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INDEPENDENCE PRINCIPLE UNDER URDG 758
INDEPENDENCE PRINCIPLE UNDER URDG 758

In this article, we address how standby letters of guarantee issued under URDG 758 operate in accordance with the principle of independence, whereby the guarantor undertakes the payment obligation solely based on the terms of the guarantee text and independently of the underlying contractual relationship. Within this framework, it is possible for the beneficiary to make partial payment demands and utilize the guarantee in stages.

AMENDMENTS TO THE REGULATION ON DISTANCE SALES CONTRACTS AND PROVISIONS REGARDING THE RIGHT OF WITHDRAWAL
AMENDMENTS TO THE REGULATION ON DISTANCE SALES CONTRACTS AND PROVISIONS REGARDING THE RIGHT OF WITHDRAWAL

The Regulation on Amendments to the Regulation on Distance Sales Contracts was published in the Official Gazette dated May 24, 2025, and numbered 32890; it expanded the scope of preliminary information regarding the right of withdrawal, removed consumers’ obligation to pay return costs when exercising the right of withdrawal, and included certain technological products within the scope of the right of withdrawal.

LAW NO. 7545 ON CYBER SECURITY
LAW NO. 7545 ON CYBER SECURITY

Law No. 7545 on Cyber Security, adopted on March 12, 2025 and published in the Official Gazette on March 19, 2025 (Issue No. 32846), aims to protect the Republic of Türkiye’s national assets in cyberspace against internal and external threats. The Law entered into force with the purpose of ensuring the protection of all entities operating in cyberspace—including public institutions, the private sector, professional organizations, and non-incorporated entities—against cyberattacks, reducing risks, and establishing a national cybersecurity framework under an institutional structure. Within this scope, the establishment of the Cyber Security Council and the formulation of strategic policies are also envisaged.

STAMP TAX DUTY IN CONSIDERATION OF CONTRACTS INVOLVING PENALTY CLAUSE
STAMP TAX DUTY IN CONSIDERATION OF CONTRACTS INVOLVING PENALTY CLAUSE

Stamp tax duty holds a significant place within the Turkish tax system and has been in effect since the 1800s. The Stamp Tax Duty Law numbered 488 (“SDL”), enacted in 1964, was introduced to ensure a more systematic and comprehensible application of this tax, and it continues to regulate key aspects today. However, in practice, certain legal terms and situations may give rise to uncertainties for taxpayers and contracting parties. One such area of ambiguity concerns the application of stamp duty to contracts that do not contain a monetary consideration but include penalty clauses.

NEW REGULATIONS ON CRYPTO ASSET SERVICE PROVIDERS
NEW REGULATIONS ON CRYPTO ASSET SERVICE PROVIDERS

The long-awaited Secondary Regulations of the Crypto Asset Sector have been published in the Official Gazette dated March 13, 2025. These communications, published by the Capital Markets Board, provide a comprehensive framework for the sector by fully regulating the financial, administrative and technical processes of Crypto Asset Service Providers.

NEW REGULATION ON ELECTRONIC MAINTENANCE OF COMMERCIAL BOOKS NOT RELATED TO THE ACCOUNTING OF THE BUSINESS
NEW REGULATION ON ELECTRONIC MAINTENANCE OF COMMERCIAL BOOKS NOT RELATED TO THE ACCOUNTING OF THE BUSINESS

The Communiqué on Maintenance of Commercial Books Not Related to the Accounting of the Business in Electronic Form published in the Official Gazette dated February 14, 2025 and numbered 32813 through which the procedures and principles regarding the keeping of the share ledgers, board of directors‘ resolution books and general assembly meeting and negotiation books electronically are regulated.