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ARTICLE · 20 FEBRUARY 2020

Information Note On The Pending Amendment Proposal In Banking Law

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With a view to ensure harmonization and compliance with prevailing international standards and best practices across the financial sector.

TurkeyFinance and Banking
Tarık Şahin
Tarık Şahin
Melike Merve Işık
Melike Merve Işık
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With a view to ensure harmonization and compliance with prevailing international standards and best practices across the financial sector;

The draft legislative proposal dated 02.06.2020 and numbered 98 which will bring substantial amendments to the Banking Law Numbered 5411 has been submitted to the attention of Turkish Grand National Assembly and is expected to be adopted "as is" maybe with only some slight amendments.

Among others, the proposed amendment aims to ensure that the products and services extended by participation banking system are compatible with international examples, enhance reliance and stability within the financial sector and increase the deterrence effect of administrative fines to be imposed in case of any breach.

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