

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.

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.

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.

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”).

Istanbul Chamber of Commerce ("ITO") Clarifies Procedures for Delegation of Board Authority:

As mentioned in our previous Client Alert “The New Omnibus Bill Entered Into Force”, the Omnibus Bill numbered 6552 (“Omnibus Bill”) has amended many laws and regulations including some articles of the Turkish Commercial Code (“TCC”).

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.

BRSA Ends Uncertainties in the Law About Payment and Electronic Money Organizations:

As mentioned under the Newsletter published in our website back in September 2013 titled “New Law on Payment & Security Reconciliation Systems, Payment Services and Electronic Money Organisations”

The New Omnibus Bill Entered Into Force:

The omnibus bill numbered 6552 (“Omnibus Bill”) has been published in the Official Gazette dated September 11, 2014.