The Law on Reducing the Economic and Social Effects of New Coronavirus (COVID-19) and Amendment of Certain Laws (“Amending Law”) amending the Law on Regulation of Retail Trade (“Retail Trade Law”) within the scope of measures taken due to COVID-19 has been published in the Official Gazette dated 17 April 2020 numbered 31102.
The Amending Law introduced an additional article to the Retail Trade Law. The additional article brings certain regulations concerning excessive price increase, stocking and the Unfair Price Assessment Board. In relation to the regulations brought by the additional article, article 18 of the Retail Trade Law setting forth criminal provisions is also amended.
As per the amendments and additions made to the Retail Trade Law,
- Producers, suppliers, and retailers are prohibited from excessively increasing the prices of goods and services. In case of violation, an administrative fine between TRY 10,000 and TRY 100,000 will apply.
- Producers, suppliers or retailers are prohibited to engage any activity creating shortness in the relevant market, disturbing market balance or free competition, or restricting access of consumers to goods. In case of violation, an administrative fine between TRY 50,000 and TRY 500,000 will apply.
- Unfair Price Assessment Board is hereby established to make regulations on excessive price increase and stockpiling activities of producers, suppliers and retailers, to conduct surveillance and examinations where needed, as well as applying administrative fines and taking other necessary measures. It is indicated that a regulation will be introduced regarding structure, duties, working procedures, and principles as well as secretarial services of the Unfair Price Assessment Board, and other matters thereof.
Please see this link for the full text of the Amending Law (only available in Turkish).