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ARTICLE · 13 JUNE 2018

Authorized Institutions Under Turkish Law

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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This article addresses significant amendments and novelties introduced by the Communique.

TurkeyFinance and Banking
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Damla Doğancalı
Damla Doğancalı
Büşra Üstüntaş
Büşra Üstüntaş
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1. Introduction

Turkey has adopted the Communique No. 2018-32/4511 related to the Decree No. 3222 (the "Communique") in order to determine the procedures and principles of the establishment, authorization, branch opening, liabilities and auditing of authorized institutions (namely exchange offices). The Communique entered into force on January 30, 2018. The Communique abolished the Communique No. 2006-32/32 related to the Decree No. 32.

As per Article 2 of the Decree No. 32, authorized institutions are defined as joint­ stock companies that are permitted to carry out transactions regarding foreign currencies, as well as precious metals, stones and objects.

This article addresses significant amendments and novelties introduced by the Communique.

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