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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Nezihe Boran Demir has been promoted as Managing Associate

March 2019 - Finance. Legal Developments by Erdem & Erdem Law Office.

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We are very proud of announcing that Nezihe Boran Demir has been promoted as Managing Associate, as of January 1, 2019.

Capital Markets Board Announces the Draft Communiqué on Crowdfunding

January 2019 - Finance. Legal Developments by ELIG Gurkaynak Attorneys-at-Law.

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In September 2018, the Capital Markets Board ("CMB") had issued an announcement on its website, declaring that a secondary legislation for crowdfunding was underway.

New Era for FX Loans and FX Denominated Loans

This article will address major amendments and novelties stipulated for foreign exchange and foreign exchange denominated loans.

In the first quarter of 2018, taking into consideration the current foreign exchange risks, the Council of Ministers announced a decree and a communiqué amending Decree No. 32 on Protection of the Value of Turkish Currency (published in the Official Gazette dated August 11, 1989, No. 20249) (the "Decree No. 32") and the Communiqué on Decree No. 32 on Protection of the Value of Turkish Currency (published in the Official Gazette dated February 28, 2008 and numbered 26801) (the "Communiqué No. 2008-32/34"), in the Official Gazette dated January 25, 2018, which will be put into force on May 2, 2018.

Implementation Regulations of the Movable Pledge Law

May 2017 - Finance. Legal Developments by Ergün Avukatlik Bürosu.

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The Regulations implementing the recent Movable Pledge Law (“Movable Pledge Law” or “Law“), namely the Regulation on the Perfection and Enforcement of Movable Pledge in Commercial Transactions, the Regulation on the Movable Pledge Registry, and the Regulation on the Valuation of Movable Assets in Commercial Transactions (collectively, the “Regulations“), have been issued and become effective as from January 1, 2017. As stated in our previous client alert, the Law was not clear on certain aspects, which were expected to be clarified in the Regulations.

Novelties Introduced by the Movable Pledge Law

April 2017 - Finance. Legal Developments by Ergün Avukatlik Bürosu.

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As of January 1, 2017, Law No. 6750 on Pledge over Movable Assets in Commercial Transactions ("Movable Pledge Law"), which was enacted on October 20, 2016, entered into force and abolished Law No.1447 on Commercial Enterprise Pledge ("Commercial Enterprise Pledge Law"). The Movable Pledge Law introduces significant changes and offers more practical methods for establishing pledge over movable assets as explained below.

Infrastructure REIC: An Alternative Source of Funding for Infrastructure Projects

April 2017 - Finance. Legal Developments by Ergün Avukatlik Bürosu.

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With the start of operation in certain BOT and other PPP model infrastructure projects in Turkey, refinancing alternatives have become more attractive and diversified. Capital market instruments and institutions are likely to have a greater share in the refinancings of projects which have become operational and the construction risks have been removed. Over the last few years, the use of capital market instruments in the infrastructure financings have gained a new impetus with the introduction of various incentives and financing solutions in this aspect. Most recently, the removal of the 1/3 and 1/5 bond issuance limits for healthcare PPP projects on 18 February 2017 represented an important step towards incentivizing the use of bonds in the healthcare sector. In line with this overall strategy, the government has also adopted various measures to make the Real Estate Investment Companies (“REICs”) more attractive for the financing/refinancing of infrastructure projects such as BOT, BLT and other PPP projects.

Regulation Regarding Systemically Important Banks

The Banking Regulation and Supervision Agency ("Agency") has recently published the Regulation Regarding Systemically Important Banks ("Regulation") on the Official Gazette, dated February 23, 2016 and numbered 29633. The Regulation has entered into force on the same date, as per its enforcement provision, Article 13. Our aim is to provide the reader with brief information as to the purpose and content thereof.

Amendments Made In the Non-Cash Payment Regulation: A Brief Outline

January 2016 - Finance. Legal Developments by ELIG Gurkaynak Attorneys-at-Law.

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I          Introduction

In Turkey, principles and details as to the authorization and operations of payment institutions and electronic money institutions are covered by the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions ("Regulation") introduced by the Banking Regulation and Supervision Agency ("BRSA").

