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ARTICLE · 21 JANUARY 2020

Amendments To The Regulation On Loan Transactions In Turkey

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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In Turkey, wide-ranging procedures and principles apply to loans provided by banks which are regulated under the Regulation on Loan Transactions of Banks ("Regulation").

TurkeyAccounting and Audit
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Büşra Üstüntaş
Büşra Üstüntaş
Damla Doğancalı
Damla Doğancalı
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I. General Overview

In Turkey, wide-ranging procedures and principles apply to loans provided by banks which are regulated under the Regulation on Loan Transactions of Banks ("Regulation"). Banking sector may rapidly be affected by economic circumstances. Therefore, the Regulation has been amended a number of times especially in 2019. In this article, our aim is to present the provisions of the Regulation concerning the obligation of the Turkish banks to obtain certain documents from their loan customers as well as amendments introduced to this matter.

II. What have changed through the Regulation?

Turkish banks are obliged to obtain financial tables from their loan customers. However, Article 8 of the Regulation lists a number of transactions in which loan customers are not required to submit their financial statements. These transactions are as follows:

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