Recent Development
The Law No. 7222 (the "Law"),
published in the Official Gazette on February 25, 2020 and entered
into force on the same date introduced amendments to the Banking
Law No. 5411 (the "Banking Law") with a
view to introducing new tools to modernize Turkish banking laws
through strengthened sectoral security and adaptation to changing
conditions.
You can find our Legal Alert dated February 25, 2020 on the
amendments introduced with the Law
here.
One of the key amendments was the introduction of prevention
plans to increase the effectiveness of oversight and supervision
processes and accelerate the decision-making and implementation
processes for banks determined as systematically important by the
Banking Regulatory and Supervisory Authority (the
"BRSA"). With this new mechanism,
systemically important banks are required to prepare prevention
plans after determining any potential issues that might arise in
their financial structures and their
