The Rise of Cryptocurrencies – an Overview
Blockchain technology has the potential to become as important as the Internet and its effects could be revolutionary. Conversely, cryptocurrencies are seen as disruptive by many market players. While the number of holders of cryptocurrencies has been increasing, the growth of this new field has resulted in numerous questions and much debate. Cryptocurrencies were introduced to the Turkish market on July 20 2013 under Law on Payment and Security Settlement Systems, Payment… »
The Reinsurance Market in Turkey
According to the Insurance Association of Turkey, there are currently 61 active insurance companies incorporated in Turkey consisting of 37 non-life insurers, 19 Life and Pension insurers, four life insurers and one reinsurer. Reinsurance cover is mostly provided to Turkish insurance companies by foreign reinsurers whereas Milli Reasürans A.Ş (“Milli Re”) i.e the sole local reinsurer in the market has a market share of 27% in 2017. Despite the fact that ceding companies in… »
The Regulation on Employee Inventions
The Regulation on Employee Inventions, Inventions Realised within Higher Education Institutions and Inventions Arisen from Projects Supported by Public Authorities entered into force on September 29 2017. Under the regulation, if an employer demands a full or partial right to an employee invention, reasonable compensation and an award should be paid to the employee. The regulation sets out rules for calculating reasonable awards – in particular, in addition to compensation… »
Update: Rules for Processing Health Data in Turkey
Controversial Regulation on Processing of Health Data has been recently amended Following the Law on Protection of Personal Data (“Law”) dated April 7, 2016; the Ministry of Health (“MoH”) issued the Regulation on the Processing of Health Data and the Maintenance of Privacy (“Regulation”) on October 22, 2016 which was heavily criticized due to its various provisions contradicting with the Law and introducing burdensome obligations beyond the Law. Actions were brought before… »
Life Sciences Newsletter, November 2017
Social Security Institution Inspects Approved Clinical Research Dicle Doğan and Fatma Sevde Tan, Gün + PartnersOn 4 October 2017, the Clinical Research Association announced that the Social Security Institution (SSI) had initiated general inspections on clinical research approved by the Ministry of Health in 2015 and 2016 on the grounds of ensuring compliance with SSI legislation. Clinical research is regulated by the Regulation on Clinical Research of Drugs and Biological… »
Labour Courts Act Comes Into Effect
Introduction On October 25 2017 the Labour Courts Act (7036) was published in the Official Gazette and officially came into effect. The act aims to ease the judiciary’s workload and accelerate the judicial process inemployment cases. It has introduced a number of changes, the most important of which include: mandatory mediation for employers and employees before initiating lawsuits; an amended procedure for reinstatement cases; and a reduced statute of limitations of five… »