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ARTICLE · 16 AUGUST 2017

Recent Amendments in Decree No. 32 In Relation To Leveraged Transactions

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This legal alert aims to summarize the recent amendments made in Decree No: 32 in relation to the leveraged (i.e. FOREX) transactions of Turkish residents.

TurkeyFinance and Banking
Murat Eryürekli
Murat Eryürekli
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This legal alert aims to summarize the recent amendments made in Decree No: 32 in relation to the leveraged (i.e. FOREX) transactions of Turkish residents.

As per the amendment to the Decree No. 32 regarding Protection of the Value of the Turkish Currency ("Decree") that was published in the Official Gazette dated 3 July 2017 and numbered 30113, certain provisions of the Decree, particularly provisions relevant with leveraged transactions, were amended.  

The provision prescribed under the ninth paragraph of Article 6 of the Decree that authorizes the Turkish Central Bank ("TCB") to regulate forward buying and selling of foreign exchange has been replaced as follows:

"Leveraged transactions and derivative transactions determined to be subject to the same provisions as the former shall be conducted by the people resident in Turkey only through competent institutions authorized by the Capital Markets Board."

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