Recent Changes Regarding the Determination of Companies Subject to Independent Auditing
The Decision Amending the Decision on Determination of Companies Subject to Independent Auditing ("Amendment Decision") was published in the Official Gazette dated April 6, 2024. The Amendment Decision provides significant changes to the independent auditing thresholds compared to the Decision on Determination of Companies Subject to Independent Auditing, which was put into effect by Presidential Decree No. 6434 and applied until January 1, 2024 ("Decision"). Accordingly… »
Turkish Medicines and Medical Devices Agency Published the Industry Report on Medical Devices
On April 4, 2024, the Industry Report on Medical Devices, prepared by the Turkish Medicines and Medical Devices Agency ("Agency") to present the current state of the market together with recent developments in the medical device industry, was published on the Agency’s website. The Industry Report on Medical Devices includes assessments of global developments in the medical device industry, statistical information on the Turkish market, and explanations of the current… »
Ban on Foreign Currency Payment in Certain Sale of Goods Contracts Lifted
With the amendment made to the Communiqué on the Decree numbered 32 Regarding the Protection of the Value of the Turkish Currency (the "Communiqué"), effective as of April 21, 2022, for buyers residing in Türkiye, except for vehicle sale contracts, in the event that there is an agreement in the sale of goods contracts that all payments under the contract are to be made in foreign currency or indexed to foreign currency, it was regulated that these obligations must be… »
How to Evaluate Social Responsibility in Advertisements?
The Advertisement Board ("Board") made a striking decision at its meeting on January 9, 2024. The decision is based on the provision of the Regulation on Commercial Advertising and Unfair Commercial Practices ("Regulation") which emphasizes the necessity of taking economic and social responsibility into consideration in advertisements. The decision in question pertains to the introduction of the collection titled “The Jacket” by the global textile giant Zara on their… »
Boundaries of Competition in Labor Markets: An Analysis in Terms of No-Poaching Agreements and Ancillary Restraints Defense
The consecutive investigations initiated by the Competition Board ("Board") due to competition violations in labor markets, with the first one in 2021, have stirred significant attention. Following the investigations concerning 32 undertakings, primarily consisting of innovation-based technology companies, which resulted in substantial administrative fines imposed on some of the undertakings within the scope of the investigation, the investigations initiated against 19… »
Named Patient Program in Turkey
Named Patient Program (“NPP”) is one of the exceptional pharmaceutical importation regimes for products that are not authorized or authorized but unavailable in the Turkish market for various reasons. After numerous allegations in the news that the drugs supplied from abroad and used in cancer treatment were only products containing painkillers and that the products were counterfeit, the Regulation on the Supply of Medicines from Abroad (“NPP Regulation”) was published on… »