Banking and Finance Law

Articles

• CAPITAL MARKETS BOARD’S RECENT AMENDMENTS REGARDING THE FX MARKETS IN TURKEY

  Turkish Capital Markets Board (CMB) has introduced a couple of amendments to its Communiqué on Principles for the Investment Services, Activities and Ancillary Services No. III-37.1 in relation to the leveraged forex trading transactions by setting a minimum margin of TL 50,000 in leveraged transactions and reducing the leverage from 100:1 to 10:1. 

  Practice Areas:

  #Banking and Finance Law

• RECENT DEVELOPMENTS ON COMMODITY FINANCE

  Commodity finance in Turkish market was a long-standing concern of creditors due to the impracticable legislative ground on movable pledges. Until the announcement of the new Law No. 6750 on Movable Pledges (the “Movable Pledge Law”) which has entered into force on 01.01.2017 by abolishing the Law No. 1447 on Commercial Enterprise Pledge, pledge over movables (taşınır rehni) could only be established through the transfer of possession (zilyetliğin devri) of the related movable to the pledgee. The only exceptions to this rule were (i) the registration of the pledge at the registry to the extent that the ownership of the relevant movable requires registration onto a special registry; such as vehicles and vessels, and (ii) commercial enterprise pledges. Although various methods within the past years were tried by creditors for the perfection of a clear pledge, none of these methods were completely qualified to circumvent the obstacles of law. 

  Practice Areas:

  #Banking and Finance Law

• RECENT AMENDMENTS ON THE RESERVE REQUIREMENTS OF THE BANKS

  Amendment on the Regulation for Determination of the Qualifications of Loans and Other Receivables and Reserve Requirements by the Banks (“Regulation”) is published with the Official Gazette dated 14 December 2016. Although the first three articles of the Regulation are entering in force with the publication, fourth article amending the temporary Article 13 will apply retroactively, as being in force by 21 July 2016.

  Practice Areas:

  #Banking and Finance Law

• DEVELOPMENTS IN TRANSFER PRICING

  11.10.2016

  The Law No. 6728 Amending Some Laws for the purpose of Improvement of the Investment Environment entered into force with the Official Gazette dated 09.08.2016 and numbered 29796 (the “Law No. 6728”) and the following matters in Article 13 of the Corporate Tax Law No. 5520 has been amended in order to overcome the problems that may be experienced in practice and to comply with the international legislation. 

   

  Practice Areas:

  #Banking and Finance Law #Commercial Law, Corporate Law, Business Law #Foreign Investment Law #Tax Law
  Tags:

  #financing #asset management #Tax #capital markets #commercial code #capital movements circular

• MONEY LAUNDERING LEGISLATION HAS BEEN EXPANDED TO COVER ELECTRONIC MONEY AND PAYMENT INSTITUTIONS AS OBLIGED PARTIES

  25.03.2016

  A new regulation (“New Regulation”) amending the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism (published in the Official Gazette dated 09.01.2008 with the number 26751) is published in the Official Gazette dated 18.03.2016 with the number 29657.

  Practice Areas:

  #Banking and Finance Law #Commercial Law, Corporate Law, Business Law
  Tags:

  #money laundering #payment institution #electronic money #financing #banking

• RATIFICATION OF THE AGREEMENT BETWEEN TURKEY AND UNITED STATES TO IMPROVE INTERNATIONAL TAX COMPLIANCE THROUGH ENHANCED EXCHANGE OF INFORMATION (“FATCA AGREEMENT”)

  21.03.2016

  Turkey finally ratified the FATCA Agreement between Turkey and United States to Improve International Tax Compliance Through Enhanced Exchange of Information on March 16th, 2016 with the publication of the Law No. 6677...

  Practice Areas:

  #Banking and Finance Law #Commercial Law, Corporate Law, Business Law
  Tags:

  #fatca #financing #banking

• RECENT AMENDMENTS IN LEGISLATION ON ASSET MANAGEMENT COMPANIES

  15.03.2016

  The Banking Regulation and Supervision Agency (“BRSA”) introduced new principles applicable to the asset management companies with the new regulation published in the Official Gazette dated 5 March 2016 and No. 29644 amending the Regulation on Principles of Incorporation and Activities of Asset Management Companies published in the Official Gazette dated 1 November 2006 and No. 26333.

  Practice Areas:

  #Banking and Finance Law #Commercial Law, Corporate Law, Business Law
  Tags:

  #financing #banking #brsa #asset management

• RECENT AMENDMENTS ON INVESTMENT SERVICES AND ACTIVITIES LEGISLATION

  18.02.2016

  The Capital Markets Board (“CMB”) introduced new rules and obligations with the new communiqués amending Communiqué on Principles Regarding Investment Services Activities and Ancillary Services No. III-37.1 and Communiqué on Principles of Establishment and Operation of the Investment Firms No. III-39.1 for the investment companies and investors regarding derivatives and leveraged transactions and also introduced new incentives to encourage investment banks to acquire brokerage firms in order to expand their scope of activities to act as intermediaries in trading of shares listed on Borsa Istanbul.

  Practice Areas:

  #Banking and Finance Law #Capital Markets Law
  Tags:

  #capital markets #derivatives #securities #OTC #capital

• A LOOK INTO THE PRINCIPLES OF FORCE MAJEURE AFTER THE RECENT TERRORIST ATTACKS IN TURKEY

  19.11.2015

  Yet another and latest concern for investors in Turkey is the terrorist attacks, which the country has, unfortunately, been suffering mostly in recent days due to the political disorder as it, among other significant issues, directly affects the economic environment and the efficiency of investments. 
  

  Practice Areas:

  #Banking and Finance Law #Mergers and Acquisitions #Commercial Law, Corporate Law, Business Law #Energy Law #Litigation #Foreign Investment Law #Privatization #Insurance Law
  Tags:

  #force majeure