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ARTICLE · 19 NOVEMBER 2008

The Turkish Update - 3rd Quarter, 2008

Güner Law Office
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This is the Third Quarter 2008 Edition of our email news service – The Turkish Update. This edition provides concise summaries of sector-specific legal developments in Turkey through July, August and September 2008 and includes brief articles on “Hot Topics” in Turkish law for the future.

TurkeyFinance and Banking
Guner Law Office
Guner Law Office

This is the Third Quarter 2008 Edition of our email news service – The Turkish Update. This edition provides concise summaries of sector-specific legal developments in Turkey through July, August and September 2008 and includes brief articles on "Hot Topics" in Turkish law for the future.

Part 1 - Legal developments

Banking & Finance

Amendment to Regulation on Banking Activities subject to Permission: The Banking Regulation and Supervision Authority (BRSA) added a requirement to Article 8 of the Regulation on 5 August 2008. As a result, if a bank sets up a new branch in a city it must comply with the security precautions of the private security commission of that city.

Turkish currency back to "TL" from 2009: The Communiqué on the removal of the "New" phrase from the "New Turkish Lira" (NTL) and "New Kurus" (NK) and Application Principles (Communiqué) was published in the official gazette on 22 August 2008. According to the Communiqué, the new 1 Turkish Lira

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