News

Recent Legal Developments

• Turkish Parliament adopted a new law at December 10, 2011 revising and lowering down criminal penalties in cases of match-fixing previously implemented with Law No. 6222. The law reduces match-fixing imprisonment from a maximum 12 years down to 3 years.
• On December 14, 2011, the Turkish President approved the paid exemption for mandatory military service of Turkish male citizens, allowing all males of 30 years old and older to benefit from such exemption adopted by the Parliament previous month.
• Turkish parliament adopted a revision on the law titled 'Law for Use of Renewable Energy Resources for Electric Production' published at the official gazette at January 8, 2011 inclusive of a new feed-in tariff policy.
• New Turkish Code of Obligations (Law No. 6098 dated February 2, 2011) was adopted by the parliament. The previous code of obligations was dated 1926, and accordingly this new code brings a wide range of changes to contractual relations, torts and landlord and tenant relations.
• Turkey has adopted a New Turkish Commercial Code (Law No. 6102 dated January 1, 2011) and most of its provisions will be in full force by June 1, 2012. The previous code regulating commercial affairs was dated 1956, and accordingly this new code brings fundamental updates and changes to the world of corporate entities. The highlights of such new changes are required independent audit for all types of companies and one shareholder corporate formations.