Latest Developments in Banking & Finance: Reform on the Securities Investment Trusts in Turkey

The New Communiqué on the Principles Regarding Securities Investment Trusts has been published in the Official Gazette numbered 29368 (hereinafter referred as to “Communiqué”) on 27 May 2015.

BANKING REGULATION AND SUPERVISION AGENCY’S GUIDANCE

October 2015 - Finance. Legal Developments by ELIG Gurkaynak Attorneys-at-Law.

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BANKING REGULATION AND SUPERVISION AGENCY'S GUIDANCE: How to Deal With Global Players and Bitcoin in Turkey?

It is safe to say that electronic money and payment services are creating one of the fastest growing markets worldwide.

Incorporation of Investment Enterprises in Turkey

Investment companies or funds within the frame of the Capital Markets Law

The current Capital Markets Law numbered 6362 (hereinafter referred as “Capital Markets Law”) has entered into force on 30.12.2012 and its purpose is to regulate and control the secure, transparent and stable functioning of the capital market and to protect the rights and benefits of investors with the purpose of ensuring an efficient and widespread participation by the public in the development of the economy through investing savings in the securities market.

Franchising in Turkey

Franchise sector in Turkey has been in a rapid growth in the recent years. As of 2014, there were approximately 1850 chain of enterprises in Turkey, 24% of which are foreign trademarks[i] and the number of foreign investors intending to franchise in Turkey has been increasing year by year. Especially food, fast-food, service and textile are promising sectors in Turkey, that have been the most preferred areas of investment for franchising so far. Young and growing population, new investments in shopping centers and real estate, legal and financial opportunities and incentives for investors, falling inflation rate and a rapid growing international trade volume play an essential role and attract investors’ interest in Turkish market.

TIER II Loans and its Ranking Under Turkish Law

The Basel Committee on Banking Supervision proposed reforms after 2007, known as Basel III. The Basel Committee, including Turkey, decided to implement Basel III starting from 2013 until 2019.

COUNTDOWN FOR ELECTRONIC PAYMENT SERVICES IN TURKEY

REMINDER ON THE REGULATORY FRAMEWORK ON PAYMENT INSTITUTIONS AND ELECTRONIC MONEY INSTITUTIONS

I          Introduction

A year ago, long-awaited secondary legislation of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Fund Institutions ("Law") structuring the details of payment systems and payment services, the Regulation on Payment Services and Electronic Money Issuance and Payment Institutions and Electronic Money Institutions ("Regulation") and the Communiqué on the Management and Audit of Payment Institutions and Electronic Money Institutions' Data Systems ("Communiqué") slightly relieved the sector players after its publication on June 27th, 2014.

Insurance Sector in Turkey

July 2014 - Finance. Legal Developments by Baspinar & Partners Law Firm.

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Insurance Sector in Turkey

There is a notable growth in the Turkish insurance market despite the global economic crisis in the recent years. The rise of the prices, especially in the traffic insurance has a key influence over the total growth of the insurance sector at a rate of 24.59 per cent in Turkey. It should be noted that this growth is not only related to price. According to the statistics published by the Insurance Association of Turkey ("TSB"); the elemental insurance sector has grown 23.79 per cent and non-life insurance has grown at a rate of 29.48 per cent in the period of first 8 months of 2013.

The figures announced by TSB revealed that insurers in Turkey have produced a premium total of TRY 6.5 billion (approx. USD 3.4 billion) compared to the TRY 5.1 billion generated in the same period of 2012. The breakdown of the impressive total shows that non-life categories constituted the majority with TRY 5.6 billion, while the remainder came from the sales of life insurance products.

 

Latest Developments on State Incentives In Investments

June 2014 - Finance. Legal Developments by Baspinar & Partners Law Firm.

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Decision on Amendment to Decision on State Incentives for Investments numbered 2012/3305 has been published on the Official Gazette dated 09.05.2014 and numbered 28995. These amendments made through the mentioned amendment decision have retroactive effects and are effective as of 19.06.2012.

THE EFFECT OF THE NEW TURKISH COMMERCIAL CODE ON ACQUISITION FINANCE AND PRIVATE EQUITY INVESTMENTS:

April 2012 - Finance. Legal Developments by Güner Law Office .

