THE HIGH COUNCIL OF THE APPEAL COURT SHUTS THE DOOR ON APPEALS AGAINST REJECTED INJUNCTION APPLICATIONS:

TURKISH LAW ALLOWS CLAIMANTS TO SEEK INJUNCTIONS OVER DEFENDANTS’ ASSETS BY WAY OF PRELIMINARY INJUNCTION ORDERS ISSUED AT PRE-LITIGATION STAGE IN ORDER TO OBTAIN SECURITY FOR THEIR CLAIMS.

JULY 1ST: DEADLINE FOR ARTICLES OF ASSOCIATION COMPLIANCE:

JULY 01, 2014 IS THE LAST DAY FOR CORPORATIONS AND LIMITED LIABILITY COMPANIES TO HAVE THEIR COMPANY AGREEMENTS COMPLIANT WITH THE NEW TURKISH COMMERCIAL CODE.

NEW COMMUNIQUÉ ON COMMERCIAL TITLES:

THE TURKISH MINISTRY OF CUSTOMS AND TRADE HAS ISSUED A COMMUNIQUÉ ON COMMERCIAL TITLES (“COMMUNIQUÉ”).

THE CABINET REVISES ITS DECREE ON COMPANIES SUBJECT TO INDEPENDENT AUDIT:

IN JANUARY 2013, THE COUNCIL OF MINISTERS HAD ISSUED A DECREE ON DETERMINATION OF EQUITY COMPANIES SUBJECT TO INDEPENDENT AUDIT (“DECREE”).

COURT OF APPEAL CASTS DOUBT ON NEED FOR SPOUSAL CONSENT IN PERSONAL GUARANTEES:

WE PREVIOUSLY REPORTED IN OUR CLIENT ALERT OF FEBRUARY 2013 THAT THE NEW TURKISH CODE OF OBLIGATIONS (THE “TCO”), WHICH CAME INTO FORCE ON 1ST JULY, 2012 INTRODUCED MAJOR CHANGES TO FORM REQUIREMENTS IN RELATION TO PERSONAL GUARANTEES.

COURT OF APPEAL OPENS DOOR FOR CHEAPER COURT FEES ON ENFORCEMENT ACTIONS:

TURKEY, BEING PARTY TO THE NEW YORK CONVENTION OF 1958 AND HAVING BILATERAL AGREEMENTS OR RECIPROCITY WITH MANY COUNTRIES, IS A RELATIVELY CONVENIENT JURISDICTION TO ENFORCE FOREIGN ARBITRATION AWARDS OR COURT JUDGMENTS.

NEW FINES INTRODUCED FOR NON-COMPLIANCE:

SINCE ITS ENTRY INTO FORCE ON 10 NOVEMBER, 2006, THE REGULATION ON GENERAL INSPECTION AND CERTIFICATION OF SHIPS (THE “REGULATION”) HAS BEEN THE PRINCIPAL LEGISLATION IN RESPECT OF ISSUES RELATION TO INSPECTION OF SHIPS AND THEIR EQUIPMENT AND CERTIFICATES.

RULING BY THE TURKISH REVENUE ADMINISTRATION ON WHETHER A MANAGER OF A SOLE SHAREHOLDER LIMITED LIABILITY COMPANY CAN BE ENTITLED TO A FEE:

SINCE THE NEW TURKISH COMMERCIAL CODE HAS ENTERED INTO FORCE ON JULY 01, 2012, LIMITED LIABILITY COMPANIES CAN NOW BE INCORPORATED WITH A SOLE SHAREHOLDER PROVIDED AT LEAST ONE SHAREHOLDER IS AMONG THE MANAGERS OF THE COMPANY.

PARLIAMENT EASES ON PERMIT REQUIREMENT FOR FOREIGN SEAMEN WORKING ON BOARD TURKISH FLAG VESSELS:

FOREIGN SEAMEN WHO ARE NATIONALS OF COUNTRIES WITH WHOM TURKEY HAS BILATERAL AGREEMENTS PURSUANT TO THE CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING (“STCW”) ARE ENTITLED TO SERVE ON BOARD TURKISH FLAG VESSELS BY MERE ENDORSEMENT OF THEIR SEAMEN BOOKS.

CHANGES TO THE LICENSING PROCESS IN THE NEW TURKISH ELECTRICITY MARKET LEGISLATION:

THE NEW ELECTRICITY MARKET LAW (THE “NEW LAW”) THAT CAME INTO FORCE ON MARCH 30, 2013 BROUGHT SOME CHANGES TO THE LICENSING PROCEDURES, ESPECIALLY FOR THE GENERATION LICENSES.