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Cakmak Avukatlik Ortakligi — the firm in Ankara formerly doing business as the Cakmak Avukatlik Burosu and, until last year, formally associated with White & Case — has announced a number of substantial changes, including its name change, the promotion of two lawyers to the firm's partnership, the return of a Partner after several years away, and the addition of a new US-qualified lawyer to the team.

The most significant agreement prepared to create a uniform universal sales law is United Nations Convention on Contracts for the International Sale of Goods, also referred to as Vienna Convention (“CISG”), dated 11 April 1980. CISG has entered into force on 1 January 19881, has been accepted without any reservation and has become applicable in Turkey as of 1 August 20112. In brief, CISG comprises of provisions regarding the establishment, performance and expiration of agreements relating to the international sale of moveable goods.

The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable Pledge Law”).

An alternative dispute resolution method is expected to be introduced in Turkey shortly through the Draft Law on Labor Courts (“Draft Law”). The purpose of the Draft Law is to bring a functional and an effective judicial procedure for labor conflicts via mandatory mediation and to replace the current regulations. 

The “Law on Movable Pledge for Commercial Transactions” (“Law”) numbered 6750 was published in the Official Gazette dated 28 October 2016 and numbered 29871 and will be in effect as of 01 January 2017.

On January 11, 2017, the Central Bank of the Republic of Turkey (the “Central Bank“) has reduced banks’ foreign exchange liabilities related reserve requirements by 50 basis points to provide extra liquidity to the market. The changes take effect starting from December 30, 2016.

Paksoy has advised IMCD N.V., a distributor of speciality chemicals and food ingredients, on its acquisition of 100% of Istanbul-based Feza Kimya Ic ve Dis Ticaret Anonim Sirketi from the Bozkurt family. De Brauw Blackstone Westbroek acted as foreign counsel to IMCD on the deal, and the Yurttutan Gurel Yoruker law firm advised the Bozkurt family.

Turkey’s main regulation regarding advertisements, the Regulation on Commercial Advertisement and Unfair Commercial Practices (“Regulation”) was amended with another regulation published on the Official Gazette of 4 January 2017, effective immediately. Those who advertise their products and services, advertisement agencies and the media that publishes such advertisement should abide by the Regulation. 

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