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The effect on acquisition finance

With the enactment of the new TCC, a prohibition with respect to financial assistance has been introduced into Turkish law for the first time. Article 380 of the new TCC prohibits the provision of an advance, loan or security by a company for the purpose of the acquisition of its own shares by a third party. 

Innovations In The General Assembly Of Joint Stock Companies

March 2012 - Finance. Legal Developments by Erdem & Erdem Law Office.

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General assembly (“GA”) meetings of joint stock companies play an important role, since it gives the opportunity to shareholders to enjoy to exercise their rights regarding company affairs. Shareholders enjoy their essential rights such as right to obtain information and right of examination through GA meetings.

The Licenses and Permits Required to Operate a Catering Company in Turkey

March 2012 - Finance. Legal Developments by GSI Meridian.

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The rapidly expanding Turkish economy has been increasingly exciting the attention of foreign investment funds and multinational companies. The amount of acquisitions expected to be realized by investment funds and multinational companies in Turkey in 2012 is approximately $2.5-3 billion.

Treaties on Investment Protection Applying to Turkish Investments in Libya

March 2012 - Finance. Legal Developments by GSI Meridian.

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The chaos which struck Libya a year ago has also left its legal system shattered and in disarray. Most foreign investors, including Turkish ones, who have invested a huge amount of capital in Libyan infrastructure, saw their invested assets gradually evaporate in the Libyan desert.

The Banking Regulation Review

October 2011 - Finance. Legal Developments by Paksoy.

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The main legislation regarding the banking industry in Turkey is the Turkish Banking Law No. 5,411 (‘the Banking Law’), the Turkish Central Bank Law No. 1,211 (‘the Central Bank Law’), the Turkish Capital Markets Law No. 2,499 (‘the Capital Markets Law’), the Law on the Protection of the Value of Turkish Currency No. 1,567, the Decree Law on Money Lending Transactions No. 90, and the regulations promulgated under these laws.

Capital Markets

October 2011 - Finance. Legal Developments by Paksoy.

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A dynamic, stable and attractive economy paralleled with structural reforms, a young and skillful workforce, as well as its location as an international hub make Turkey a favourable jurisdiction for doing business; and as such, it attracts all manner of investors from around the world.

HEALTH-CARE SERVICES FOR FOREIGNERS IN TURKEY

January 2011 - Finance. Legal Developments by ADMD Law Office .

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The main purpose of this brief information note is to indicate the regulations of healthcare services and health insurances available for foreigners in Turkey.

The Banking Regulation Review

August 2010 - Finance. Legal Developments by Paksoy.

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Legal and regulatory areas of concern come and go in their perceived importance. It is, however, very difficult to recall any other occasion when a subject regarded by many lawyers as so obscure and arcane as international banking regulation has come to such prominence in such a short period of time.

TENDER OFFER RULES – TURKEY

December 2009 - Finance. Legal Developments by Paksoy.

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On 2 September 2009, the Turkish Capital Markets Board (the “CMB”) promulgated a new set of rules on tender offers relating to public companies. The new tender offer rules replaced the earlier CMB regulation on the matter, and introduced important changes on mandatory offers, terms of offers, minimum offer value, payment of consideration, voluntary offers, rules, procedures and principles to be complied with, and so on.

WARRANTS

May 2009 - Finance. Legal Developments by Pekin & Bayar Law Firm.

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The Capital Markets Board of Turkey (the “CMB”) published a new communiqué regulating the principles regarding purchase and sale of warrants and the registration of the same with the CMB. By means of the said Communiqué, the CMB aims at introducing a new capital market instrument allowing trade of warrants in regulated exchanges. The CMB also aims at sustaining a more liquid and active market.

A Brief Q&A for Framework Agreements among Individuals and Brokerage Companies

September 2008 - Finance. Legal Developments by ADMD Law Office .

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Quick and mass trading in securities and other instruments of the capital market requires a special regulation concerning the organization of the market, intermediation in transactions as well as facilitating the investment decision making process. With the new regulations on Capital Markets Law several amendments were made by the communiqués, regarding the principles on intermediary activities and intermediary institutions.

Securitization of Financing for Wind Turbines in Turkey

September 2008 - Finance. Legal Developments by ADMD Law Office .

