Recent Developments
The amendments to the Law No. 6361 on Financial Leasing,
Factoring and Financing Companies ("Law No.
6361") entered into force by publication in the
Official Gazette No. 31416 on March 7, 2021. Accordingly, the
amendments authorized the Banking Regulatory and Supervisory
Authority ("BRSA") to render access
blocking/content removal decisions for unauthorized financial
leasing, factoring and savings financing activities.
What's New?
According to Article 46 of Law No. 6361, persons who
(i) carry out financial leasing, factoring, financing and savings
financing activities, or
(ii) use statements or wordings that give the impression that they
operate as a company in their tradenames, documents, announcements,
advertisements or disclosures made to the public without obtaining
the necessary authorizations under the Law No. 6361 are subject to
criminal sanctions.
