DISTRIBUTION OF INTERIM (ADVANCE) DIVIDENDS:

THE TURKISH CODE OF COMMERCE (“TCC”) ART.509 ON DIVIDENDS PROVIDES THAT, WHILE THE DIVIDENDS CAN BE DISTRIBUTED FROM NET PERIOD PROFITS AND FREE RESERVES

Q&A ON THE ENFORCEMENT OF FOREIGN JUDGMENTS/AWARDS IN TURKEY:

IN ORDER FOR A FOREIGN JUDGMENT OR AN ARBITRAL AWARD TO BE ENFORCED IN TURKEY, CERTAIN ENFORCEMENT PROCEDURES MUST BE EXECUTED.

LEGALITY OF STRIKES AND RIGHTS OF EMPLOYERS IN TURKEY:

THE RECENT STRIKES THAT OCCURRED IN THE TURKISH METAL INDUSTRY HAVE RAISED QUESTIONS ABOUT WHETHER THESE STRIKES WERE “LEGAL” OR “ILLEGAL”, AND WHAT THE EMPLOYERS’ RIGHTS WOULD BE, WHEN FACED WITH SUCH CASES.

LICENSE HOLDERS WILL NEED TO SUBMIT A LETTER OF GUARANTEE TO THE ENERGY MARKETS REGULATION AUTHORITY TO OBTAIN NATIONAL MARKERS:

RECENTLY, THE ENERGY MARKETS REGULATION AUTHORITY (“EMRA”) AMENDED THE REGULATION ON IMPLEMENTATION OF NATIONAL MARKERS IN PETROLEUM MARKET (“REGULATION”) BY MEANS OF ISSUING A NEW REGULATION WHICH WAS PUBLISHED IN THE OFFICIAL GAZETTE DATED JUNE 12, 2015 (“AMENDING REGULATION”).

REGULATION ON HOUSING FINANCE AGREEMENTS SHALL HENCEFORTH APPLY TO HOUSING FINANCE TRANSACTIONS:

THE REGULATION ON HOUSING FINANCE AGREEMENTS WAS PUBLISHED IN THE OFFICIAL GAZETTE DATED MAY 28, 2015 (THE “REGULATION”), RIGHT AFTER THE REGULATION ON CONSUMER LOAN AGREEMENTS (“CONSUMER LOAN REGULATION”) GIVEN THAT THE CONSUMER LOAN REGULATION DOES NOT APPLY TO HOUSING FINANCE AGREEMENTS (“AGREEMENT”).

RECENTLY PUBLISHED REGULATION SETS THE LEGAL STANDARDS FOR CONSUMER LOAN AGREEMENTS:

THE REGULATION ON CONSUMER LOAN AGREEMENTS WAS PUBLISHED IN THE OFFICIAL GAZETTE DATED MAY 22, 2015 (“REGULATION”). LEGAL STANDARDS APPLICABLE TO CONSUMER LOAN AGREEMENTS (“AGREEMENT”) HAVE BEEN REGULATED IN DETAIL UNDER THE REGULATION.

MAY 1ST: E-COMMERCE LAW ENTERED INTO FORCE:

WITH REFERENCE TO THE NEWSLETTER PUBLISHED IN OUR WEBSITE ON NOVEMBER 2014 TITLED “PARLIAMENT FINALLY APPROVES E-COMMERCE LAWB”, THE LAW ON ELECTRONIC COMMERCE (“LAW”) ENTERED INTO FORCE ON MAY 1, 2015.

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”).

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”).