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As demand for energy increases in Turkey, investments in this sector is boosting with the help of the government. Incentives focus on renewable energy resources for obvious efficiency and environmental considerations and specifically wind energy investments had been very popular due to vast resources of Turkish geography. Therefore the government is trying to optimize financing conditions to attract more investment in the field.

New Insurance Law and Regulations Bring Progress Through Transparency

April 2008 - Finance. Legal Developments by Hergüner Bilgen Özeke.

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Liberalization of the regulations governing the insurance sector commenced in the 1980s, in parallel with legal reform of other financial sectors. Primarily the banking and securities industries were affected as the possibility of Turkey's accession to the European Union gained credibility.  This liberalization trend ultimately spread throughout the broader financial markets, and gathered momentum in the early 2000s.

Privatisation of Toll Motorways and Bridges

March 2008 - Finance. Legal Developments by Paksoy.

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On the Republic of Turkey’s Privatisation agenda in 2008 is the Privatisation of toll motorways and bridges.  Privatisation in Turkey not only aims to minimise state involvement in economic activities, but it also aims to increase productivity and add value to the economy by ensuring more efficient organisation and management of enterprises that should be commercialised to be competitive in the market.

 

Outsourcing of Banking Activities

December 2007 - Finance. Legal Developments by Hergüner Bilgen Özeke.

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The competitive working environment and the need to focus on core activities force today’s financial institutions to outsource some services, critical to their business, for which they have limited expertise and/or limited funds.  Outsourcing offers a cost-efficient business by preventing time loss. The Banking Law and the recently-relevant legislation comprise provisions with respect to outsourcing in light of global trends. The Banking Law provides the definition of outsourcing companies (supporting service providers) in Article 3; however it leaves the details of application to the secondary legislation. Regulation regarding the Procurement of Outsourcing Services by Banks and Authorization of the Service Providers (the “Outsourcing Regulation”) enacted on 1 November 2006 regulates outsourcing companies and the specifications of outsourced services.

Financial Assistance Squeeze-Outs and De-Listings

November 2007 - Finance. Legal Developments by Hergüner Bilgen Özeke.

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The debate concerning the use of debt pushdown mechanisms in secured financing of listed company acquisitions has been ongoing in Turkey since the late 1990s.

Securities Update in Turkey

November 2007 - Finance. Legal Developments by Hergüner Bilgen Özeke.

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A few years ago, the Turkish Capital Markets Board (the "CMB"), the independent governmental authority regulating and monitoring the capital market activities in Turkey, prepared a bill amending the existing Law on Capital Markets No. 2499[i] (the "Capital Markets Law"), (the "Draft Law")[ii] to revamp the current one with a view to bring it in line with the relevant European Union (the "EU") legislation. Capital Markets Law is the main piece of legislation governing capital markets in Turkey. 

Future Vision of the BRSA under the New Banking Regulations

July 2007 - Finance. Legal Developments by Hergüner Bilgen Özeke.

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In the IMF Letter of Intent dated 7 July 2006, the Turkish Government stated that "the Banking Regulatory and Supervision Agency ("BRSA") shall continue to bring its supervision closer to best international practice. To this end, it has implemented the organizational changes envisaged in the Banking Law No. 5411 ("Law"), including the merger of onsite and offsite supervision. The BRSA has also adopted the other remaining measures set out in its October action plan, including new audit teams and further improvements in transparency and accountability. To come into line with Basel Core Principles, the BRSA will complete the drafting of supporting regulations for the Law by end August 2006."

CMB’s Approach Towards Use Of Target Company Assets To Secure Financing Of Acquisitions

June 2007 - Finance. Legal Developments by Hergüner Bilgen Özeke.

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The debate concerning the use of debt pushdown mechanisms in secured financing of listed company acquisitions has been ongoing in Turkey since the late 1990s. With increasing investment by foreign private equity funds, the scope of this debate may become broader, and cover the use of a target company’s assets for securing the financing of an acquisition. This structure involves the acquisition of a company (“Target Company”) through a special purpose vehicle (“SPV”), whereby the SPV obtains financing for the acquisition of the Target Company’s shares, and actually uses the Target Company’s assets to secure such financing.