Beril Yayla Sapan and Neslisah Borandı of Gün + Partners examine the Turkish International Arbitration environment.
November 20, 2014 saw the long-awaited Law on the Istanbul Arbitration Centre passed in Turkey, coming into force in early 2015. The law forms part of the government’s over arching plan to support the economy through financial reforms – all with the aim of promoting Turkey as an attractive international financial centre.
The new law establishes the Istanbul…
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If a party had followed such a strategy before a recent decision issued by the Re-Examination and Evaluation Board of the TPI, the opposition against the new application would most probably have been rejected by the TPI on the ground that the application was based on a valid earlier registration and that the TPI does not have any legal obligation to wait for the finalisation of a court action. Further to such decision, the party would probably have waited for the registration…
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1 Regulatory
1.1 Which government bodies/agencies regulate insurance (and reinsurance) companies?
The insurance regulatory agency in Turkey is the Insurance Undersecretariat of the Treasury (the “Undersecretariat”). As it is positioned under the Prime Ministry, it is not an independent body.
1.2 What are the requirements/procedures for setting up a new insurance (or reinsurance) company?
An insurance company in Turkey can only operate in the form of a joint-stock company or…
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A global pharmaceutical company filed a patent infringement action against a local generic pharmaceutical company on the grounds that the generic company had been granted an abridged marketing authorisation referring to the original pharmaceutical’s dossier. The generic company also applied for inclusion on the Social Security Institution (SSI) reimbursement list. The originator company claimed that its original pharmaceutical was protected via a patent, and thus there was a…
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Foreign investment has been considered as an important driving force of stable economic growth in the last few decades in Turkey. Especially in the last ten years, we have seen a considerable increase in the foreign investment in Turkey through large or medium sized M&A deals, joint ventures of Turkish and foreign investors and start-up foreign investments in all sizes and in various sectors. Although total foreign direct investment inflows to Turkey prior to 2003 were…
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With approximately 40 million broadband internet subscribers, the increasing prevalence of smart devices and the significantly high young population in Turkey; intensive use of the Internet, social media and e-commerce is rising each day. The increase of Internet usage through new technologies in both social life and commercial life also introduces discussions on the scope of freedom of speech, protection of private life, freedom of communication rights and a secure…
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